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Trump announced that the US had reached an "understanding" with Mexico amid contentious talks on revamping the North American Free Trade Agreement (NAFTA). The countries are said to have agreed that automakers who don't comply with the new NAFTA rules will pay a 2.5 per cent tariff, the same as they would if they skirted the existing NAFTA, while any new Mexican plants wouldn't have a guarantee.

President Donald Trump made the announcement from the Oval Office.

The US and Mexico have reached common ground on key trade terms as pressure mounts to complete renegotiation of the North American Free Trade Agreement.

In a tweet, Mexico's president Enrique Pena Nieto, acknowledged that he and Trump had spoke with one another and added that he wants Canada's "re-incorporation into talks to achieve a successful trilateral negotiation of NAFTA this week".

"They used to call it NAFTA", Trump said".

U.S. Trade Rep. Robert Lightizer said the deal will likely be sent to Congress on Friday and signed in November.

The last stipulation helps the USA and Canada, where wages tend to be higher, and fixes a long time gripe of those who opposed NAFTA, by reducing the incentive for auto manufacturers to move factories to Mexico where workers can be paid lower wages than is legal in the US and Canada. He issued fresh threats to slap tariffs on Canadian cars.

Read the full report at Fox News.

Canada's minister responsible for Nafta, Chrystia Freeland, is in Europe this week.

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And as China has vowed to retaliate further, Trump has threatened to target all $500 billion in goods the U.S. imports. The list of USA products this time includes oil products and coal for the first time, S&P Global Platts reports .

Senior administration officials also made clear on a call with reporters Monday afternoon that they were still pursuing a revised NAFTA trade agreement, though they maintained the possibility of a bilateral deal between the USA and Mexico if a trilateral deal with Canada can not be reached.

But Mr Trump told Mr Nieto that he would continue to weigh the benefits of a separate deal with Canada. "We're going to get rid of NAFTA because it has a bad connotation". Many manufacturers have built complex but vital supply chains that cross all three NAFTA borders.

Over the weekend, USA and Mexican negotiators worked to narrow their differences, capping talks that had begun a year ago and have proved highly contentious.

"This is something that is very special for our manufactures and our farmers", Trump said.

Under the tentative new NAFTA agreement, vehicle companies that want to benefit from the free trade bloc will have to make more of an automobile's total worth in one of the three countries.

"We'll see if Canada can be part of a deal", he said.

The plan would not contain an automatic expiration for NAFTA as proposed in the prior US demand for a "sunset clause".

Advisers of incoming President Lopez Obrador hailed the new deal, saying it represented progress on energy and wages for Mexico's workers.

Trump says that they are starting talks with Canada immediately.