NAFTA is Being Renamed US-Mexico Trade Agreement

WASHINGTON (AP) — President Donald Trump says he intends to terminate the North American Free Trade Agreement and call its replacement "the United States-Mexico Trade Agreement" — a name that would exclude the third NAFTA partner, Canada.

Trump made the comments after announcing an "understanding" with Mexico that could lead to an overhaul of the 24-year-old trade pact, which Trump has called a job-killing "disaster." Details of the U.S.-Mexico agreement were expected to be unveiled later Monday.

The president says he will be calling Canadian Prime Minister Justin Trudeau. Trump says, "If they'd like to negotiate fairly, we'll do that." He also threatened to tax Canadian auto imports to increase the pressure on Canada's government.

Trump says: "We could have a separate deal (with Canada) or we could put it into this deal."