By Jessica Domel
Multimedia Reporter

“Our farmers are going to be so happy,” President Donald Trump said Monday morning, shortly after announcing a new trade agreement between the United States and Mexico.

The new U.S.-Mexico Trade Agreement will replace the current North American Free Trade Agreement (NAFTA), which includes the U.S., Mexico and Canada.

“It’s a big day for trade (and) a big day for our country,” Trump said. “A lot of people thought we’d never get here, because we all negotiate tough. This is a tremendous thing.”

Trump said the deal is fair and special for farmers, manufacturers and residents of both countries.

“One of the things I’m excited about is you’re going to be helping us at the border. You’re going to be working with us on agriculture,” Trump said to Mexico’s President Enrique Peña Nieto on Monday.

The president said the term NAFTA will not be used because it has a negative connotation.

“The United States was hurt very badly by NAFTA for many years, and now it’s a really good deal for both countries. We look very much forward to it,” Trump said.

The U.S. and Mexico came to an agreement after five weeks of negotiations in Washington, D.C.

“I think this is something very positive for the United States and Mexico. The reason for this call is to celebrate the understanding we have had between both negotiation teams on NAFTA,” Peña Nieto said. “It is an interest we have had for quite a few months now to review it, to modernize it, update it and to generate a springboard that we will use to initiate productivity in North America.”

Although Canada was left out of the bilateral deal, Peña Nieto expressed his desire for Canada to rejoin the deal during a conference call with Trump Monday.

“It is our wish, Mr. President, that now Canada will also be able to be incorporated in all this,” Peña Nieto said. “I assume that they are going to carry out negotiations on the sensitive bilateral issues.”

The following day, Canadian Minister of Foreign Affairs Chrystia Freeland traveled to Washington, D.C. to resume trade negotiations with the U.S.

“If they’d like to negotiate fairly, we’ll do that,” Trump said. “You know, they have tariffs of almost 300 percent on some of our dairy products. We’re not going to stand for that. I think with Canada, frankly, the easiest thing we can do is tariff their cars coming in. It’s a tremendous amount of money, and it’s a very simple negotiation that could end in one day.”

The president, who has announced his preference for bilateral deals in the past, said Canada may join the new deal with Mexico or may become part of a separate bilateral deal with the U.S.

“I think it’s a great deal. We’re starting negotiations with Canada pretty much immediately,” Trump said.

The Trump administration is expected to deliver a letter beginning the trade agreement approval process with Congress Friday.

It will be signed 90 days later if approved by Congress.

“We have an agreement both with Canada and with Mexico. I will terminate the existing deal. When that happens, I can’t quite tell you. It depends on the time table with Congress, but I’ll be terminating the existing deal and going into this deal,” Trump said.

Specific details of the trade agreement have not yet been released.

Story updated Aug. 29.