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11:45 a.m.

President Donald Trump says he’ll be “terminating” the North American Free Trade Agreement as he pursues a deal with Mexico and starts negotiations with Canada.

Trump said Monday during an Oval Office event that he’ll be calling the emerging agreement the “United States-Mexico Trade Agreement.” He says it will mark the end of the NAFTA name.

Mexican President Enrique Pena Nieto was on speakerphone and says he hopes NAFTA partner Canada will eventually be incorporated into the deal.

Adam Austen, a spokesman for the Canadian Foreign Minister, says Canada had been in regular contact with the NAFTA negotiators.

He says, “We will only sign a new NAFTA that is good for Canada and good for the middle class,” adding that, “Canada’s signature is required.”

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11:25 a.m.

President Donald Trump is announcing a trade “understanding” with Mexico that could lead to an overhaul of the North American Free Trade Agreement.

Trump made the announcement Monday in the Oval Office, with Mexican President Enrique Pena Nieto joining by speakerphone.

Canada, which is part of NAFTA, is not participating in the announcement. Trump says negotiations with Canada have yet to begin and is calling on the country to negotiate fairly. He’s threatening anew to slap tariffs on Canadian cars if they fail to do what he wants.

Trump says the call is being held to “celebrate the understanding” the U.S. and Mexico have reached on trade.

He says, “It’s an incredible deal for both parties.”