The U.S. and Mexico have reportedly reached an agreement to revise the 24-year old North American Free Trade Agreement (NAFTA) according to two people familiar with the matter, as reported by Bloomberg.
U.S. President Donald Trump has long felt that the existing terms of NAFTA hurt American jobs, and so he had earlier threatened to either abolish it altogether or alter it to be more favorable to the U.S. The latest reports of the U.S. forming a bilateral pact with Mexico might potentially assuage some of the trade war intensity, but these preliminary talks still excludes Canada, which is also a party to NAFTA.