The U.S. and Mexico announced on Monday that they had reached a tentative agreement over several outstanding and contentious issues in NAFTA negotiations. Canada is expected to rejoin the negotiations on Tuesday, but the U.S. and Mexico have hinted they are willing to proceed without it.
The big picture: The announcement marks an important political victory for Trump, and a pyrrhic one for Mexico. President Trump got quite a bit of what he wanted, while Mexico seemed content to bypass Canada to get a worse deal. Despite both Canada's and Mexico's characterization of the U.S. proposals as unacceptable, Mexico accepted some version of them without getting in return either more NAFTA visas for Mexican nationals or dispute-resolution mechanisms that address the power imbalance.