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Photo: Win McNamee/Getty Images

President Trump announced Monday from the Oval Office that he plans to enter into a new trade agreement with Mexico called the United States-Mexico Trade Agreement — getting rid of the name NAFTA — with the hope that Canada will "negotiate fairly" and join at a later date, enter into a separate deal, or face automobile tariffs.

The details: Despite Trump's announcement, any trade deal would have to first be approved by Congress. The agreement with Mexico requires 75% of an automobile's value to be manufactured in North America, up from NAFTA's current level of 62.5%. It would also require 40% to 45% of the car to be made by workers earning at least $16 an hour.

  • A senior administration official told reporters Monday that "there's never been a trade agreement remotely as good on labor" as this one, which the administration hopes will help win the support of Democrats. The official also said the new standards the agreement sets for modernizing digital trade, financial services, and intellectual property are far better and more enforceable than anything in NAFTA or the now-abandoned Trans-Pacific Partnership.

What's next: Negotiations with Canada are expected to begin this afternoon. Both the U.S. and Mexico have expressed a desire to have Canada join the agreement, but according to the U.S. Trade Representative Bob Lighthizer, the deal is set to be presented to Congress either way.

  • Per CNBC, the White House would need to ask Congress to approve a bilateral track if Canada does not join the agreement, a process that would take at least 180 days. A senior administration official said they will have a better sense of whether they will need to notify Congress of a bilateral or a trilateral agreement by the end of the week.

The bottom line: When asked if Mexico would agree to a bilateral deal if Canada cannot be brought onboard, the senior administration official told reporters they would have to ask the Mexican government.

Go deeper

Updated 22 mins ago - Sports

The Olympic events to watch today

Katie Ledecky. Photo: Al Bello/Getty Images

5 events to watch today...
  • Baseball: USA plays Israel in the opening round at 6 a.m. ET on nbcolympics.com (Watch the replay at 10:30 a.m. ET on NBC Sports).
  • Women’s soccer: USA takes on the Netherlands in the quarterfinals at 7 a.m. ET on NBC Sports (watch the replay at 6 p.m. ET on NBC Sports).
  • 🏊 🚴 🏃‍♀️ Team triathlon: The mixed team relay Triathlon makes its Olympic debut at 6:30 p.m. ET on USA Network.
  • 🏊‍♀️ Swimming finals: Watch Katie Ledecky swim the women’s 800m freestyle final and Caeleb Dressel go for his third gold at this year’s Games in the men’s 50m freestyle. Plus live action from the mixed 4x100m medley relay. Coverage starts at 9:30 p.m. ET on NBC.
  • 🏃‍♀️ Track and field: Athletes compete in prelims and round 1 of several events, including the women’s 400m hurdles and men’s 100m.
Ina Fried, author of Login
31 mins ago - Technology
Column / Signal Boost

Japan tests teleporting games and "remote cheering"

NTT is using augmented reality holograms to transport an Olympic badminton match to the National Museum of Emerging Science and Innovation. Photo: NTT

Japanese telecom giant NTT is using the Olympics to show off a new generation of technologies that can transport the sporting experience to wherever fans are, instead of making them come to games.

Why it matters: Technology like this would have solved tons of problems this year, when no spectators are allowed at the actual Olympic venues. Unfortunately, it's all available only in demo form right now.

59 mins ago - Health

America's new approach to masks is even more scattershot than before

Illustration: Brendan Lynch/Axios

In grocery stores and pizza joints, main streets and downtowns across the country, pandemic precautions range wildly — from nonexistent to 2020 deja vu.

The big picture: As COVID-19 cases surge, especially in states with low vaccination rates, the country is once again in the throes of a fraught cultural and political debate over face masks.