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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 3 hours ago - World

U.S. releases report finding Saudi prince approved Khashoggi operation

Photo: Bandar Algaloud / Saudi Kingdom Council / Handout/Anadolu Agency via Getty Images

The Office of the Director of National Intelligence (ODNI) has released an unclassified report assessing that Saudi Crown Prince Mohammed bin Salman (MBS) approved the operation to "capture or kill" Washington Post journalist Jamal Khashoggi in 2018.

Driving the news: The White House also announced sanctions on entities implicated in the murder, though not on MBS directly. Officials also announced a new "Khashoggi ban" under which individuals accused of harassing journalists or dissidents outside their borders can be barred from entering the U.S.

About 20% of U.S. adults have received first vaccine dose, White House says

Joe Biden speaks during an event commemorating the 50 million COVID-19 vaccine shots. Photo: Doug Mills-Pool/Getty Images

Nearly 1 in 5 adults and nearly half of Americans 65 and older have received their first dose of the coronavirus vaccine, White House senior adviser Andy Slavitt said on Friday.

The big picture: The Biden administration has previously said it has secured enough doses to vaccinate most of the American population by the end of July.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: Employers mull COVID vaccine requirements — New data reignites the debate over coronavirus vaccine strategyPfizer begins study on 3rd vaccine dose as booster shot against new strains.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.