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Mexican Foreign Minister Luis Videgaray (L) and Secretary of Economy Ildefonso Guajardo. Photo: Eric Baradat/AFP via Getty Images

The U.S. and Mexico have reached a preliminary agreement to revise disputed components of NAFTA, paving the way for Canada to enter talks and formally renegotiate the trade pact, reports the NYTimes.

The details: The agreed-upon changes reportedly center on the rules governing automobile manufacturing, with a greater emphasis on North American production and local steel, aluminum and auto parts. Per Axios' Jonathan Swan, U.S. Trade Representative Robert Lighthizer is counting on President Trump's popularity with Republicans to get a new NAFTA deal approved by Congress.

Go deeper

Ben Geman, author of Generate
12 mins ago - Economy & Business

Tesla's wild rise and European plan

Tesla's market capitalization blew past $500 billion for the first time Tuesday.

Why it matters: It's just a number, but kind of a wild one. Consider, via CNN: "Tesla is now worth more than the combined market value of most of the world's major automakers: Toyota, Volkswagen, GM, Ford, Fiat Chrysler and its merger partner PSA Group."

Dave Lawler, author of World
53 mins ago - World

China's Xi Jinping congratulates Biden on election win

Photo: Paul J. Richards/AFP via Getty Images

Chinese President Xi Jinping sent a message to President-elect Biden on Wednesday to congratulate him on his election victory, according to the Xinhua state news agency.

Why it matters: China's foreign ministry offered Biden a belated, and tentative, congratulations on Nov. 13, but Xi had not personally acknowledged Biden's win. The leaders of Brazil, Mexico and Russia are among the very few leaders still declining to congratulate Biden.

Kendall Baker, author of Sports
2 hours ago - Sports

College basketball is back

Illustration: Sarah Grillo/Axios

A new season of college basketball begins Wednesday, and the goal is clear: March Madness must be played.

Why it matters: On March 12, 2020, the lights went out on college basketball, depriving teams like Baylor (who won our tournament simulation), Dayton, San Diego State and Florida State of perhaps their best chance to win a national championship.