Mercedes Benz

President Donald Trump speaks to Mexico's President Enrique Pena Nieto on the phone as he makes an announcement on the status of the North American Free Trade Agreement in the Oval Office. Photo credit: Reuters UPDATED: 8/27/18 3:00 pm ET WASHINGTON -- U.S. officials reached a “preliminary agreement” with Mexico on a framework to rebalance manufacturing in North America after resolving key differences related to the cross-border movement of finished vehicles and auto parts. The tentative deal, if finalized, would increase the regional content value of passenger cars, light trucks and auto parts required to qualify for duty-free status, create a labor content value rule and tighten enforcement of rules of origin, according to the U.S. Trade Representative's Office. President Donald Trump, announcing the deal at the White House on Monday, said he would terminate NAFTA and send the tentative bilateral deal with Mexico to Congress for approval, adding that Canada might be incorpo...