US and Mexico agree on NAFTA

The United States and Mexico have reached a preliminary agreement on portions of NAFTA involving the automotive industry, report the New York Times and the Washington Post. Canada is not part of the deal, insiders told Bloomberg.

To qualify for zero tariffs, automakers would have to manufacture at least 75 percent of a light vehicle’s value in North America. They would also have to use more local steel, aluminum and auto parts. Finally, a certain proportion of the vehicle should be made by workers earning at least $16 an hour, Autonews reports.