President Trump on Monday said he plans to terminate the existing North American Free Trade Agreement, as he announced a new agreement between the United States and Mexico that he described as “one of the largest trade deals ever made.”

“I’ll be terminating the existing deal and going into this deal,” the president said in the Oval Office, calling it a “big day for trade.”

The United States Trade Representative called the U.S.-Mexico deal a “preliminary agreement in principle, subject to finalization and implementation.”

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WATCH: Jones breaks down the new NAFTA deal on the Alex Jones Show

VIDEO: President Trump Announces New Trade Agreement With Mexico


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