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President Donald Trump speaks by phone with Mexican President Enrique Peña Nieto, in the White House Oval Office, on Monday, August 27, 2018, in Washington. Trump announced a commercial "understanding" with Mexico that could lead to a revision of the North American Free Trade Agreement. Evan Vucci / AP

After months of failed negotiations, bilateral threats and widespread instability regarding the future of trade between the United States, Canada, and Mexico, Donald Trump has announced that a preliminary agreement has been reached with Mexico regarding the North American Free Trade Agreement (NAFTA).