UPDATED: Trump announces Mexico trade agreement

(UPDATED 12:30) President Trump said Monday that a trade “understanding” has been reached with Mexico.

Trump told reporters in the Oval Office that negotiations with Mexico to revamp the North American Free Trade Agreement were successful, though he suggested NAFTA could renamed.

Trump also told media that negotiations with Canada to review the U.S.-Canada trade portion of the deal would begin immediately.

Details of the trade terms were not yet made public.

Secretary of Agriculture Sonny Perdue said in a statement that President Trump “achieved important improvements in the agreement to enable our agricultural producers to be treated more fairly.”

“This breakthrough demonstrates that the president’s common-sense strategy of holding trading partners accountable will produce results,” Perdue said in the statement.

Perdue said the agreement addresses agricultural biotechnology to keep up with 21st Century innovations.

“And we mutually pledge to work together with Mexico to reduce trade-distorting policies, increase transparency, and ensure non-discriminatory treatment in grading of agricultural products,” Perdue said in the statement.

“We now hope that Canada will see the need to settle all of the outstanding issues between our two nations as well, and restore us to a true North American Free Trade Agreement.”

Earlier reports indicate that the U.S. recently removed its demand for seasonal trade protection for perishable crops, though no U.S. official has confirmed that report.