US President Donald Trump announced [press conference] Monday that the US and Mexico have reached an agreement on a new trade deal called the United States-Mexico Trade Agreement, which will ultimately terminate the North American Free Trade Agreement (NAFTA).

While sitting at the resolute desk, Trump called Mexican President Enrique Peña Nieto [CNN profile] to announce the new deal, which Trump describes as “a really good deal for both countries … [and] something that is very special for our manufacturers and farmers.”

Among a number of changes to NAFTA, both parties agreed to a provision that would require a significant portion of vehicles to be made in high-wage factories, a measure aimed to discourage factory jobs from leaving the US.

Peña Nieto agreed with Trump while on speaker phone, stating, “I think this is something very positive for the United States and Mexico.” The Mexican president further acknowledged that he wanted Canada to be involved in the agreement.

Trump said that he is in communication with Canada about a trade deal, but he is unsure if it will be part of the United States-Mexico Trade Agreement.

“We’re starting negotiations with Canada pretty much immediately,” said Trump. “I can’t tell you where these negotiations will go. … But one way or another we have to deal with Canada. It will either be a tariff on cars or a negotiated deal.”

The Trump administration plans to submit a letter to Congress by Friday, and the president expects it to be signed by the end of November.