*By Carlo Versano*
Markets were higher across the board Monday after President Trump announced his framework for a trade deal with Mexico that he hopes will replace NAFTA. The Nasdaq marked its first-ever close above 8,000, and the Dow rose more than a percent, crossing the 26,000 mark for the first time since Feb. 2.
The announcement from Trump in the Oval Office ー with Mexican President Enrique Peña Nieto on the phone ー could ease concerns among American manufacturers that the administration's tough stance on trade could scuttle the chance for a reworked NAFTA deal.
Trump said Monday that he wanted the new agreement to be called the "United States-Mexico Trade Agreement."
"NAFTA has a lot of bad connotations for us, because it was a rip off," he said.
Canada has stayed conspicuously absent from this round of negotiations. No foundation with the Canadians was established for an expanded North American deal.
President Peña Nieto [tweeted](https://twitter.com/EPN/status/1034089218220249088) that he was angling to get the Canadians back to the table. Trump said "we'll see" if Canada can be part of an expanded deal.
A spokesman for Canada's foreign minister replied: "We will only sign a new NAFTA that is good for Canada and good for the middle class. Canada’s signature is required."
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
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