On Monday, President Trump announced that the United States is pursuing a new trade deal with Mexico as a result of recent bilateral negotiations.

The agreement between the U.S. and Mexico would require that 75% of the automotive content be manufactured in both countries, above the current level of 62.5%. The new agreement also requires that between 40% and 45% of the content of the cars be made by workers who earn at least $16 per hour.

When confirming the agreement, President Trump said that the bilateral trade pact with Mexico would be called “The United States Mexico Trade Agreement,” and not continue under the name of NAFTA.  According to U.S. Trade Representative Robert Lighthizer, the U.S. expects the deal to be signed by the end of November.

President Trump pressured the government of Canada to sit down to negotiate immediately and reach an agreement no later than Friday. Lighthizer has told reporters that if Canada does not join the pact this week, it will still have the option to sign on later.

The president of Mexico, Enrique Peña Nieto, also spoke with Canadian Prime Minister Justin Trudeau about the importance of Canada’s involvement in the pact.

For more on the U.S.-Mexico trade agreement, visit FoxBusiness and Bloomberg.