US President Donald Trump shakes hands with Speaker of the House Nancy Pelosi as he departs following the Friends of Ireland Luncheon in honor of Irish Prime Minister Leo Varadkar at the US Capitol in Washington, DC, March 14, 2019.
Saul Loeb | AFP | Getty Images
The Trump administration is expected to kickstart the process of approving updates to the North American Free Trade Agreement by the end of the week, sources told CNBC.
The White House could submit a draft so-called Statement of Administrative Action as soon as Thursday, which would allow it to send the trade deal to Congress within 30 days.
The administration has put pressure on House Speaker Nancy Pelosi and Democrats to ratify the United States Mexico Canada Agreement despite lingering concerns about the deal within the Democratic-held House. The speaker previously urged U.S. Trade Representative Robert Lighthizer not to take the formal step to advance the deal until lawmakers had more time to iron out concerns with the White House, according to The Washington Post, which first reported the possibility of President Donald Trump making the move Thursday.
Democrats have raised several concerns about the agreement, including enforcement of labor and environmental protections and its potential effect on drug prices.
This story is developing. Please check back for updates.
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