Quote:Mexico and the United States are hammering out the final details of a bilateral deal to revise the North American Free Trade Agreement, according to people familiar with the state of negotiations. A formal announcement is expected Monday.

Under the revised terms of the agreement, 75 percent of a car would have to be manufactured in North America, up from 62.5 percent under current rules, according to a person familiar with the talks. The new rules would also impose a sort of minimum wage for car makers, requiring that workers earn a minimum of $16 per hour to qualify for zero tariffs.