Simplify the following text for a Grade 11 native English-speaking person.
Original: Laredo is a border city which is part of the bi-national metropolitan area of Laredo , Texas - Nuevo Laredo , Tamaulipas , Mexico with a total population of 575,585 .
Simplified: Laredo is part of the Laredo-Nuevo Laredo Metropolitan Area with an estimate population of 718,073 . Laredo 's economy is based on international trade with Mexico .