Trump Tells Canada And Mexico He Will Renegotiate, Not Withdraw From NAFTA

Trump Tells Canada And Mexico He Will Renegotiate, Not Withdraw From NAFTA

Ted Cruz's office pointed to comments the Texas Republican has previously made saying there is "no doubt that Texas benefits enormously from global trade", including with Canada and Mexico.

Reports circulated earlier in the week that Trump was preparing to sign an executive order to remove the United States from NAFTA immediately, similar to how he terminated American involvement in the Trans-Pacific Partnership (TPP) in January.

Bannon already is seen as being on the outs with Trump over reportedly sparring with Trump's son-in-law Jared Kushner.

"My gut, I guess, is it's the NY real estate guy speaking here", said Runciman.

Tempering yet another of his campaign promises, U.S. President Donald Trump has said he will not withdraw the country from the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

Trump also said Thursday that he didn't announce the cancellation of NAFTA this week because he likes his North American counterparts " a comment that made his Trudeau chuckle when asked about it during a press conference in Saskatchewan.

The currency ended the session trading at 73.40 US cents, slightly weaker than the Bank of Canada's official Wednesday close of 73.46 USA cents. Relative calm returned yesterday after Trump's comments, and the Mexican peso strengthened 0.86 per cent against the United States dollar while the Canadian dollar was flat versus the greenback.

A disruption in trade between the three NAFTA partners could wreak havoc in the auto sector and other industries, hitting profits at companies that have benefited from zero-level tariffs and Mexico's relatively low labor costs.

Twice over a 24-hour period, Canadian Prime Minister Justin Trudeau reached out to Trump by telephone to extoll the virtues of NAFTA and warn that its demise would lead to massive job losses in both countries. But Mr Trump repeatedly criticised the deal during the presidential campaign, promising to revoke it if he secured office. But now, he says: "We're going to give renegotiation a good, strong shot" and that renegotiation begins today.

"I think we need to slap duties on major commodities that the United States is dumping into Canada", he said, pointing to the Stelco Plant in Hamilton, which he says is running under capacity. "They called me and said, rather than terminating NAFTA, could you please renegotiate?", he said, giving an insight into the decision making process.

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Trump said he was about to terminate the NAFTA but changed his mind after talking to leaders from Canada and Mexico who urged him to consider renegotiating it.

Canada sends 75 per cent of all its exports to the United States.

A week ago, he also blasted Canada for practices he labeled as "disgraceful" that he says have hurt dairy farmers in Wisconsin and upstate NY.

Trump tweeted Thursday that the US will remain in the trade agreement after calls he received from Mexican President Enrique Pena Nieto and Trudeau.

Trump has accused Mexico of luring away American factories and jobs with cheap labor and other advantages enabled by NAFTA.

Smith says countries like China are hurting American aluminum production And that the USA should reassess its deals.

"This is not our idea of a properly functioning Free Trade Agreement", Commerce Secretary Wilbur Ross said in a statement.

Analysts said renegotiating NAFTA is the lesser evil for Trump.

The highest-ranking Texas Republican in Congress, U.S. Senate Majority Whip John Cornyn, encouraged caution.

The NAFTA phone calls are far from an isolated incident when it comes to just how much power Trump invests in relationships with people.

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