After having drafted an executive order signaling the United States’ intention to withdraw from the North American Free Trade Agreement (NAFTA), President Trump reversed course on Wednesday night and made an agreement with the leaders of Mexico and Canada to renegotiate NAFTA instead.
“It is my privilege to bring NAFTA up to date through renegotiation,” Trump stated. “It is an honor to deal with both [Mexican] President [Enrique] Peña Nieto and [Canadian] Prime Minister [Justin] Trudeau, and I believe that the end result will make all three countries stronger and better.”
According to the White House, all three leaders “agreed to proceed swiftly, according to their required internal procedures, to enable the renegotiation” of the trade deal to “the benefit of all three countries.”
Trump often referred to the 1994 treaty as a “disaster.”
“I am very upset with NAFTA. I think NAFTA has been a catastrophic trade deal for the United States … trading agreement for the United States. It hurts us with Canada, and it hurts us with Mexico,” he said.
The administration announced on Monday that the United States would begin taxing softwood lumber being imported from Canada. Additionally, Trump has complained that changes in Canadian milk product pricing are hurting the American dairy industry.
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