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In an about face, the Trump administration has decided not to withdraw from the North American Free Trade Agreement “at this time”.

Following a “pleasant and productive” call with Mexico’s president Enrique Peña Nieto and Canada’s Prime Minister Justin Trudeau, the White House announced US President Donald Trump “agreed not to terminate Nafta at this time”.

Speculation had been high that the Trump administration was considering an executive order that would lay the groundwork for the US’s withdrawal from the trade agreement.

The White House’s statement continued to say that the leaders agreed to proceed swiftly to enable a renegotiation of the Nafta deal to the benefit of the trio of countries.

President Trump said:

It is my privilege to bring Nafta up to date through renegotiation. It is an honor to deal with both President Peña Nieto and Prime Minister Trudeau, and I believe that the end result will make all three countries stronger and better.

Copyright The Financial Times Limited 2017. All rights reserved.
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