US President Donald Trump said yesterday that renegotiating the North American Free Trade Agreement with Canada and Mexico was "very possible", but he threatened to scrap the pact if the countries failed to reach a "fair deal for all"
Donald Trump
Washington: US President Donald Trump said yesterday that renegotiating the North American Free Trade Agreement with Canada and Mexico was "very possible", but he threatened to scrap the pact if the countries failed to reach a "fair deal for all".
"I got calls from the President of Mexico and Prime Minister of Canada asking to renegotiate NAFTA rather than terminate," Trump tweeted. "I agreed ... subject to the fact that if we do not reach a fair deal for all, we will then terminate NAFTA. Relationships are good - deal very possible!"
"The leaders agreed to proceed swiftly, according to their required internal procedures, to enable the renegotiation of the NAFTA deal to the benefit of all three countries," the White House said.
US Commerce Secretary Wilbur Ross told CNBC yesterday that numerous "conceptual flaws" in the treaty needed to be addressed.
"NAFTA needs tightening," Ross said, adding that more should be done to ensure that participants in the bloc have a trade advantage over other countries.
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