Canada, Mexico stocks, currencies fall as United States mulls quitting NAFTA

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I think NAFTA has been a catastrophic trade deal for the United States, trading agreement for the United States.

The announcement followed USA media reports that Trump was considering giving formal notice of pulling the United States out of the North American Free Trade Agreement.

In phone calls to Mexican President Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau, Trump "agreed not to terminate NAFTA at this time", the White House said in a statement. It removes tariffs and allows a free flow of goods between the three partners.

Trump criticized Mexico extensively during his presidential campaign.

"He can do the same thing with his NAFTA order that he can do with his wall", Vela said, alluding to a previous missive to Trump encouraging the future president to "take your border wall and shove it up your ass".

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Trump said he believes "the end result will make all three countries stronger and better".

Both conversations were "pleasant and productive", the statement said. The United States went from running a small trade surplus with Mexico in the early 1990s to a $63 billion deficit in 2016.

The Trump administration is reportedly considering an executive order to withdraw from the North American Free Trade Agreement, or NAFTA.

One senior administration official stressed that this is something Trump has "always been considering" and while the White House is now considering an executive order, the official stressed a lot could change in the coming days.

But late Wednesday Commerce Secretary Wilbur Ross brushed off the reports as "rumor".

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Late Wednesday night, the White House released a statement backing off of the notion after the president spoke with the leaders of Canada and Mexico. John McCain of Arizona.

"Withdrawing from #NAFTA would be a disaster for #Arizona jobs & economy", he tweeted.

In recent days, however, he has taken a harder line with Canada, blasting a recent change in the dairy pricing policy there.

Lumber is an important component of the massive United States construction and home-building industry. But this week he fuelled trade tensions by imposing new duties on softwood lumber imports from Canada and vowing to defend USA dairy farmers against quotas imposed in Canada.

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