By affirming his intention to reopen the agreement with Trudeau and Peña Nieto, Trump is able to fulfill a 100-day pledge to "announce my intention to renegotiate NAFTA".
The Canadian dollar and Mexican peso, which had slumped earlier on reports the United States is considering withdrawing from the North American Free Trade Agreement (NAFTA), bounced sharply after Trump said he would not scrap the pact but renegotiate instead.
The White House announcement came hours after administration officials said Trump was considering a draft executive order to withdraw the U.S. from the deal - though administration officials cautioned it was just one of a number of options being discussed by the president and his staff.
The late-night announcement was made in a read-out of calls between Trump, Prime Minister Justin Trudeau and Mexican President Enrique Pena.
The White House says the president "agreed not to terminate NAFTA at this time".
Trump has repeatedly vowed to pull out from the 23-year-old trade pact if he is unable to renegotiate it with better terms for America.
A number of Republicans are strong backers of free trade and have cautioned the administration against walking away from the free-trade deal. "They've been very, very slow on completing the hearings and voting on our new US trade representative Bob Lighthizer".
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It was seen as a dose of shock treatment for Congress, Canada, and Mexico to get cracking under the threat the deal might be cancelled.
"At this moment NAFTA negotiations have not started".
The online site Politico had reported Trump was looking at an executive order drafted by aides Steve Bannon and economic assistant Peter Navarro.
The Mexican government confirmed the conversation in a statement issued late on Wednesday.
Signing the document does not require Trump to withdraw from NAFTA after six months, but it is a required step if he plans to eventually do so.
"It's unclear at this point what it is that the Trump administration will seek that goes beyond what was in TPP and what the balance of benefits and tradeoffs will be for each of the parties around the table".
The Canadian dollar rose about 0.4 percent to C$1.3569 per dollar after declining to a 14-month low of C$1.3648 on reports earlier that the United States was considering pulling out from NAFTA.
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Antipodean currencies also rose as Trump's latest stance on NAFTA eased concerns towards USA trade protectionism for now.
"I am very upset with NAFTA".
The World Trade Organization ruled that Mexico could impose more than $160m (£125m) annually in sanctions against the U.S. on commerce in tuna, capping a dispute dating back to 2008.
The latest dairy trade row was triggered when Canada extended those policies to apply to ultrafiltered milk, a product used in cheese production and at the center of a thriving United States export business.
The official spoke on the condition of anonymity in order to discuss internal deliberations.
And based on the few specifics spelled out so far, most experts suggest that it would add little to growth while swelling the budget deficit and potentially handing large windfalls to wealthier taxpayers. But it appeared to keep much of the existing agreement in place, including private tribunals that allow companies to challenge national laws on the grounds that they inhibit trade - a provision that critics say allows companies to get around environmental and labour laws. John McCain told CNN, of a NAFTA withdrawal: "It will devastate the economy in my state".
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