Trump's gyrations on NAFTA cause a flurry of head-scratching

President Trump has agreed not to immediately withdraw the USA from the North American Free Trade Agreement, or NAFTA, which he railed against during his campaign, but he wants to renegotiate it. And their palms are not likely sweating over the idea that if NAFTA talks derail, the status quo continues and Trump's big campaign promise to renegotiate crashes into oblivion.

The White House had released a statement late Wednesday saying only that Trump assured the two leaders the us wouldn't bolt NAFTA at this time.

Trump's scorn toward worldwide trade deals, part of his nationalist political message, appeals to Americans who feel such pacts have cost Americans jobs, and he has said businesses that choose to move plants outside the country would pay a price.

It eliminated nearly all taxes on goods sent between the three countries, eased investment rules and allowed for more movement of workers between the countries.

We can only hope Trump doesn't follow up on his rhetoric about Canada's energy industry as the next sector to impose his protectionist agenda.

Prime Minister Justin Trudeau spoke personally with President Trump only days after there was talk of putting together an executive order to completely withdraw from NAFTA (North American Free Trade Agreement).

But a study by Ball State University in 2015 found that improvements in technology were mostly to blame, instead of trade with Mexico and China. The U.S. dollar dropped almost 0.3 percent against its Canadian counterpart and about 1 percent against the peso.

With grain still on the ground near his farm in Wallace County, farmer David Schemm stresses the importance of trade with Mexico.

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North of the border, Maude Barlow, president of the Council of Canadians, a leftist think tank, noted that "Canada has its own grievances" with its U.S. neighbor and that it was time for Trudeau to stand up for Canadian interests.

Mexican officials continued to talk to their USA counterparts as the hours passed, and toward the end of the day Pena Nieto called Trump for a conversation that lasted about 20 minutes. They also sell similar goods to the U.S. The U.S. Trade Representative's office must first send Congress a notice that starts a 90-day consultation period preceding any negotiations.

The dispute played out in the media, with several outlets saying Mr Trump would take the most dramatic available step - issuing an executive order declaring his intention to withdraw from the treaty. Prime Minister Trudeau made sure that President Trump understood that a lot of families would suffer from the short and medium term consequences of a NAFTA termination and if the agreement could be renegotiated it would be to both Canada and the U.S's benefit.

Trump has continued to rail against Iran, decrying the nuclear deal brokered under the previous administration as one of the "worst deals" just as he did during the campaign and arguing most recently that Iran was "not living up to the spirit of the agreement".

USA farmers provided $2.5 billion in soybeans, meal and oil to Mexico past year, making it the nation's No. 2 market overall and the leading purchaser of US meal and oil.

"Obviously the issue of dairy came up, so that's an area we would want to look at", said White House spokesman Sean Spicer.

On Wednesday, Trump announced plans to massively simplify the US personal income tax code, cutting the existing seven income tax brackets down to three, as well as slashing corporate and small business tax rates by more than half.