Photo: ReutersWashington: President Donald Trump won’t immediately terminate US participation in the North American Free Trade Agreement, the White House said, after he spoke with the leaders of Mexico and Canada about ways to renegotiate the accord. President Trump agreed not to terminate Nafta at this time and 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 in a statement. The US could withdraw from the pact after giving six months notice to Canada and Mexico. Even talk that Trump would revisit Nafta Wednesday caused Mexico’s peso, the Canadian dollar and shares of companies that rely on cross-border trade to plunge. US trade with its Nafta partners has more than tripled since the agreement took effect, rising to $1.1 trillion last year.

Source: Mint April 27, 2017 05:48 UTC