President Donald Trump said that he will not terminate the North American Free Trade Agreement (NAFTA) at this time, but promised to renegotiate instead, Fox News reported.
Trump warned that if he could not reach a fair deal he would terminate the trade agreement.
"I received calls from the President of Mexico and the Prime Minister of Canada asking to renegotiate NAFTA rather than terminate," the president wrote in a tweet. "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!"
Trump said in a statement on Wednesday that renegotiating with the leaders of Mexico and Canada would be beneficial to the three countries, and that he would proceed swiftly to come to a trade deal.
Mexico responded that it agreed on keeping NAFTA and working with Canada to come to a "successful renegotiation."
"Earlier Wednesday, sources told Fox News that the White House had drafted a notification signaling the United States' intention to withdraw from NAFTA," the article said. "The document would have given the leaders of Canada and Mexico six months' notice of the administration's intention to exit from the agreement."