Leaders of all three North American Free Trade Agreement (NAFTA) member countries have now acknowledged the benefits that might be gained by renegotiating the 1994 regional free trade agreement. And, despite criticism of NAFTA as it currently exists, President Trump recently recognized the virtues of regional trade, declaring in a recent meeting with Canadian Prime Minister Justin Trudeau that both countries will “coordinate closely to protect jobs in our hemisphere and keep wealth on our continent.”

Of course, Mexico, with which the United States has a $63 billion trade deficit, not Canada, has been the main target of President Trump's criticism. Yet, Mexico, too, is open to renegotiating. Mexican President Enrique Peña Nieto has already commenced a 90-day period of consultation with the private sector that would precede expected renegotiation.

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