Multiple news outlets are reporting that sources have confirmed that the White House is planning an executive order to completely withdraw from the North American Free Trade Agreement.
‘The White House is considering withdrawing from NAFTA in the coming days, though President Donald Trump has not yet decided how to proceed, two senior administration officials confirmed to CNN Wednesday.’
It is important to note, the officials speaking to CNN say, that Trump’s EO could trigger NAFTA’s re-negotiation as opposed a full U.S. withdrawal.
Trump campaigned on the promise of addressing the problems that he alleged were inherent in NAFTA.
In recent days, Trump has already taken a trade shot at Canada — which is partnered with us and Mexico in NAFTA — by imposing a whopping 20 percent import tax on Canadian softwood lumber in “retaliation” for Canada’s tariffs on American dairy products. Trump’s newly imposed tariffs stoked fears of an impending trade war between the U.S. and Canada.
Trump, of course, has long stoked fears of a trade war between the U.S. and Mexico with his talk of massive tariffs on products imported from our southern neighbor.