According to various news sources, NAFTA appears set for renegotiation, not cancellation.  The Canadian press in particular has noted:

A congressional gathering heard Treasury Secretary Steven Mnuchin express some optimism about getting a deal. He based that on what he said were weekly meetings with U.S. trade czar Robert Lighthizer.

“I’m cautiously hopeful that … (he) will be renegotiating this deal,” Mnuchin told the House of Representatives’ budget committee.

“It is a major priority of ours to renegotiate the deal.”

Notably, Secretary Mnuchin “refused to even discuss the possibility of U.S. withdrawal from NAFTA when asked to do so.”

Moreover, three other senior officials have made similar comments suggesting progression negotiations.  According to at least one report, U.S. trade czar Bob Lighthizer described the anxiety about a U.S. withdrawal as something in the past tense, just after U.S. Agriculture Secretary Sonny Perdue said he expects a NAFTA deal by year’s end.

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