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Trump expected to signal NAFTA renegotiation plans

Trump expected to signal NAFTA renegotiation plans
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The Trump administration is reportedly planning to send a final letter to Congress on Thursday to notify lawmakers of its plans to try to renegotiate the North American Free Trade Agreement.

The U.S. won't be able to officially begin trade talks with Canada and Mexico until the end of a 90-day consultation period, however, Politico reported.

Commerce Secretary Wilbur Ross said Wednesday they "made a lot of progress in getting toward the 90-day letter."

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According to the news outlet, the Trump administration must give a more detailed plan of its negotiations 30 days before talks begin.

Last month, Trump agreed not to pull out of NAFTA "at this time" during phone calls with the leaders of Canada and Mexico.

Trump spoke with the two leaders and assured them he would pursue a negotiation of the landmark trade pact between their three countries.

During his election, Trump pledged to announce his intent to renegotiate or leave the pact.

Scrapping the 1994 agreement would have triggered widespread backlash from the U.S. business community and recriminations from Ottawa and Mexico City.