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Trump rules out swift NAFTA withdrawal for renegotiation

(Bloomberg) President Donald Trump won’t immediately terminate U.S. participation in the North American Free Trade Agreement, the White House said, after he spoke with the leaders of Mexico and Canada about ways to renegotiate the accord.

“Both conversations were pleasant and productive. President Trump agreed not to terminate Nafta at this time and the leaders agreed to proceed swiftly, according to their required internal procedures, to enable the renegotiation of the Nafta deal to the benefit of all three countries,” the White House said in a statement late Wednesday.

Mexico’s peso and Canada’s dollar jumped after the White House’s announcement. The peso was up 1.1 percent as of 11:22 p.m. in New York, recouping more than half of its 1.7 percent drop on Wednesday. The Canadian currency advanced 0.6 percent, halting a four-day decline.

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