For a few hours on Wednesday, April 26, the trade world was on edge based on press reports the president was considering signing an executive order withdrawing the United States from the North American Free Trade Agreement. By late that evening, the immediate concern of exiting NAFTA had passed after President Donald Trump announced: “It is my privilege to bring NAFTA up to date through renegotiation.” The scare prompted many to wonder out loud what tariffs the United States would face in Mexico and Canada if NAFTA was not in effect. Because of the transparency the World Trade Organization brings to international trade, we already know.
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