President Donald Trump won't immediately terminate U.S.participation in the North American Free Trade Agreement, the WhiteHouse said, after he spoke with the leaders of Mexico and Canadaabout ways to renegotiate the accord.

“Both conversations were pleasant and productive. PresidentTrump agreed not to terminate Nafta at this time and the leadersagreed to proceed swiftly, according to their required internalprocedures, to enable the renegotiation of the Nafta deal to thebenefit of all three countries,” the White House said in astatement late Wednesday. Mexico's peso and Canada's dollar jumpedafter the White House's announcement.

Trump on the campaign trail last year made a hawkish vow to pullout of Nafta — which he repeatedly called the “worst trade dealever” — if the U.S. didn't get a better deal through immediaterenegotiation. His decision Wednesday marks a continuing softeningof his rhetoric on trade, after he recently said he would notdeclare China a currency manipulator, another campaign promise.

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