Market News & Headlines >> Order to Withdraw from NAFTA Mulled
A draft executive order to withdraw the U.S. from the North American Free Trade Agreement is under consideration, a senior Trump administration official told Reuters News Service on Wednesday, confirming an earlier report from Politico.
Two White House officials earlier told Politico that the draft order had been submitted for the final stages of review and could be unveiled late this week or early next week, although it could still change as more officials offer their input.
While the draft order may be a negotiating ploy designed to spur Mexico and Canada to open talks to renegotiate NAFTA, the possibility that President Trump might set the withdrawal process in motion appeared to be a large factor in corn futures' retreat from one-week-plus highs on Wednesday.
Mexico has been the top export destination for U.S. corn in recent years, thanks in part to the duty-free status it enjoys under NAFTA.