NAFTA negotiations could kick off in the spring

North America could be immersed in major trade negotiations as early as this spring now that U.S. President Donald Trump has signalled a desire to get going quickly on updating the landmark NAFTA agreement.

Trump said he would be open to either giving the old agreement a facelift or constructing an entirely new body.

1:01 Too early to predict what will happen with new U.S. administration on NAFTA: Trudeau

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• Trump must officially inform NAFTA partners of ‘desire’ to re-negotiate deal

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The American President repeated his desire to make any new deals “fair.”

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Some trade experts predict the trilateral agreement signed in 1993 could wind up breaking down into separate bilateral deals between each country — a move favoured by key Trump ally, Congressman Chris Collins.

READ MORE: Trump takes 1st step toward renegotiating NAFTA, vows to make quick progress

And while the Canadian government sounds like it would be willing to go either route — officials have signaled publicly, and privately that the three-country format is preferred.