Mexico expects to start the renegotiation of the North American Free Trade Agreement, or NAFTA, with the United States and Canada in late August and talks should be completed within six months, the country's economy minister said April 26.

MEXICO CITY — The United States, Mexico and Canada are likely to reach a basic accord over reworking the North American Free Trade Agreement, or NAFTA, by the middle of next year, the head of the biggest U.S. business lobby group said April 23.

WASHINGTON — On the campaign trail, Donald Trump promised to slash and burn U.S. trade policy. He called NAFTA a disaster and vowed to scrap it and start over. But in nine weeks as president, he's taken a much more cautious approach toward the deal with Mexico and Canada.

Mexico’s top trade negotiator said he was heartened by a retreat from more protectionist rhetoric in the United States and that talks to redo the North American Free Trade Agreement may conclude as soon as January.

President Donald Trump ordered on March 31 a comprehensive study to identify every form of “trade abuse” that contributes to U.S. deficits with foreign countries.

The Trump administration is poised to trigger a renegotiation of Nafta as Commerce Secretary Wilbur Ross met with key lawmakers to satisfy a final step required beforehand.

Ending the U.S. free-trade deal with Mexico, as Donald Trump threatened during his presidential campaign, would hand a significant victory to China, former Treasury Secretary Lawrence Summers said.

The trade talks on steel imports were dragging on, and Robert Lighthizer didn’t care for the Japanese offer. So he folded it into a paper airplane and launched it across his desk at Japan’s lead negotiator.

The U.S. government probably won’t begin “real” negotiations to revamp the North American Free Trade Agreement until later this year, Commerce Secretary Wilbur Ross said.