Trump floats replacing NAFTA with bilateral agreements with Canada, Mexico

U.S. President Donald Trump says he'd prefer to see separate bilateral trade deals with Canada and Mexico instead of the current North American Free Trade Agreement.

Trump says, as he has many times before, that NAFTA has been a terrible deal for the United States, while its North American trading partners make ``many billions of dollars'' at the expense of Americans.

He says the U.S., Mexico and Canada are all very different countries, suggesting that the idea of a trilateral trade deal doesn't make sense, a notion he has floated before as a possibility should the current NAFTA talks fail to reach a consensus.

Trump is also defending his decision to hit Canada, Mexico and the European Union with hefty steel and aluminum tariffs, a move that some observers say has made the NAFTA efforts that much more of a challenge.

He says that while they may be longtime allies of the U.S., they have been taking economic advantage of Americans for far too long.

Canada retaliated for the tariffs Thursday with $16.6 billion worth of ``countermeasures'' that hit a range of products from flat-rolled steel to playing cards, while Mexico also plans tariffs on a variety of U.S. products, including flat steel.