I expect Trump will strongly consider outright canceling free trade with Mexico and renegotiating a separate FTA with Canada.
While this is certainly possible..............
I would point out, that with a few notable exceptions, Trump's rhetoric and often his advertised policy moves did not really align.
As example, much was made of his tariffs on China during his last term. Worth noting trade with China did dip briefly, then was further impacted by COVID, but by 2023, Imports from China and the U.S/China Trade deficit were fairly comparable to 2018.
Not the high impact that was advertised.
That notwithstanding that the Biden-Harris regime maintained most of those tariffs and actually increased several.
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Meanwhile, the ripping up of NAFTA was supposed to favour the U.S.......but lets have a look at those trade numbers:
From:
https://www.statista.com/statistics/218273/total-value-of-us-trade-in-goods-with-canada-since-2004/
Canada's total exports to the U.S. have grown substantially as has its trade surplus.
But at least he penalized the Mexicans right? Ummm
Mexican Exports to the U.S. - 5 year trend:
Exports to United States in Mexico decreased to 33944269 USD Thousand in January from 41075168 USD Thousand in December of 2023. This page includes a chart with historical data for Mexico Exports to USAAAAAAAA.
tradingeconomics.com
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None of which is to say that this time won't be different.
Just be careful not to conflate rhetoric or superficial gestures with substantive policy.