U.S. President Donald Trump has indicated he is not planning to renew the Canada-United States-Mexico Agreement (CUSMA), also known as the USMCA in the United States. The agreement replaced the North American Free Trade Agreement (NAFTA), which had been in effect since 1992.

Speaking on Wednesday, Trump stated, “Well, I’m not looking to renew it.” He elaborated on his rationale, explaining, “I made the deal and the primary reason I made the deal is that NAFTA was the worst trade deal I’ve ever seen. Yeah. And I made it better. But I had the right to terminate.”

The President expressed skepticism about the necessity of the current trade arrangement, remarking, “I don’t know that I’m going to redo it because, to be honest with you. We don’t need anything to Canada has, we don’t need anything that Mexico has, but they need everything that we have, and they have to treat us better.”

Trump further detailed his perspective on trade imbalances, asserting, “With Mexico and Canada, we have trade deficits. We should have surpluses with them. We don’t need their cars. We don’t need their lumber. We don’t need their energy. We don’t need anything.”