The Latest: Trump wouldn't mind seeing NAFTA replaced

The Latest on U.S. trade policies (all times local):

3:05 p.m.

President Donald Trump says he wouldn't mind seeing the North American Free Trade Agreement replaced by two separate, bilateral trade deals with Canada and Mexico.

Trump tells reporters of America's neighbors: "these are two very different countries."

He says NAFTA has been "a very lousy deal" for the U.S. and says, "they're our allies but they take advantage of us economically."

The U.S., Canada and Mexico have been holding talks to renegotiate the deal.

Trump is speaking to reporters after a lengthy meeting with a top aide to North Korea's Kim Jong Un (kim jawng oon) to discuss an on-again nuclear summit later this month.


12:15 p.m.

President Donald Trump's chief economic adviser is brushing off concerns over escalating trade disputes with a host of U.S. allies as nothing but a "family quarrel."

Larry Kudlow, director of the National Economic Council, tells reporters Friday that he remains optimistic about the outcome of negotiations with Canada, Europe and Mexico in spite of recent escalations.

He says, "this is what I regard as a family quarrel and the conversations are wide open and could well be solved in the months ahead as the conversations continue."

Trump this week announced a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum from Canada, Mexico and the European Union.

Countries around the world are already fighting back, announcing retaliatory countermeasures and warning that the U.S. plan will hurt U.S. consumers.


10 a.m.

President Donald Trump says Canada has mistreated U.S. farmers on trade and officials there "must open their markets and take down their trade barriers!"

His tweet came Friday, the same day steel and aluminum tariffs were scheduled to take effect against Canada, Mexico and the European Union.

The U.S. allies pledged retaliatory countermeasures and warned of a trade war that would ultimately hurt American consumers.

Trump tweeted: "Canada has treated our Agricultural business and Farmers very poorly for a very long period of time. Highly restrictive on Trade! They must open their markets and take down their trade barriers! They report a really high surplus on trade with us. Do Timber & Lumber in U.S.?"


6:42 a.m.

Countries around the world are fighting back against President Donald Trump's decision to slap tariffs on steel and aluminum imports, announcing retaliatory countermeasures and warning that the U.S. plan will hurt U.S. consumers.

French President Emmanuel Macron said in a statement Friday that he told Trump in a phone call that the new U.S. tariffs on European, Mexican and Canadian goods are illegal and a "mistake." Macron pledged the riposte would be "firm" and "proportionate" and in line with World Trade Organization rules.

Germany's Volkswagen, Europe's largest automaker, warned that the decision could start a trade war that no side would win. The European Union and China said they will deepen ties on trade and investment as a result.