President Trump has committed to “terminate NAFTA” if the U.S. does not “get the deal we want”. Prime Minister Trudeau is pushing for a “fair dispute resolution system”. A transactional settlement to wipe out the U.S. trade deficit would need just $19 billion to $50 billion of new U.S. exports (a 4% to 11% increase) to achieve. Complications from non-goods chapters – and heads-of-state involvement – risk delaying negotiations that already have a window of just 138 days.