i've been clear about my views on this.

1) trump is going to face domestic opposition to renegotiation. the congress will not give him what he wants.
2) therefore, he's bluffing.
3) i never liked nafta much, anyways. plus, we have the fta to fall back on.
4) let's call him on his bluff by offering to pull out of nafta. we don't have a congress that can block us. we can do this in 90 days. we can give him what he wants, if he wants it. but, of course, it's going to cost him.
5) oh, wait. he likes nafta after all?

http://www.reuters.com/article/us-usa-canada-trade-options-analysis-idUSKBN17R2TL