Trump has repeatedly vowed to pull out from the 23-year-old trade pact if he is unable to renegotiate it with better terms for America. "We can not disrupt trade with two of our top trade partners and allies".
Some American dairy farmers have been devastated.
If the US pulled out, NAFTA would remain in force between Canada and Mexico.
The late-night announcement seemed to indicate a chaotic day at the White House.
"To totally abandon that agreement means that those gains are lost", said Paul Ferley, an economist at Royal Bank of Canada.
"Sasse admitted that America's trade relations could improve, but argued the deals in place are ultimately beneficial".
Froman said the negotiations petered out after the election, when "some on the Canadian side, whether it was the government or whether it was the industry", preferred to take their chances with Trump.
The latest dairy trade row was triggered when Canada extended those policies to apply to ultrafiltered milk, a product used in cheese production and at the centre of a thriving United States export business.
Trudeau and Trump talked on the phone again on Wednesday night.
Senators John McCain and Jeff Flake from Arizona, Sen.
The Minnesota Farm Bureau expressed concern about the potential move.
Trump criticized Mexico extensively during his presidential campaign.
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"During President Trump's recent meeting with farmers, he emphasized his attention to improving opportunities in agriculture", Paap said. NAFTA is made up of the United States, Canada and Mexico.
Spurlock pointed out that Mexico is the top export market for corn, and Canada is a top export for corn and ethanol.
But in a separate conference call with the provincial premiers earlier on Tuesday, a readout from Trudeau's office said the prime minister underlined that "while Canadians are polite and fair, we will always strongly defend Canadian interests".
Reuters reported soybeans, wheat and corn declined on Wednesday, with some blaming the downfall on jitters over the report that the White House is considering pulling out of NAFTA.
"It's been very, very bad for our companies and for our workers, and we're going to make some very big changes or we are going to get rid of NAFTA once and for all".
Laura Dawson, director of the Canada Institute at the Wilson Center think tank in Washington, says it's not surprising that Trump would spotlight the issue: "Focusing on dairy while you're giving a speech in Wisconsin why would you not play to the audience there?"
Such an order would not immediately pull the US out of the deal. He said that depending on the elasticity of USA demand to these increased prices, domestic prices could rise or fall. Canada is No. 3 in meal sales and No. 10 in oil. "They also discussed lumber coming into the United States", the White House said.
"If lumber is not resolved (before NAFTA) the atmosphere will be so polluted", he said in an interview.
But dairy and timber have long bedeviled U.S.
Dawson says Canadians are anxious about their overreliance on the American market: 75 percent of Canadian exports go to the United States.
"There are some things that sound good politically but are potentially unsafe in the real world". Most US homes are made with wood framing and some entirely of wood. Mexico is the other NAFTA member.
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