Yesterday was truly a bizarre day on NAFTA. We had credible reports that the administration was preparing an executive order to begin the process of withdrawing from the agreement, which would have been the administration’s first truly significant anti-trade action. Alarm bells went off on Capitol Hill and in the business community, and markets were roiled. Then, by the end of the day, it was all patched over with Trump deciding merely to re-negotiate it as originally planned after talking to Canadian Prime Minster Justin Trudeau and Mexican President Enrique Peña Nieto. I can see using a threat of withdrawal as a negotiating tactic, but a threat of withdrawal that lasts only a few hours? In the rush to create a sense of movement before the (stupid and artificial) 100-day marker, it’s almost as if the administration set out to jeopardize and save NAFTA all on Day 97.