President Trump does not plan to cancel the North American Free Trade Agreement and will instead work to renegotiate it with Mexico and Canada, the White House announced Wednesday.

Trump spoke Wednesday with President Enrique Peña Nieto of Mexico and Prime Minister Justin Trudeau of Canada to discuss the agreement, which he called “one of the worst deals ever” during the 2016 presidential campaign. During the call, the White House said, Trump said he would not terminate the agreement “at this time,” and that the three leaders agreed to “swiftly” to move to renegotiate the agreement “to the benefit of all three countries.”

“It is my privilege to bring NAFTA up to date through renegotiation,” Trump said in a statement. “It is an honor to deal with both President Peña Nieto and Prime Minister Trudeau, and I believe that the end result will make all three countries stronger and better.”

The announcement comes hours after news reports suggested the White House was considering an executive order to begin the process of extricating the U.S. from the free trade agreement. The White House had set an internal deadline of April 29 to chart a path forward on NAFTA, and considered a range of options to meet Trump’s goals of reinvigorating the U.S. manufacturing base, officials said.

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