“If they want to have a discussion about improving NAFTA, then we are ready to come to the table to try to put before the new administration anything that will benefit both Canada and the United States and obviously, Mexico also,” David MacNaughton, Canada’s U.S. ambassador, told reporters Wednesday, according to The Globe. 

“So we are prepared to talk.”

During the campaign, Trump said he would move to renegotiate the trade agreement during his first days in office and would withdraw the U.S. altogether if Mexico and Canada didn't agree to terms more favorable to U.S. workers. 

Mexican officials on Thursday said they would be willing to discuss the agreement, but not fundamentally alter it.

"We think it is an opportunity to think if we should modernize it -- not renegotiate it, but to modernize it," Foreign Minister Claudia Ruiz Massieu said on Thursday, according to French news service Agence France-Presse.

NAFTA aside, the Trump administration might look to renegotiate other trade deals and increase tariffs on Chinese products, according to trade lawyer Alan H. Price, chairman of the international trade practice at Washington, D.C.-based Wiley Rein. Price and his firm represent many U.S. steelmakers in anti-dumping and countervailing duty cases.

In a statement commenting on the Trump administration’s likely tack on trade, Price said the administration should offer a  favorable environment in which to file new trade cases, especially against China. In fact, the administration, under certain circumstances, may even initiate cases on its own, he said. 

Price also said he wouldn't be surprised if the administration were to re-examine the country’s role in the World Trade Organization, especially with respect to dispute resolution. 

“There is great concern about U.S. laws being challenged and overturned by adverse WTO rulings in areas where the United States never agreed to give up its economic sovereignty,” Price said. 

But he cautioned that the actions could give rise to the threat of a trade war, depending on how many of them move forward.

On another front, Philip K. Bell, president of the Steel Manufacturers Association, said his organization is looking forward to working with the new administration and the new Congress “to advance policies that support the health and vitality of the U.S. steel industry.”

“Steel issues received an unprecedented level of attention during this election season,” Bell said. “We must work to maintain this focus and to address the challenges that face 21st century steelmakers, such as global steel overcapacity.”