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US President Donald Trump sent a letter to Congress announcing his intention to renegotiate NAFTA, starting a 90-day waiting period before trade negotiators can formally discuss a new deal. Trump has threatened to walk away from the table if an America-first solution cannot be found. The Canadian government has launched a public consultation to inform its negotiating position. NAFTA has transformed North America's economic and social landscape, but views diverge on whether the transformation has been for the better. While some argue it has greatly benefited Canada and its partners, others point to its role in growing job insecurity, income and wealth inequality, and wage stagnation. To reverse the inequality trajectory, the new NAFTA would need to include strong, enforceable labour rights provisions and strengthened content rules. However, it is unclear if the Canadian government, led by Foreign Affairs Minister Chrystia Freeland, can produce a deal that fairly benefits workers in all three countries. Canada should prepare its own NAFTA termination strategy, which could eliminate pernicious elements like the investor-state dispute mechanism and restore policy flexibility. The demise of NAFTA could also give rise to new opportunities for multilateral governance and trade justice.