The collapse of the North American Free Trade Agreement would likely damage yet not derail the continent's economy and business models of global corporations.

That's the conclusion of economists trying to envisage life after the 23-year-old accord as increasingly tense negotiations over how to revamp it fuel speculation that President Donald Trump will follow through on his threat to withdraw.

Without NAFTA, the U.S. and Mexico would charge each other the higher tariffs they now levy on other members of the World Trade Organization. Those run as high as 7% on average in Mexico and 3.5% in the U.S., although Canada and America may be able to fall back on a pre-NAFTA free-trade deal.

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