Agriculture Secretary Sonny Perdue said yesterday that discussions are underway on a contingency plan to protect U.S. agriculture producers from potential losses if President Trump decides to withdraw from the North American Free Trade Agreement, Washington Trade Daily reported.

Perdue told reporters he believes the administration will successfully renegotiate NAFTA, but just in case, "we're talking with the administration and Congress about some mitigation efforts if that were to occur; about how we could protect our producers with that safety net based on prices that may respond negatively to any kind of NAFTA withdrawal," he said.

Pulling out of NAFTA could have "tragic consequences" for U.S. farmers who are already dealing with low commodity prices, he added.

The fifth round of negotiations is slated to begin November 15 in Mexico City.