Business leaders attending a U.S.-Mexico CEO conference said on Wednesday that no North American Free Trade Agreement would be better than a bad deal, as industry braces for the end of a treaty that drives $1 trillion in annual trade.

The CEO meeting ran in parallel to talks near Washington aimed at refreshing the 1994 agreement, with Mexico, Canada and businesses united in opposition to a number of radical U.S. proposals they say would damage the North American economy.

U.S. President Donald Trump said on Wednesday he would be open to bilateral trade pacts with Mexico or Canada if a deal cannot be reached to substantially revise NAFTA.

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