Go to the trade screen (with their face) and click on "Active Deals" (it should be near the bottom) Select the deal you wish to cancel and then go to the "i'm sorry, nevermind" or whatever choice.
Be just a little careful with 'always renegotiate deals'. You may have noticed that if an AI civ comes to you wanting to trade tech, or buy yours, and you say ok, by the time it comes around to your turn the tech has already been brokered to anyone who had anything to pay. This is one reason I try to only sell tech on my own turn.
But the 'renegotiate deals' can get you the same way without you realizing it. Say around 10 AD an opponent comes to you wanting to trade his spice for your dyes. You say ok. For the next thousand years you renegotiate every 20 turns, occasionally adding an obsolete tech or gpt to sweeten the deal. Then the next time it comes up, your opponent wants a tech that you have a monopoly on. You were planning on trading it around soon anyway, and figure now is as good a time as any. Only it wasn't your turn, and by the time it is, your faithful trading partner has already sold it to everyone else.
Agreed Renata. It can bite you in the ass. But at least you can decide if you want to lose the monopoly or not. I've had cities go into disorder because I lost a luxury in between turns. Before I could renogotiate the trade happiness was calculated and half my production zapped out on me next turn.
I've also been screwed when a trade came up to be negotiated and I was running a deficit in order to get a tech for a woder in time. The silly AI wont take the gpt deal if you are running negative. its the quirks that makes it fun.
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