News Worms
News Worms

Donald Trump could use NAFTA withdrawal letter as negotiating leverage

Donald Trump could use NAFTA withdrawal letter as negotiating leverage

Canadian officials are tamping down speculation that President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for "serious case of amnesia" after testimony Skier Lindsey Vonn: I don't want to represent Trump at Olympics Poll: 4 in 10 Republicans think senior Trump advisers had improper dealings with Russia MORE will soon withdraw the United States from the North American Free Trade Agreement (NAFTA).

Canada is still optimistic there could still be some sort of positive resolution to these fractious trade talks, the sources said, and will continue to pursue its aggressive outreach plans in the USA, which include meetings with US state governors and lawmakers in Washington.

A sixth round of negotiations will begin this month in Montreal.

The February gold contract gained US$5.60 to US$1,319.30 an ounce and the March copper contract added two cents to US$3.24 a pound.

Canadian National Railway Co. declined 2.7 percent to 101.87 Canadian dollars and Canadian Pacific Railway Ltd fell 3.1 percent to 225.52 Canadian dollars while TransCanada Corp lost 2.4 percent to 59.57 Canadian dollars and Enbridge Inc dropped 2.1 percent 49.11 Canadian dollars.

Canada and Mexico have rejected most of the US proposals for NAFTA reforms, leaving officials with a big job if they are to bridge the large differences at the January 23-28 talks in Montreal.

The Canadian and Mexican currencies both weakened against the US dollar after the news.

The Mexican peso is down 0.85% at 19.4034 per dollar. They have so far yielded little firm indication of whether a deal can be reached to update the pact, the Canadian officials said. The US is insisting on a five-year automatic termination clause, stricter rules on autos, government procurement and dairy, and the overhaul or elimination of dispute panels. A party's withdrawal takes effect six months after it provides written notice to the other member countries.

"What's surprising to me is that everybody is so surprised".

Odds Bank of Canada Governor Stephen Poloz will raise interest rates at the meeting next week also declined to 82 per cent on the news, from 87 per cent Tuesday.


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