Canada Said Convinced Trump Will Soon Pull Plug on NAFTA

13 January, 2018, 03:57 | Author: Mable Gonzales
  • Canada talks tough with free trade talks looming

The head of the University of Windsor's Cross-Border Institute said reports the U.S.is increasingly likely to leave the agreement are an attempt by President Trump to get an upper hand during the sixth round of trade talks.

The Canadian dollar fell 0.62 percent on Wednesday after reports circulated about the Trump administration pulling the USA out of NAFTA.

Risk reversals for the US dollar relative to its Canadian counterpart for contracts that would cover the meeting next week remain at levels barely above their one-year average even after uncertainty swelled.

"There's been chatter in the market going into this week that it was coming up", Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. "When it comes to the more unconventional USA proposals, we have been doing some creative thinking, we've been talking with Canadian stakeholders and we have some new ideas that we look forward to talking with our USA and Mexican counterparts about in Montreal".

"When it comes to the more unconventional USA proposals, we have been doing some creative thinking, we've been talking with Canadian stakeholders and we have some new ideas that we look forward to talking with our USA and Mexican counterparts about in Montreal".

However, the chances of a new trade deal being reached seem increasingly remote and were made even more unlikely after Canada filed a formal complaint to the World Trade Organization on Wednesday against the US over the long running softwood lumber dispute.

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Political allies like Pat Roberts, the Republican senator from Kansas, said Thursday they are "making progress" in their attempts to persuade the president of the potentially detrimental impact of a NAFTA withdrawal. His negotiating team has set proposals that have alarmed their Canadian and Mexican counterparts.

The U.S. content requirement would decimate the Canadian vehicle industry, according to Jerry Dias, president of the Unifor trade union.

Tom Donohue, president of the U.S. Chamber of Commerce, which has extensively lobbied Congress and the administration in favor of NAFTA, said in an interview with Bloomberg Wednesday that the odds of Trump pulling out of NAFTA are now "much less than it was six months ago". The Detroit automaker has 14 manufacturing facilities in Mexico, including one that builds large pickup trucks, among the automaker's most profitable vehicles.

Trump also this week repeated his claims that the U.S.

But even the prospect of disruption to the heavily-integrated North American economy knocked the Canadian and Mexican currencies as well as some stocks of firms that rely heavily on North America's integrated economy. He most recently told reporters at Camp David Saturday, "I believe Mexico will pay for the wall".

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