Published: Thu, January 11, 2018
Global | By Shelia Dennis

Canada convinced Trump will pull out of free trade deal

Canada convinced Trump will pull out of free trade deal

USA stocks, struggling to maintain record-setting altitude in 2018, took a firmer slide Wednesday afternoon amid a report that Canadian officials expect that President Donald Trump will announce an end to the North American Free Trade Agreement, according to a Reuters. The loonie bounced back late in the trading day after government officials on both sides of the border suggested there was no immediate change in Trump's NAFTA position.

In keeping with his campaign promise, Trump forced Canada and Mexico to sit down and renegotiate the 1994 trade pact, and said if a deal could not be reached he would withdraw the United States from NAFTA.

The Loonie closed at an average trading price of 80.03 cents United States, down 0.27 of a USA cent. Trump says he thinks the new NAFTA agreement will "come out very well for the farmer".

A Canadian official told CNBC that while the chances of a USA withdrawal from NAFTA are increasing, there is no convincing information to suggest it will happen soon.

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U.S. Trade Representative Robert Lighthizer was quick to label Canada's complaint as bad for the bilateral relationship.

The sixth round of NAFTA negotiations are slated to begin January 23 in Montreal.

Elsewhere in commodities, the February natural gas contract was down two cents to $2.91 per mmBTU and the March copper contract added two cents to $3.24 a pound.

Kansas City Southern fell as much as 4.6% after the report, its biggest loss in more than eight months. Canadian Pacific Railway Ltd. sank 3.3 percent in Toronto and CSX Corp. slipped 1.7 percent.

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The Mexican peso declined 0.5 percent against the greenback after the report was released.

The Canadian dollar and the Toronto stock index fell on the news.

Canada's two-year government bonds also took a hit, dropping seven basis points to 1.73 percent.

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