President Trump Will Soon 'Pull the Plug' on NAFTA

Minnesota's economy needs NAFTA

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

A report earlier on Wednesday said that two government sources had expressed concern that Canadian officials were becoming convinced that Trump would leave the 24-year-old agreement. The three countries have agreed to host joint negotiations through March.

Mexico's currency also weakened, before trimming losses, while the S&P/BM IPC stock index was down about 1.85 percent.

CIBC chief economist Avery Shenfeld says a Bank of Canada interest rate hike next week is not a given.

"Despite the uncertainty surrounding NAFTA and rumors Mexico wouldn't be able to continue exporting to the United States, it's important to note that not only did we hit a record in exports but we also had record export numbers to the United States with almost 10 percent growth", AMIA President Eduardo Solis said.

Mexico's auto sector has benefited from NAFTA as major manufacturers, such as General Motors Co (GM.N), Ford Motor Co (F.N), Fiat Chrysler Automobiles (FCHA.MI) and Volkswagen AG (VOWG_p.DE), have made the country a top export hub, attracted by cheap labor and free trade pacts with more than 40 nations.

Trump fell short Monday on making any firm promises that a NAFTA update could be done, although he told farmers he wanted a better deal for them during remarks to the American Farm Bureau Federation convention in Nashville, Tenn.

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Canadian officials say if Trump does announce a US withdrawal, it could be a negotiating tactic created to win concessions.

That's bad news for US farmers, according to Jackson Takach, a Farmer Mac economist.

The US is expected to lead the otc pharmaceuticals industry in the NAFTA bloc, with a value of $32,806.2 million in 2019, followed by Canada and Mexico with expected values of $3,544.2 and $3,058.2 million, respectively.

"The government is increasingly sure about this.it is now planning for Trump to announce a withdrawal", one of the sources, who asked to remain anonymous because of the sensitivity of the situation, said. The Detroit automaker has 14 manufacturing facilities in Mexico, including one that builds large pickup trucks, among the automaker's most profitable vehicles.

"We're prepared for that possibility".

A spokesman for Canadian Foreign Minister Chrystia Freeland - in overall charge of U.S. Her office was not immediately available for comment.

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