Canadian officials are concerned that President Donald Trump will remove the US from the North American Free Trade Agreement (NAFTA), according to a Wednesday report.
A Canadian official told CNBC that while the chances of a us withdrawal from NAFTA are increasing, there is no convincing information to suggest it will happen soon.
Chrystia Freeland also told reporters that Canada had come up with some creative ideas in a bid to solve the toughest challenges facing negotiators when they meet for the sixth and penultimate round of talks to modernize the North American Free Trade Agreement later this month.
The Loonie closed at an average trading price of 80.03 cents USA, down 0.27 of a U.S. cent. Trade officials from Mexico, Canada and the United States have put a March deadline on completing negotiations on NAFTA.
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Two officials, who made the remarks on condition of anonymity, said the government felt that chances of Trump's pullout were now above 50 percent.
Trump has said many times he would pull the nation out of the NAFTA deal if he couldn't see a way make the deal fairer for the United States. Discussions to redraft the 23-year old trade pact between Mexico, Canada and the USA have been thorny.
The Canadian dollar and the Toronto stock index fell on the news. "When Mexico is making all of that money, when Canada is making all of that money, it's not the easiest negotiation".