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Mexican currency, stocks weaken on Canada NAFTA report

Mexican currency, stocks weaken on Canada NAFTA report”

The currencies of Canada and Mexico tumbled against the dollar Wednesday, on concerns that the US will soon pull out of the North American Free Trade Agreement. The report cited two government sources.

Talks to overhaul NAFTA between the U.S., Canada and Mexico began in August but have so far yielded few results.

The two government sources told Reuters that Canadian officials suspect President Trump will make the move in late January.

The U.S. dollar was up 0.9% against the Canadian dollar to 1.2593, on track for its biggest daily gain since October.

But there's more to a NAFTA withdrawal than a Presidential declaration. They also express doubt whether the US Congress would approve such a move.

More news: USA Payday Loans - How to Apply Online

The end of NAFTA?

Bank of America Merrill Lynch's Carlos Capistran and Ethan Harris say the decision to withdraw from NAFTA wouldn't solve Trump's issues with the deal, which include the USA trade deficit with other countries and the loss of manufacturing jobs.

President Trump has repeatedly threatened to walk away from NAFTA unless Canada and Mexico agree to major changes Washington says are needed to make the Y 1994 treaty more fair.

Roughly three-quarters of Canada's exports go to the U.S.



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