Trump on NAFTA: Don't Get Nervous

USDA undersecretary Ted Mc Kinney addresses AFBF

USDA undersecretary Ted Mc Kinney addresses AFBF

Canadian government officials say there's an increasing likelihood that the US will give six months' notice to withdraw from the North American Free Trade Agreement, according to separate reports from Reuters and Bloomberg.

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. The concern from Canada comes as officials are set on having sixth and final series of negotiations in Montreal for five days in late January.

The U.S. dollar also strengthened against Canada's loonie and the Mexico's peso. Negotiations are due to wrap up at the end of March.

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. However, the President did not promise to not withdraw from the agreement.

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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.

The Canadian and Mexican currencies, as well as stocks of firms that rely heavily on North America's integrated economy, fell on Wednesday after government sources told Reuters they saw an increased likelihood of a USA withdrawal.

Talks to overhaul NAFTA between the U.S., Canada and Mexico began in August but have so far yielded few results. Trump says he thinks the new NAFTA agreement will "come out very well for the farmer".

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