Canada convinced Trump will pull out of free trade deal

USDA undersecretary Ted Mc Kinney addresses AFBF

USDA undersecretary Ted Mc Kinney addresses AFBF

The United States must be taken seriously when it says it might walk away from NAFTA, Canada's foreign minister said on Thursday, a day after government sources said Ottawa was increasingly convinced U.S. President Donald Trump would pull the plug.

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.

"Progress on NAFTA was made during previous rounds and the December intersessional and we expect more progress to be made in January", the official said.

The Loonie closed at an average trading price of 80.03 cents United States, down 0.27 of a USA cent. Negotiations are due to wrap up at the end of March. However, the President did not promise to not withdraw from the agreement.

Withdrawal from the three-nation deal would take six months and would likely raise tariffs on US exports headed north and south.

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"The United States has been very clear since before the talks started that".

The Toronto Stock Exchange's benchmark Standard&Poor's/TSX Composite Index fell 71.29 points, or 0.44 percent, to 16,247.95.

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

"It's under negotiation as we speak", he said.

Still, the remarks lacked any defense of the pact and didn't erase the notion that Trump may, at any point, decide to ditch the deal.

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