NATFA Talks in Jeopardy
The North American Free Trade Agreement (NAFTA) is currently in renegotiation due to Trump’s view that “it is the worst trade deal in history.” The deal is between Mexico, Canada and the US. There were hopes a deal would be in place before the Mexican election on 1st July, but this now seems unlikely. Canada is heavily reliant on the US purchasing it’s exports and a change in the current trade deal will hurt the Canadian economy. The outcome on talks will have a serious effect on CAD value.
Talks have not been going well of late with US and Canadian relations proving to be hostile. Chief negotiator, Peter Navarro recently had to apologise after stating that Canadian Prime Minister, Justin Trudeau deserves a special place in hell. The chances of a trade war remain high, which does not bode well for the Canadian Dollar.
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