Railroad Stocks Sink After Canada Sees NAFTA Risks Rising

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Canadian officials are tamping down speculation that President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for "serious case of amnesia" after testimony Skier Lindsey Vonn: I don't want to represent Trump at Olympics Poll: 4 in 10 Republicans think senior Trump advisers had improper dealings with Russia MORE will soon withdraw the United States from the North American Free Trade Agreement (NAFTA).

Canada and Mexico have rejected most of the USA proposals for NAFTA reforms, leaving officials with a big job if they are to bridge the large differences at the January 23-28 talks in Montreal. Kansas City Southern fell as much as 4.6 per cent after the report, its biggest loss in more than eight months.

The Canadian dollar trades down 0.91% at 1.2575 per dollar. Magna dipped 3.2 percent to 71.44 Canadian dollars.

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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 U.S. trade deficit with the countries and the loss of manufacturing jobs. The Dow Jones Industrial Average was off about 41 points, or 0.2%, at 25,344, the S&P 500 index was off 0.3% at 2,743, while the Nasdaq Composite Index retreated 0.4% at 7,134. The peso fell 0.8 per cent to 19.3963 per dollar. The rate on Canada's two-year government bonds declined 6 basis points to 1.74 per cent.

The loonie closed at an average trading price of 80.03 cents USA, down 0.27 of a U.S. cent. They have so far yielded little firm indication of whether a deal can be reached to update the pact, the Canadian officials said.

CIBC chief economist Avery Shenfeld says a Bank of Canada interest rate hike next week is not a given.

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Mexican Economy Minister Ildefonso Guajardo has said that Mexico won't negotiate under duress and will leave the table if the US initiates the withdrawal process. A withdrawal notice doesn't mean Nafta would be killed - a country can give notice and then not actually leave.

Canadian officials say if Trump does announce a USA withdrawal, it could be a negotiating tactic created to win concessions. "It certainly throws enough doubt on Nafta that it could affect capital spending plans this year".

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