Trump on Twitter Sunday
On the weekend, Trump took to Twitter to say that he wasn't pleased with how NAFTA renegotiations are going.
"We are in the NAFTA (worst trade deal ever made) renegotiation process with Mexico & Canada," the President wrote. "Both being very difficult, may have to terminate?"
Mexico responded to say they wouldn't negotiate via social media but both Canada and Mexico have rejected US demands for more US content in manufactured goods and dismantling of the Chapter 19 dispute settlement system.
Trump has said he will 'probably' pull out of NAFTA but the legal community is unclear if the President can quit a treaty without Congressional approval.
Trump is headed to Texas on Tuesday but help deal with the storm and flooding aftermath.
On NAFTA, expect Trump to announce the six-month notice to withdraw at some point. I'll be interested to see how the market reacts when it comes. It would normally be a big negative for the loonie and peso but I'm starting to think Trump doesn't have the support to win. Canada and Mexico have likely found out that corporations would rather stick with NAFTA and they're going to tell Trump/Congress not to make any big changes.