TORONTO: The Canadian dollar rose against the US dollar on Wednesday, reversing earlier losses, after President Donald Trump said he may negotiate separate trade deals with Mexico and Canada.
This is not the first time that Trump had suggested bilateral deals with Mexico and Canada, as he vowed to revamp the 24-year old North American Free Trade Agreement (NAFTA). Analysts said Trump first brought up the idea back in May and June, but Canada and Mexico stuck together.
On Wednesday, Trump repeated it again.
"We have had very good sessions with Mexico and with the new president of Mexico, who won overwhelmingly, and we're doing very well on our trade agreement," Trump told reporters ahead of a meeting of his cabinet at the White House.
"So we'll see what happens. We may do a deal separately with Mexico and we'll negotiate with Canada at a later time. But we're having very good discussions with Mexico”.
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