It appears that Trump's attempt to ram through a sweeping NAFTA renegotiation is about to hit its first major roadblock: according to CNBC, top trade negotiators from Canada and Mexico will meet Tuesday with the U.S. Trade Representative, Robert Lighthizer, and firmly reject the U.S. proposals floated in the current round of NAFTA negotiations, citing two people briefed on the countries' positioning.
Still, Canada and Mexico will not walk away from the negotiating table altogether, despite an outright rejection of the U.S. protectionist demands, which will leave the ball in the U.S.' court.
Some more details from CNBC:
Talks among staff negotiators from the three countries concluded Monday. A meeting among Canada's Foreign Minister Chrysita Freeland, Mexico's Economy Minister Ildefonso Guajardo and Lighthizer will take place Tuesday, followed by a joint statement at 3 p.m. ET.
U.S. lawmakers and business trade groups have aligned themselves with Canada and Mexico in wanting to preserve the deal. It remains to be seen how President Donald Trump, who has repeatedly slammed the 23-year-old trade agreement, will react to the position.
Following the news, both the loonie and the peso slid to lows, as the question of how Trump reacts to this latest snub becomes a key concern for North American trade.