This is an important day as Justin Trudeau will be meeting with Donald Trump in Washington today. The meeting of the two men is scheduled for 11 this morning and will conclude with a joint press conference at 2 p.m. Trade between the two countries exceeds $500 billion USD per year and a renegotiation of NAFTA terms would have major consequences for many of our clients who export to the United States.
During a visit in Washington last Thursday, Canadian Finance Minister Bill Morneau stated that Canadians are open to renegotiating NAFTA but gave a reminder of the importance of trade, as much for Canada as for the United States. Foreign Affairs Minister Chrystia Freeland was firm during her meeting with U.S. Secretary of State Rex Tillerson on February 8. She stated that Canada was opposed to the imposition of tariffs at the border and that Canada was prepared to defend its position. The Canadian dollar is up 2% since the November elections.
The Canadian dollar and crude oil prices (WTI) are stable this morning. No significant economic indicators are expected today.
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