The Canadian dollar fell against its U.S. counterpart on Tuesday after President Donald Trump said the U.S. and Mexico could move forward without Canada in a new NAFTA deal.
On Saturday, Trump tweeted there is no "no political necessity to keep Canada in the new NAFTA deal," adding that Congress "should not interfere" with these negotiations.
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The U.S. dollar strengthened by 0.4 percent to 1.315 against the loonie on Tuesday.
Tuesday's moves and Trump's tweet come after the U.S. and Canada ended trade negotiations last week with no apparent deal made. The two countries are scheduled to resume negotiations on Wednesday.
The U.S. and Mexico struck a trade deal last week that did not include Canada. Officials from the U.S., Canada and Mexico had expressed optimism last week about Canada joining the new deal before the talks broke down.
Trump has repeatedly railed against NAFTA, calling it the worst trade deal ever. In another Saturday tweet, he said the deal — which includes the U.S., Canada and Mexico — should have never been signed.
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Canada is one of the U.S.' biggest trade partners. Last year, the two countries exchanged more than $670 billion in goods and services, according to data from the U.S. Trade Representative.
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