Providing that formal notice does not oblige the country to actually withdraw from the deal and there is significant debate about whether U.S. President Donald Trump could pull the U.S. from the pact without support from Congress, where members are generally supportive of NAFTA.
The Canadian dollar steadied against the greenback on Thursday after hitting a almost two-week low earlier in the session as investors weighed chances of a Bank of Canada interest rate hike next week and anxious about NAFTA.
The head of the U.S. Chamber of Commerce said that economic gains made through tax cuts and the lifting of business regulations would be undone if the U.S. canceled trade deals, including NAFTA.
Regarding trucking provisions in NAFTA, Wood said he sees little interest by any of the parties in making major changes, although USA negotiators have floated a proposal that would restrict Mexican trucks from operating more freely in the United States.
The Trudeau government appears to have adopted a good-cop, bad-cop strategy for saving NAFTA - coming up with some "creative" new proposals in response to unpalatable USA demands while simultaneously signalling its willingness to aggressively attack what it considers unfair American trade practices.
Ryan said Friday that NAFTA needs to be "updated", but the US should work within the framework of the deal that took effect in 1994, rather than pulling out.
Canadian officials said this week there's an increased likelihood Trump will follow through on his exit threat.
General Motors Co shares fell 2.4 percent. Trucks built there could be subject to a 25 percent tariff if the US exits NAFTA.
The Canadian and Mexican currencies, as well as stocks of firms that rely heavily on North America's integrated economy, fell on Wednesday after government sources told Reuters they saw an increased likelihood of a US withdrawal.
Mexico's Economy Ministry declined to comment on the report, a ministry spokesman said. "Most likely the Canadians are reacting to the President's negotiating posture". Mexico has previously said it would walk away if Trump formally announced Washington meant to quit.
But Champagne talked about the "diversification imperative" - trying to expand Canada's trade with Europe, Asia and South America so that it's less reliant on the U.S.
Roberts told TWS he warned Trump that getting rid of NAFTA would send shivers throughout the entire farm economy, "and I think we'd see an immediate response in the stock market".
Canadian cabinet ministers have been fanning out across the United States for 18 months, spreading an upbeat message about the benefits of trade.