Here are the markets moving on reports that Trump will drop Nafta

MEXICO (April 27): Mexico’s peso, the Canadian dollar and shares of companies that rely on cross-border trade plunged on speculation the Trump administration was close to scrapping Nafta. The moves slowed a surge in riskier assets sparked by President Donald Trump’s promise to unveil Wednesday a proposal to overhaul US taxes.

The administration has prepared a draft of an executive order to withdraw from the trade accord, Politico reported Wednesday, citing White House officials it didn’t identify. The move is still under internal debate, according to the article. It was published just days after Trump levied a tariff on imports of softwood lumber from Canada, decrying unfair competition. A week ago, the US president called Nafta a “disaster.”

"People are getting more nervous after the US imposed a tariff to Canada," said Andres Jaime, a foreign-exchange strategist at Barclays Plc in New York.

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