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“There’s no realistic way we’re going to renegotiate a Nafta deal that’s better for Canada,” said John Baird, a former Canadian foreign minister now a senior adviser with Bennett Jones LLP. The push for change is driven by rising protectionist sentiment across the U.S., not just in the White House, he said. “People have to understand this isn’t just the American president. The American public has moved substantially to this stance.”

Almost all of Canada’s oil goes to the U.S. and most of the country’s manufacturing is geared toward meeting U.S. demand. Americans hold C$2.3 trillion ($1.8 trillion) in Canadian assets, almost exactly the same amount held by Canadians in the U.S.

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