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Breaking News from CNBC's Kayla Tausche: Canada, Mexico to Reject U.S. NAFTA Proposals - Source

WHEN: TODAY, TUESDAY, October 17, 2017

WHERE: CNBC'S "SQUAWK ON THE STREET"

Following is the unofficial transcript of BREAKING NEWS from CNBC's Kayla Tausche today on CNBC's "Squawk on the Street."

All references must be sourced to CNBC.

KAYLA TAUSCHE: I LEARNED TOP TRADE NEGOTIATORS FROM CANADA AND MEXICO WILL MEET TODAY WITH THE U.S. TRADE REPRESENTATIVE BOB LIGHTHIZER WHEN THEY DO THAT, THEY PLAN TO FIRMLY REJECT THE U.S. PROPOSALS FLOATED IN THIS ROUND OF NAFTA NEGOTIATIONS THATS ACCORDING TO TWO PEOPLE BRIEFED ON THE COUNTRYS POSITIONING. DESPITE AN OUTRIGHT REJECTION OF SOME OF THE U.S. PROTECTIONIST DEMANDS THAT WERE BROUGHT FORWARD THIS ROUND, CANADA AND MEXICO, IM TOLD, WILL NOT WALK AWAY FROM THE NEGOTIATING TABLE. THAT LEAVES THE BALL IN THE U.S. COURT THE U.S. TRADE REPRESENTATIVES OFFICE HAD NO COMMENT. THE WHITE HOUSE DECLINED TO COMMENT AS WELL. SO CERTAINLY AN INTERESTING DEVELOPMENT. WE KNEW CANADA AND MEXICO WERE NOT HAPPY WITH WHAT THE U.S. PUT FORTH, BUT NOW I HAVE LEARNED FROM THESE PEOPLE BRIEFED ON THIS PLAN THAT THEY PLAN TO FIRMLY REJECT THEM OFFICIALLY TO AMBASSADOR LIGHTHIZER BUT SAY THEYRE WILLING TO KEEP NEGOTIATING.

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