Mild NAFTA demands?  Maybe to some industries.  If you read it carefully, they US wants to bring US banks, US Telecoms and US dairy into Canada (to name a few). Rogers and Bell are WAY too small to compete with AT&T or Verizon, and AT&T and Verizon sell wireless packages with 25 gigs of data and unlimited calling for $40 / month.  The big US banks will take market share by offering higher interest rates due to more favourable regulations on their banks, and lower tax rates.  This will be good for Canadian consumers, bad for Canadian companies.  I'd sell telecom stocks now, while their still seen as blue chips.