Canada and the U.S. are unlikely to reach an agreement on a dispute over lumber exports by the time talks on renegotiating NAFTA commence in mid-August, Reuters reports.

Earlier today, U.S. Trade Representative Robert Lighthizer said that he hoped the issue could be resolved before the formal start of negotiations on the trilateral trade agreement.

"It's hard to imagine a deal being done that soon," a source close to the matter told Reuters.

Canadian Foreign Minister Chrystia Freeland told legislators on Wednesday that "the U.S., when it comes to softwood lumber, has made no offers that any Canadian would consider to be acceptable".

Over on Real Money Jim Cramer give advice to investors looking at how to play the Trump Trade. Get his insights or analysis with a free trial subscription to Real Money.