"There is a very strong uncertainty on whether the negotiations will finish safe and sound, and if they do not, what will happen next," he indicated. "The U.S. has said that if the new agreement is not satisfactory, it will exit, which would certainly have strong consequences for Mexico and Canada."

However, Trump's threats are not limited to North America and has made it clear that other trade deals signed with other countries in the region, such as Chile, Colombia and Peru, will feel impact.

According to ECLAC, around 70 percent of U.S. imports from Latin America come from Mexico and cover 4,808 products. The renegotiation of NAFTA and other potential changes to U.S. trade policy could negatively affect trade in the region, ECLAC said.

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