American imports into Canada could fall by $3.3 billion under the Trans-Pacific Partnership, the federal government has concluded, sparking fears the new pact could hurt NAFTA renegotiations.

More than a dozen top business leaders are telling Justin Trudeau it's time for Canada to immediately join the revamped Trans-Pacific Partnership that no longer includes the United States.

Agreeing to the Trans-pacific Partnership could be bad for Canada's business position. But staying out of the TPP treaty -if it's ratified - could be even worse, the memo said.