Worldview Advisory
Canada

Carney says Canada-U.S. trade talks have intensified and made progress

Renewed negotiations on tariffs could shape relief for Canadian steel, aluminum, lumber and autos, with no deal yet finalized.

Photo: Yahoo Finance

What happened

Prime Minister Mark Carney said Canada and the United States have made progress toward a trade deal but have not finished. CBC News+2 Carney said more intense negotiations have started since his call with U.S. President Donald Trump last weekend, and that the U.S. is asking less and offering more. CBC News+2 Carney said some of Canada's red lines, including language, culture and its ability to negotiate trade deals with other markets, have been taken off the table. CP24 U.S. Commerce Secretary Howard Lutnick has pushed to restart talks, focused on Section 232 tariffs on steel, aluminum, lumber and autos, which the U.S. justifies on national security grounds. Yahoo Finance Trump said a deal with Canada is imminent and claimed Canada would provide fertilizer to the United States tariff-free. CP24

Around it

Trade talks collapsed in August, when Carney called off formal negotiations at the eleventh hour before a new round of U.S. tariffs on nearly $28 billion worth of Canadian goods. CP24 Canada is the only Group of Seven country without a deal offering relief from U.S. tariffs imposed during Trump's second term. Morningstar Canadian officials are seeking relief from tariffs of up to 50 per cent on steel, aluminum and other goods. Morningstar Canada-U.S. Trade Minister Dominic LeBlanc said the Liberal government's push to diversify trade will not change direction following the Democrats' midterm election gains. thecanadianpressnews.ca

What comes next

Negotiators are set to work toward an agreement in the coming weeks, with potential relief from U.S. tariffs on Canadian steel and automobiles under discussion. Morningstar+1

Sources

  1. CBC NewsCarney says U.S. 'asking less and offering more' with 'more intense' trade talks underway
  2. CP24PM Carney says Canada-U.S. trade talks have intensified
  3. Yahoo FinanceHoward Lutnick quietly restarts Canada-U.S. trade talks
  4. MorningstarLatest U.S.-Canada Trade Talks Yields Progress Toward Pact, Carney Says
  5. Transport TopicsCanada's Carney reports progress in trade talks with U.S.
  6. thecanadianpressnews.caLeBlanc says U.S. midterm won't change Ottawa's plans as leaders react to blue wave

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