Canada Ready to Respond to US Tariffs Amid Ongoing Trade Negotiations

Canada's Prime Minister Mark Carney said on Thursday that Canada is intensifying negotiations with the United States to reach a comprehensive trade deal, but is prepared to respond if President Donald Trump's threatened tariffs go into effect.

The new tariffs, announced by Trump on Monday, are scheduled to come into force on August 19 and cover a wide range of goods including honey, liquor, cement, dairy products, some wood products, hockey sticks, and other items. The country is already building diversity in its economy and looking to build trade relationships with countries other than the U.S.

An analysis by Desjardins says the tariffs will impact about $28 billion Canadian ($19.8 billion) worth of annual Canadian exports to the United States, which is about 5% of what the U.S. imports from Canada each year.