Canada-US Trade Deal Gains Momentum as Tariff Deadline Looms
A potential trade deal between the US and Canada is gaining momentum as negotiators work to finalize an agreement before tariffs on Canadian goods take effect. The US had threatened a new batch of tariffs starting Wednesday, but President Donald Trump pushed back the deadline to Saturday, citing progress in talks.
Under the proposed deal, top-line tariff rates on Canadian-built cars and trucks could be cut from 25% to 15%, with industry executives saying that rate threatens to kill Canadian auto manufacturing. The deal would also halve the top-line tariff rates on Canadian steel and aluminum to 25%, but these lower steel tariffs would only apply to a certain import volume under a quota arrangement.
Canadian Prime Minister Mark Carney said the two sides were 'moving towards an agreement', while US Trade Representative Jamieson Greer expressed confidence that negotiators had reached an agreement that would protect American workers and strengthen the North American economy. However, a Leger opinion poll showed that 56% of Canadians want Carney to make no further concessions to the US.