US-Canada Trade Deal Nears Completion After Tariff Delay
US President Donald Trump announced on Wednesday that the country is close to finalizing a comprehensive trade deal with Canada. The news comes after he delayed the implementation of new tariffs on Canadian goods, which were set at 50 percent.
The planned tariffs, originally due to take effect on Wednesday, will now be implemented three days later as both sides work to finalize a deal. Trump stated that the US and Canada have 'come to a deal' but added that it is 'subject to finalization of documents.'
According to Bloomberg News, the tentative trade pact would halve US tariffs on some Canadian steel and aluminum exports to 25 percent. However, different rates may apply to derivative products containing the metals.
Canadian Prime Minister Mark Carney was more cautious in his statement, saying that Ottawa and Washington 'are now moving towards an agreement.' He applauded the efforts of Canada's trade minister, Dominic LeBlanc, and Trump's top negotiator Jamieson Greer for 'significant progress' in the negotiations.
Greer expressed confidence that they have a pact that will 'strengthen the North American economy.' He also stated that while some irritants had been eliminated, the deal would take a 'strong foot forward on the next steps.'