Canadian Prime Minister Mark Carney has made it clear that Canada will not settle for a disadvantageous trade agreement with the United States, ahead of a looming deadline that could see significant tariffs enforced on Canadian goods. Speaking to reporters in Ontario, Carney emphasized that "our objective is not to reach a deal whatever it costs," but rather to secure terms that are beneficial for Canadians. If an agreement is not reached by the August 1 deadline, US importers will be subjected to a steep 35% tax on goods from Canada.
Canada's Prime Minister Insists on Fair Trade, Rejecting Any 'Bad Deal' with US
Canada's Prime Minister Insists on Fair Trade, Rejecting Any 'Bad Deal' with US
Mark Carney underscores Canada's commitment to secure a beneficial trade agreement as the deadline for US tariffs approaches.
Amid ongoing tensions between the two nations, which are key trading partners, relations have frayed since US President Donald Trump’s return to the White House and his aggressive tariff policy. Trump argues that these tariffs, including a 25% levy on select Canadian goods and a 50% tax on aluminum and steel imports, are meant to bolster American manufacturing and protect jobs. However, critics warn that such measures disrupt the global economy and could increase costs for US consumers.
In light of the escalating trade conflict, Carney indicated he may take further action to support Canadian industries like aluminum and lumber, hinting at possible additional protectionist measures as the repercussions of US tariffs become apparent. Earlier, he announced countermeasures, including higher tariffs on imported steel into Canada, aiming to shield domestic industries.
Canada's economy heavily relies on trade with the US, exporting approximately three-quarters of its goods there, including crucial exports of oil, cars, machinery, food, and pharmaceuticals. In 2024 alone, the value of goods exported from the US to Canada was nearly $350bn, while imports exceeded $412bn. Trump's tariff strategy extends beyond Canada and includes various countries, with his administration claiming unfair treatment from foreign trading partners.
Notably, Trump's justification includes efforts to pressure neighboring countries to address concerns over the illegal shipment of fentanyl into the US—though data reveals that only a small percentage of these seizures occur at the Canadian border. While Trump has secured some trade deals with countries like the UK and Japan, many agreements still maintain elevated tariff rates, indicating ongoing complexities in international trade dynamics.
As the trade deadline approaches, Canada remains firm in its stance, prioritizing a fair agreement over hasty negotiations that could undermine its economic interests.
In light of the escalating trade conflict, Carney indicated he may take further action to support Canadian industries like aluminum and lumber, hinting at possible additional protectionist measures as the repercussions of US tariffs become apparent. Earlier, he announced countermeasures, including higher tariffs on imported steel into Canada, aiming to shield domestic industries.
Canada's economy heavily relies on trade with the US, exporting approximately three-quarters of its goods there, including crucial exports of oil, cars, machinery, food, and pharmaceuticals. In 2024 alone, the value of goods exported from the US to Canada was nearly $350bn, while imports exceeded $412bn. Trump's tariff strategy extends beyond Canada and includes various countries, with his administration claiming unfair treatment from foreign trading partners.
Notably, Trump's justification includes efforts to pressure neighboring countries to address concerns over the illegal shipment of fentanyl into the US—though data reveals that only a small percentage of these seizures occur at the Canadian border. While Trump has secured some trade deals with countries like the UK and Japan, many agreements still maintain elevated tariff rates, indicating ongoing complexities in international trade dynamics.
As the trade deadline approaches, Canada remains firm in its stance, prioritizing a fair agreement over hasty negotiations that could undermine its economic interests.
