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Canada races to finalize US trade deal ahead of Wednesday tariff deadline
Talks are aimed at preventing fresh 50.0% tariffs on about C$28 billion of Canadian imports that are due to take effect on Wednesday.
BBC Business reports Canadian negotiators have been in Washington for a week trying to reach an agreement before new 50.0% tariffs on some C$28 billion of Canadian imports take effect Wednesday, with talks described as intense and going down to the wire.
Prime Minister Mark Carney declined to detail negotiations publicly, saying it was not the time to bargain in front of reporters. US-Canada Trade Minister Dominic LeBlanc said, after meetings with US Trade Representative Jamieson Greer, that the job was not yet done.
The outlet says the stakes for Canada are high, with the new tariffs targeting about 5.0% of all Canadian imports under the Trump administration's latest move. Both sides have acknowledged the negotiations have been tough, with Trump characterizing Canada’s stance on trade in negative terms.
BBC Business adds that the US is pressing Canada for multiple concessions, including removing remaining retaliatory tariffs on American autos and adjusting dairy quotas. The US also wants Canada to lift a ban on US alcohol sales imposed by most provinces early last year, a change that depends on provincial agreement, while Canada seeks reductions or removal of US tariffs affecting steel, aluminium, autos, and lumber sectors.