Carney cautious after reports of Canada-US trade deal
Canadian Prime Minister Mark Carney was cautious, saying “I’m not going to exaggerate this” after a newspaper reported that he could soon sign a trade agreement with the United States on steel and aluminum.
The Globe and Mail, citing sources familiar with the matter, said the agreement could be ready for Carney and US President Donald Trump to sign at the Asia-Pacific Economic Cooperation summit in South Korea later this month.
Earlier this year, Trump imposed tariffs on Canadian steel, aluminum and cars, prompting Canada to respond in kind.
The two sides have been in talks for weeks over a potential steel and aluminum deal.
“We’ll see. We’re continuing to have negotiations with the Americans and I’m not going to exaggerate that,” Carney told reporters in Ottawa when pressed about the report, adding that he planned to meet Trump in South Korea.
The White House and the U.S. Commerce Department did not respond to requests for comment outside normal business hours.
The United States isn’t ready to make any deals on Canadian cars or softwood lumber, which has been a U.S. target for decades.
Canada will likely have to accept steel quotas in exchange for a lower U.S. tariff, and critical minerals will be off the table in those talks, sources told the Globe and Mail.
Reuters reported earlier this week that Canada was offering tariff cuts on some steel and aluminum products imported from the United States and China in an effort to help domestic businesses hit by trade tensions on two fronts.
Carney visited Washington DC earlier this month and said he had a “meeting of ideas” with Trump on the future of the steel and aluminum industries.
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