Trump and Carney speak ahead of US tariff deadline
Summary
Canadian Prime Minister Mark Carney and U.S. President Donald Trump spoke by phone to discuss trade negotiations, aiming to prevent new U.S. tariffs from starting at midnight on Wednesday. The talks focus on resolving differences over tariffs on Canadian goods including automobiles, with possible impacts on jobs and businesses.Key Facts
- The U.S. plans to impose new tariffs of 50% on about $20 billion of Canadian imports starting Wednesday midnight.
- These tariffs would apply even if Canadian goods qualify under the US-Mexico-Canada trade deal protections.
- One major issue is the U.S. auto tariffs, currently at 25%, which the U.S. might reduce to 15% based on the percentage of U.S.-made parts in vehicles.
- The U.S. only wants to count U.S.-made parts to reduce tariffs, while Canada wants to include parts made anywhere in North America.
- The U.S. Commerce Department has set new rules for automakers to certify U.S. content once per year instead of twice.
- Tariffs could cause job losses and hurt industries like lumber, wine, and dairy in Canada.
- Trade experts warn that this dispute could complicate the larger U.S.-Mexico-Canada trade agreement review process.
- Canadian officials recently met with key U.S. trade representatives to negotiate tariff issues and ongoing trade disagreements.
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