White House Says U.S.-Canada Trade Talks Are Advancing, Final Deal Near
Summary
- The U.S. and Canada said trade negotiations are accelerating and that they are very close to a final agreement.
- The U.S. government said it plans to eliminate the 50% tariffs imposed on Canadian plywood, bleached paper, paperboard and specialized agricultural machinery.
- The tariff cut is intended to support Maine's regional economy, while Canada said it is ready to cooperate to build a mutually beneficial trade relationship.
Forecast Trend Report by Period
Trade negotiations between the U.S. and Canada have accelerated in recent days, raising expectations that the two countries are nearing an agreement.
Bloomberg reported on October 25 that Kevin Hassett, director of the White House National Economic Council, told Fox News that U.S.-Canada trade talks are gaining speed and that he believes the sides are very close to a final deal. He also said U.S. Commerce Secretary Howard Lutnick had negotiated with Canadian officials throughout last week.
Whether the two sides will ultimately reach an agreement remains uncertain. A U.S. government official, speaking on condition of anonymity, said discussions between the countries have recently become more active, but Washington still views Canada's proposal as insufficient. President Donald Trump also plans to approve a deal only if conditions favorable to the U.S. are met.
Canadian Prime Minister Mark Carney said earlier that he had discussed trade negotiations with Trump and was willing to engage if the U.S. was prepared to do so. He also stressed that any agreement would have to align with Canada's interests.
Meanwhile, the U.S. government has decided to exempt some Canadian products from tariffs. According to Republican Senator Susan Collins, the U.S. plans to eliminate the 50% tariffs imposed on Canadian plywood, bleached paper, paperboard and specialized agricultural machinery. The move follows the collapse of tariff negotiations between the two countries in August.
The White House said the tariff adjustment is intended to support Maine's regional economy. Collins, who is seeking re-election in the November 3 midterm elections, has emphasized that lower tariffs would help local consumers and businesses.
The Canadian government is reviewing the U.S. tariff measure. Dominic LeBlanc, Canada's minister responsible for trade negotiations, said Canada is prepared to cooperate constructively and in good faith to build a mutually beneficial trade relationship that respects its national interests.
