Finance Minister Mark Carney has confirmed that negotiations with the US regarding a trade agreement are ongoing despite recent comments from President Trump.
Negotiations Continue
At a press conference, Carney responded to Trump's remarks, stating that "it's a negotiation" and urged consideration of all public comments in context. He emphasized Canada's determination to move forward in discussions. According to him, the talks are at a critical stage, and an agreement will only be reached if it provides genuine advantages for Canada.
Potential 'Landing Zone'
During his visit to Prince Edward Island, Carney mentioned the existence of a potential 'landing zone' for a new deal but refrained from providing further details. He cautioned that "there are many aspects to these negotiations" and stressed finding the right balance. Canada's Trade Minister Dominic LeBlanc is also heading to Washington ahead of a possible tariff increase on August 1.
Canada Diversifies Export Markets
Canada’s International Trade Minister Mary Ng announced plans to deepen talks with the Mercosur bloc in South America. This initiative is a key step in Canada’s strategy to diversify its export markets. Ng noted the willingness of both sides to engage actively in negotiations, including discussions on tariff cuts for canola, beef, and wood products in exchange for increased imports of South American machinery and IT services.
Despite uncertainty in negotiations with the US, Canada is seeking pathways for a favorable agreement and broadening its trade horizons beyond North America.
