Following the meeting between Mark Carney, prime minister of Canada, and US president Donald Trump, on Monday, June 16, the parties have agreed to pursue negotiations toward a deal within the coming 30 days, according to media reports. A successful deal would likely reinforce cross-border trade and strengthen geopolitical ties between the two trade partners.
Meanwhile, Carney wants all the trade tariffs to be removed, while Trump wants to retain at least some of them. Despite the ongoing differences, both leaders have expressed optimism regarding the potential for a mutually beneficial agreement. For Canada, access to the vast US market is vital, while the US relies on Canadian imports of raw materials, particularly oil and metals, making cooperation essential for economic stability on both sides.
Last week, Mr. Carney stated that Canada is ready to retaliate with trade sanctions if the negotiations fail.
In the meeting in May, Trump expressed his intention to maintain the taxes applied on Canada, including the 25 percent tariffs on steel and aluminum imports, and reiterated the need to revise the USMCA agreement, as SteelOrbis previously reported.
