Latest News Updates From Brian Platt

Pressure on the U.S. economy is building, and Canada can likely get the best outcome in trade negotiations by waiting, according to a former Canadian negotiator.

Prime Minister Mark Carney’s government will lower the tariff-rate quota level for steel imports from countries with which Canada doesn’t have a trade agreement to 20% from 50%.

U.S. tariffs on steel, aluminum, autos and lumber — all major export industries for Canada — remain in place.

Mark Carney also said his government would waive 2026 model year vehicles from Canada’s zero-emission standard and review the overall mandate, confirming a Bloomberg News report.

Canada is facing tariffs on its steel, aluminum, auto and lumber exports, but minister Dominic LeBlanc didn't say whether quota limits in those sectors are part of the negotiations. 

“We are looking, I hope, for an agreement that will put us in a better position than we are right now,” Dominic LeBlanc said Aug. 25 in a French-language radio interview.

But the government is likely to keep 25% import taxes on U.S. steel and aluminum products, as well as its tariffs on U.S. automobiles.

The two leaders talked about “trade challenges, opportunities, and shared priorities in a new economic and security relationship between Canada and the U.S.,” according to a statement.

Prime Minister Mark Carney said his government is in trade talks with the Trump administration despite recent comments from Trump suggesting a deal with Canada wasn’t a priority.

President Donald Trump said trade talks with Canada are not a focus for his administration right now, and instead of negotiating a deal, he may decide to just leave import taxes in place.