Trade News Updates

Canadian PM Mark Carney said the conversation built on recent discussions about the outlines of a deal that would create jobs, lower costs for families and protect Canada’s languages, culture and sovereignty.

The ban marks another ratcheting up of President Donald Trump’s second-term trade war with America’s longtime ally and trading partner.

Canada’s need to expand trade with Europe and Asia is a driving force behind a major new package of regulatory and permitting reforms.

The order is the latest escalation by President Donald Trump in a trade fight that ramped up over the summer, as tit-for-tat tariff measures between the U.S. and Canada followed the last-minute collapse of a trade truce.

Canadian Prime Minister Mark Carney said closer ties with Europe would ensure no country could control Canada’s markets or undermine its sovereignty.

Canada is seeking to reduce its dependence on the United States, the destination for roughly 70% of its exports, and Prime Minister Mark Carney has called for a “unique alliance” with the EU.

China has fulfilled more than half of its annual U.S. soybean purchase pledge, offering a bright spot for trade between the world’s two largest economies.

Canada is “not going to slow down” on its efforts to expand trade with other countries, said Carney, who has invited the world’s leading money managers to Toronto for the Canada Investment Summit. 

The armed conflicts, trade wars and extreme weather events hammering maritime supply chains are signs of a “structural shift” for global trade.

The ban will take effect Sept. 29 and comes after retaliatory tariffs promised by Canada kicked in earlier Sept. 8 on $20 billion in U.S. imports.