Canada to drop some retaliatory tariffs on US from Sept 1: PM Carney

“Canada currently has the best trade deal with the United States. 85 per cent of our exports to the US are tariff-free. To preserve Canada’s unique advantage, we’re matching the US by removing our tariffs on US goods covered by CUSMA,” Carney wrote on microblogging platform X.

PM Mark Carney has said Canada will drop some of its retaliatory tariffs on US goods, though it will retain tariffs on autos, steel and aluminium.
“To preserve Canada’s unique advantage, we’re matching the US by removing our tariffs on US goods covered by CUSMA,” Carney wrote on X.
The decision, to be effective from September 1, followed his telephonic talk with President Donald Trump.

CUSMA stands for the US-Mexico-Canada Free Trade Agreement. Canada had placed a retaliatory 25-per cent tariff on about $21.7 billion worth of US goods on a range of products.

The decision, to be effective from September 1, followed Carney’s telephonic discussion with President Donald Trump for the first time since the two countries missed a deadline to finalise a trade deal.

Trump later told reporters on Friday that he and Carney will speak again over the phone soon.

The focus will now turn to accelerating talks on several other key sectors ahead of a scheduled review of the USMCA next year, Carney said.

Fibre2Fashion News Desk (DS)