Overview

• The U.S. raised tariffs on Canadian goods not covered by the USMCA from 25% to 35% starting August 1.
• Prime Minister Mark Carney said he will speak with President Trump soon to pursue reductions in the new levies.
• Trade Minister Dominic LeBlanc called his sessions with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick constructive and expressed optimism about a deal.
• Carney noted that USMCA exemptions preserve tariff-free status for more than 85% of Canada-U.S. trade.
• Foreign Affairs Minister Anita Anand and Finance Minister François-Philippe Champagne held productive talks with Mexican President Claudia Sheinbaum in Mexico City to deepen economic ties and diversify markets.