Overview

• Mark Carney and Donald Trump held their first face-to-face meeting on May 6, focusing on trade tariffs and annexation rhetoric, but no substantive policy changes were made.
• Carney emphasized Canadian sovereignty in response to Trump's 51st state comments, stating Canada is 'never for sale,' while Trump replied, 'never say never.'
• The leaders agreed to begin discussions on new economic and security frameworks, though existing tariffs on steel, aluminum, and autos remain in place.
• Carney announced a June 2 meeting with provincial premiers in Saskatoon to address national unity and economic concerns, particularly in Alberta and Saskatchewan.
• The Canadian dollar saw a modest rally following the meeting, reflecting market optimism about the improved diplomatic tone.