Overview

• Effective August 1, President Trump raised US duties on Canadian exports to 35%, exempting only goods that meet Canada-US-Mexico Agreement standards.
• Canada’s ambassador to Washington, Kirsten Hillman, said recent discussions were “professional and constructive” but lacked terms Canada could accept.
• Ottawa and Washington remain in high-level talks aimed at removing or reducing tariffs on steel, aluminum and automobile sectors.
• Financial markets reacted negatively to the tariff increase, sending the Canadian dollar to multi-week lows.
• Prime Minister Mark Carney has insisted that any deal must safeguard Canada’s key industries and national economic interests.