Canada Says It Will Endure U.S. Trade Tariffs Through 2029
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Prime Minister Mark Carney says Canada will maintain its current trade stance with the United States despite high tariffs, while economic data show mixed effects on exports and employment.
Prime Minister Mark Carney told Politico that Canada intends to continue its trade approach with the United States until 2029 rather than accept a deal he says does not serve Canadian interests. He said each month the country grows stronger and its options increase.
The Bank of Canada reports that the 50 percent tariffs on about CAD$27.6 billion of Canadian-made goods have pushed the average U.S. tariff to 7.5 percent, up from near zero. While the economy is coping, the higher duties have cut steel exports to the United States by half and slowed investment and production in the auto, steel and aluminum sectors, which rely heavily on U.S. demand.
"Every month that goes by, Canada grows stronger," Carney said.
Analysts note that employment growth remains weak in those industries most affected by the tariffs, highlighting the uneven impact of the trade measures.