Canada Says It Will Endure U.S. Trade Tariffs Through 2029
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Prime Minister Mark Carney says Canada will stand firm on its trade stance with the United States despite steep tariffs, while officials and analysts describe mixed results for exports and employment in key industries.
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, presenting the dispute as a matter of national strength and bargaining discipline.
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 and have been hit hard by the trade conflict.
"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 and the pressure they continue to place on major parts of the economy.