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Canada’s Carney: US talks set to intensify
Trade negotiations with the United States (US) have made progress, although key issues remain unresolved, Canadian Prime Minister Mark Carney said on Tuesday. With the talks not yet concluded, Carney said discussions would intensify.
Carney’s key remarks
Talks with US to become more intensive.
Progress made but US trade talks not yet complete.
Some red lines remain to be addressed.
Key issues remain, but progress achieved.
Some of our limits in US trade talks have been eliminated.
US requests fewer concessions and proposes more, but deal not reached yet.
Trade negotiators don’t always need talks with USTR, communication lines remain open.
Looks forward to meeting Trump at APEC summit in China.
USD/CAD edges higher
A daily gain of 0.06% leaves the USD/CAD pair trading at 1.4012 at the time of writing.
Tariffs: frequently asked questions
Customs duties charged on particular imported goods or categories of products are known as tariffs. By giving domestic producers and manufacturers a price advantage over comparable imports, tariffs aim to improve their competitiveness in the market. Alongside trade barriers and import quotas, they are widely employed as instruments of protectionism.
Both taxes and tariffs raise government revenue for public goods and services, but they differ in several respects. Importers pay tariffs in advance at the port of entry, whereas taxes are paid when a purchase is made. Taxes apply to individual taxpayers and businesses, while the responsibility for paying tariffs falls on importers.
Economists are divided into two schools of thought on the use of tariffs. Supporters consider them necessary to safeguard domestic industries and tackle trade imbalances. Critics, however, regard tariffs as a harmful instrument that could raise prices over the longer term and trigger a damaging trade war by encouraging retaliatory tariffs.
In the run-up to the November 2024 presidential election, Donald Trump stated clearly that he intended to use tariffs to bolster the US economy and American producers. Mexico, China and Canada together represented 42% of total US imports in 2024. According to the US Census Bureau, Mexico was the largest exporter during that period, at $466.6 billion. These figures underpin Trump’s intention to concentrate his tariffs on those three countries. He also intends to use tariff revenue to reduce personal income taxes.
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