Canada PM Carney confirms Canada will remove its counter tariffs on all US goods covered by the USMCA trade deal; decision will take effect on September 1st, 2025

• Canada currently has the best trade deal with the US, it is important they do everything they can to preserve Canada's advantage.


• Canada will retain tariffs on steel, aluminium and autos as they work with the US to resolve issues there.


• Canada will continue to take all measures necessary to support Canadian workers, businesses and consumers.


• Says "we'll see" when asked whether Canada and the US can strike a new economic security deal this Autumn.


• Carney says he and US President Trump see an opportunity to build on where the relationship already is, says foundation is very strong.


• We are not raising tariffs on US steel and aluminium today.


• USMCA trade deal, in a very different trade environment, is going to look different. 


• Trump told him the Canadian move on lifting tariffs would kick start negotiations. 

Analysis details (17:10)

Earlier:

• Canada announced it is to remove retaliatory tariffs on "many" US products, according to Bloomberg; Canada to apply tariff exemption on many US goods under USMCA. White House welcomes Canada move, look forward to continuing discussions with Canada on the administration's trade and national security concerns

22 Aug 2025 - 17:09- ForexEconomic Commentary- Source: Newswires