US- Canada Trade Deal Needs More Work Despite Tariff Pause: Carney

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Montreal: Canadian Prime Minister Mark Carney stated that the United States and Canada have made significant progress to a trade agreement, though further work needs to be done before a deal can be concluded.

Carney's comments come after US President Donald Trump announced a three-day halt on planned 50% tariffs on a variety of Canadian exports. The tariffs, which were set to go into effect on August 19, have been postponed until the end of August 21 as negotiations continue.

Trump stated that the tariff delay is the result of what he described as a settlement between the two countries, subject to document finalisation. However, Carney stated that talks remain in progress and that Ottawa was committed on resolving the outstanding difficulties.

The planned tariffs would affect almost $20 billion in Canadian imports, creating worries among firms and industries that rely on cross-border trade. The two countries have been in heated talks over topics such as market access, dairy and spirits rules, vehicle trade, and other trade restrictions.

Carney stated that Canada would continue to work for a complete agreement while focusing on developing a stronger and more competitive home economy.

The temporary tariff break gives Washington and Ottawa more time to complete negotiations, but the August 21 deadline puts both parties under pressure to make further progress and avoid escalation in the trade war.