US President Donald Trump and Canadian Prime Minister Mark Carney are negotiating in an effort to reach an agreement on tariffs, with just hours to go before the United States (US) imposes 50% tariffs on hockey sticks, wine and an array of other Canadian imports, CNBC reported on Tuesday.
“We are negotiating,” said Carney. ”The negotiations are very intense and delicate. This is not the time to talk about negotiations in public,” he added.
The new tariffs are set to take effect Wednesday, unless a deal is struck to postpone or cancel them. If no deal is reached, this measure will be the latest that Trump has slapped on Canada.
According to the Office of the US Trade Representative, the new duties cover around $20 billion worth of Canadian imports.
Market reaction
At the time of writing, the USD/CAD pair is up 0.20% on the day at 1.3900.
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