The U.S. and Canada are nearing an agreement on a trade deal that would delay President Donald Trump’s new tariffs on hockey sticks, wine, and other Canadian products from starting early Saturday.
The 50% retaliatory tariffs were scheduled to take effect on Wednesday, but Trump announced at the last minute on Truth Social that he would delay them for three days to allow Washington and Ottawa to complete a tentative agreement.
Trump’s statement indicated that the deal was nearly finalized, “subject to the finalization of documents.” However, trade officials exited further discussions in Washington on Wednesday and Thursday without reaching a final agreement.
Canada-U.S. Trade Minister Dominic LeBlanc told reporters, “We’re very close. We continue to make progress, and we’re going to stay here and do the work that’s necessary until we get to that point.”
“Canadians expect us to get a deal that’s in the economic interest of Canada and Canadian workers,” he added.
If no agreement is made by 12:01 a.m. ET on Saturday, the 50% tariffs on about $20 billion in imports will take effect.
Businesses from both sides of the border have warned that these duties could severely impact sales, and the mere threat has already caused some damage.
Tariffs on Canadian steel, aluminum, and lumber are reportedly a key point of contention in negotiations.
By CEO NA Editorial Staff
