Canada-U.S. trade talks are progressing positively, with Canadian businesses adjusting strategies to reduce dependency on American trade, stated Industry Minister Mélanie Joly. Following Prime Minister Mark Carney’s recent meeting with U.S. President Donald Trump in Washington, Joly shared insights during an interview on Rosemary Barton Live.
Highlighting the respectful dialogue between the prime minister and the president, Joly emphasized the significance of direct engagement with Trump as the key negotiator. While no formal agreement has been reached yet, negotiations are advancing in the right direction, underlined Joly.
Although efforts to secure a tariff deal with the U.S. are ongoing, progress has been made towards negotiating terms, according to Carney. The focus initially lies on sectors like steel, aluminum, and energy, but discussions on an auto agreement and resolving forestry sector tariffs are also in motion.
In response to the shifting trade landscape, Canadian companies are diversifying their markets by increasing exports to Europe. Notably, Aluminerie Alouette, a Quebec-based aluminum manufacturer, significantly boosted its exports to Europe in recent quarters, showcasing the effectiveness of market diversification.
Algoma Steel CEO, Michael Garcia, expressed the challenges posed by the current 50% tariff imposed by Trump, restricting access to the U.S. market. Garcia highlighted the potential benefits of a lower tariff, aiming to regain lost business opportunities. Despite global hurdles, Garcia highlighted growth prospects within the Canadian market, especially with the implementation of the “Buy Canadian” policy.
Separately, New Brunswick Premier Susan Holt discussed potential retaliatory measures following Trump’s announcement of new tariffs on softwood lumber. Holt emphasized the need for strategic evaluation and leveraging tools to navigate the changing trade dynamics, aiming to mitigate the economic impact of the tariffs on the province.
As negotiations continue, Canadian provinces like New Brunswick seek clarity and progress towards resolving trade disputes to safeguard their economies from adverse effects.
