Canada and US to intensify trade agreement talks, Carney says

Key Points:

• Canadian Prime Minister Mark Carney and U.S. President Donald Trump agreed to intensify and speed up negotiations on a new trade agreement following Trump's announcement of 50% tariffs on most Canadian goods, set to take effect in 30 days.
• The tariffs, excluding energy products, potash, fish, and critical minerals, target goods previously protected under the USMCA, which the U.S. did not renew, prompting new negotiations that could last until 2036.
• Canadian provincial leaders criticized the tariffs, with British Columbia Premier David Eby condemning Trump's approach as bullying, Saskatchewan Premier Scott Moe highlighting mutual economic harm, and Ontario Premier Doug Ford calling for a more aggressive Canadian response.
• Trump justified the tariffs by claiming Canada has been tough on the U.S. for years and emphasized that the new levies are separate from his threats related to Canadian forest management and wildfire smoke affecting U.S. regions.
• Economists estimate the tariffs would impact about 5% of Canadian exports to the U.S., roughly $28 billion CAD annually, focusing on chemicals, plastics, electronics, industrial equipment, consumer goods, and forestry products; the ban on U.S. alcohol sales in several Canadian provinces remains a key point of contention.