Carney Heads to White House to Tackle Tariffs Ahead of CUSMA Review
Canadian Prime Minister Mark Carney is set to visit the White House, invited by U.S. President Donald Trump. The purpose of the visit is to discuss an economic and security deal, with a focus on Trump's contentious tariffs. The meeting is seen as high risk, high reward, with some hoping for a breakthrough and others expecting minimal progress.
The Canadian Vehicle Manufacturers' Association has warned that Trump's proposed 25% tariff on truck imports, set to start in November, could cost the North American auto industry $188 billion over the next three years. This, coupled with existing tariffs on steel and aluminum, has put significant pressure on the Canadian teams.
Carney's visit comes as both countries prepare for next year's review of the Canada-United States-Mexico Agreement (CUSMA). The Canadian government is hoping to use this opportunity to renegotiate some of the agreement's terms, particularly those related to trade. However, Unifor, Canada's largest private sector union, is not optimistic about significant progress during the meeting.
Canada's softwood lumber industry is particularly vulnerable to Trump's Section 232 tariffs. Despite Carney's efforts to appease Trump by abandoning the Digital Services Tax and removing retaliatory tariffs, the U.S. has continued to increase attacks on Canadian industries. The Aluminum Association of Canada does not expect any major breakthroughs for the aluminum industry during the visit.
Carney's visit to the White House is a crucial step in Canada's efforts to mitigate the impact of Trump's tariffs on its teams. While some hope for a breakthrough, others expect minimal progress. The meeting takes place amidst ongoing consultations for next year's CUSMA review, with the Canadian government aiming to renegotiate certain terms. The outcome of the meeting will have significant implications for the Canadian economy.
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