U.S., Canada Race to Seal Trade Deal Before 50% Tariffs Hit $20 Billion
Updated
Updated · CNBC · Aug 21
U.S., Canada Race to Seal Trade Deal Before 50% Tariffs Hit $20 Billion
3 articles · Updated · CNBC · Aug 21
Summary
Friday morning talks in Washington will decide whether the U.S. and Canada can finish a trade deal before 12:01 a.m. ET Saturday, when 50% tariffs on roughly $20 billion of Canadian imports are due to take effect.
Trump delayed the duties by three days after saying a tentative agreement was nearly complete, but negotiators left additional Wednesday and Thursday sessions without a final text; Canadian minister Dominic LeBlanc said the sides were "very close."
Steel, aluminum and lumber tariffs remain a central issue in the talks, according to the New York Times, while Trump has suggested the U.S. could lower those duties and possibly reduce tariffs on Canadian autos.
The tariff threat was invoked last month under Section 338 of the 1930 Tariff Act over alleged discrimination against U.S. dairy, and businesses say even the threat has already hurt sales.