Prime Minister Carney announced the suspension of trade negotiations with the United States after stating that recent changes to proposed terms were unfair and uneconomic. The decision follows an announcement that the United States intends to impose a 50% tariff on approximately $28 billion of Canadian goods at midnight.
In response to the impending U.S. tariffs, the Canadian government will match the tariffs dollar for dollar to protect businesses and workers. The Prime Minister noted that while progress had been made toward improving Canada's position, it was insufficient to meet national objectives. Negotiators have been directed to return to Ottawa.
The government plans to introduce additional measures in the coming days to support Canadian workers and businesses. This follows nearly $25 billion in support provided over the previous 18 months. According to the Prime Minister, the government's core economic strategy focuses on building domestic strength and diversifying international partnerships.
The Prime Minister stated that Canada is on course to have the second-fastest growth in the G7 over the next two years, with job creation occurring at four times the rate of the United States. Additionally, the government is advancing nearly $500 billion in major infrastructure projects and is working to double market access through existing free trade deals by the end of the year.
