Prime Minister Mark Carney suspended bilateral trade negotiations with the United States on August 21-22, after the Trump administration advanced demands deemed unacceptable by Ottawa, particularly in the automotive, steel, and aluminum sectors. The United States immediately imposed 50% tariffs on approximately $20 to $30 billion worth of Canadian goods, to which Canada responded with counter-tariffs of 15 to 50% on roughly $20 billion of American exports. Small and medium-sized Canadian businesses, particularly automotive parts manufacturers and forestry companies, are bearing the heaviest consequences of this trade war. The Carney government is now betting on a plan to attract C$1 trillion in investment to diversify the national economy, which historically relied on the United States for approximately three-quarters of its exports.
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