Canada and the United States are moving toward a bilateral trade deal after President Donald Trump paused 50% tariffs on roughly $20.2 billion worth of Canadian exports. The tentative agreement includes a cut in US tariffs on steel and aluminum from 50% to 25%, and a reduction in auto tariffs on non-US content from 25% to 15%. Negotiations were led by Canadian Trade Minister Dominic LeBlanc and US Trade Representative Jamieson Greer, with a deadline of August 22. Prime Minister Mark Carney is framing the deal as the price of long-term economic stability, as over 85% of Canada-US trade is already tariff-free under USMCA.
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