US Trade Representative Jamieson Greer announced that Canada has declined to finalize a bilateral trade agreement, marking a significant rupture in negotiations between the two largest trading partners in North America. Bilateral trade between the two countries exceeded 380 billion dollars last year. This situation follows the US decision not to renew the USMCA agreement for another 16-year term on July 1, 2026, opting instead for a rolling annual review mechanism. The 50% tariffs on 20 billion dollars in Canadian goods, temporarily paused by Trump to allow negotiations to proceed, could now be reinstated in the near term.
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