"The United States-Mexico-Canada trade pact, or USMCA, is up for review in 2026. U.S. President Donald Trump negotiated the deal in his first term and included a clause to possibly renegotiate the deal in 2026.Carney met with the leaders of Canada's provinces on Thursday to give them an update on trade talks with the U.S.Canada is one of the most trade-dependent countries in the world, and more than 75% of Canada's exports go to the country's southern neighbor."
"Trump cut off trade talks to reduce tariffs on certain sectors with Carney in October after the Ontario provincial government ran an anti-tariff advertisement in the U.S. That followed a spring of acrimony, since abated, over Trump's insistence that Canada should become the 51st U.S. state.Carney said earlier Thursday that Canada and the U.S. were close to an agreement at the time on sectoral tariff relief in multiple areas, including steel and aluminum."
Canada and the United States will launch formal trade discussions in mid-January to review the USMCA ahead of its 2026 review. Dominic LeBlanc will meet U.S. counterparts to begin the talks. The USMCA includes a clause allowing possible renegotiation in 2026. Over 75% of Canada's exports go to the U.S., and tariffs on steel, aluminum, autos and lumber are affecting those sectors. Talks were paused after Ontario ran an anti-tariff advertisement and President Trump cut off negotiations. U.S. concerns include Canadian policies on dairy, alcohol and digital services. Canadian leaders will meet in Ottawa early next year.
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