#canada-us-trade

#canada-us-trade

The U.S. Supreme Court has delivered its ruling on the legality of U.S. President Donald Trump's sweeping tariffs. The 6-3 ruling comes as the U.S. president continues to impose widespread tariffs on many U.S. allies. The justices found Trump overstepped his authority when he invoked emergency presidential powers to bring the levies into effect last year. Most Canada-U.S. trade is exempt from Trump's tariffs due to CUSMA, but the ruling creates more uncertainty.

Canadian Prime Minister Mark Carney said Tuesday he told U.S. President Donald Trump that he meant what he said in his speech at Davos, and told him Canada plans to diversify away from the United States with a dozen new trade deals. Carney rolled his eyes and rejected U.S. Treasury Secretary Scott Bessent's contention to Fox News that he aggressively walked back his comments at the World Economic Forum during a phone call with Trump on Monday.

It registered a marginal trade surplus of $153 million in September, following a $6.43 billion deficit in the prior month, Statistics Canada said. This was the first ever surplus that Canada has posted since U.S. President Donald Trump threatened and later imposed tariffs on critical sectors, which choked significant exports to the U.S., Canada's biggest trading partner. The bulk of the surplus was driven by a 44 per cent jump in Canada's trade surplus with the U.S., Statistics Canada data showed.