CUSMA renegotiation will not solve all trade problems with the US, says Carney

Negotiations to update the agreement, known in Canada as CUSMA, are expected to begin next year, but Carney said those negotiations are unlikely to resolve all outstanding issues.

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That’s why Canada is trying to reach agreements in the meantime on specific tariffs on sectors such as steel, aluminum, automobiles and softwood lumber, he said.

Canada-U.S. Trade Minister Dominic LeBlanc returned from Washington on Friday, saying discussions will continue with U.S. officials to push for tariff relief.

During a meeting between U.S. President Donald Trump and Carney at the White House on Tuesday, Trump told reporters there will still be tariffs on Canada in the future and that he doesn’t care if CUSMA is renegotiated or replaced with different agreements.

The vast majority of Canadian trade with the U.S. is exempt from tariffs under the trade deal, but Trump has targeted the steel, aluminum, auto, energy and lumber sectors with tariffs.