Canadian Prime Minister to meet with President Trump today
Canadian Prime Minister Mark Carney met with President Donald Trump at the White House today, as tensions between the two countries over trade policies continue to rise.
(CNN)- Canadian Prime Minister Mark Carney met with President Donald Trump at the White House today, as tensions between the two countries over trade policies continue to rise. The meeting has drawn the attention of business owners and investors on both sides of the border who are eager for progress on a trade deal.
“I think it’s gonna be a fascinating meeting,” said Commerce Secretary Howard Lutnick.
President Trump appeared uncertain about the Prime Minister’s intentions, but signaled a willingness to negotiate. “I’m not sure what he wants to see me about, but I guess he wants to make a deal,” Trump said.
Under Trump’s recent executive orders, the U.S. has imposed 25 percent tariffs on Canadian imports including steel, aluminum, vehicles, and certain auto parts that do not comply with the U.S.-Mexico-Canada Agreement (USMCA). The President is also considering additional duties on pharmaceuticals, lumber, and products from the film industry, all in an effort to eliminate what he calls a trade imbalance.
“We don’t need their cars. We don’t need their lumber. We don’t need their energy. We don’t need anything,” Trump stated.
In retaliation, Canada has imposed its own set of duties on select American exports. Economists warn the escalating tariff war could have lasting economic effects. “Most people walking through it are saying this is one part ancient economics, almost a mercantile America, and in another part made-up ideas where maybe down the road we’ll get some clarity,” said Chartered Financial Analyst Tom Keene.
Experts agree that tariffs often lead to inflation, as U.S. businesses typically pass the added costs of imported goods onto consumers — resulting in higher prices at home. Carney, a former central banker, has been vocal about opposing Trump’s trade agenda. “America wants our land, our resources, our water, our country. Never,” he said. As negotiations unfold, the outcome of today’s meeting could set the tone for future trade relations between two of North America’s largest economies.
