Canada pushes back on US claims of imminent trade deal easing auto tariffs

Hopes for a swift US-Canada trade deal moderated after Canadian Prime Minister Mark Carney clarified that Ottawa has not shifted its negotiating position. Earlier reports indicated both nations were negotiating a narrow agreement to ease impending tariffs on Canadian steel and automobile imports, which are scheduled to escalate to 50% on January 1. Although President Donald Trump and US National Economic Council Director Kevin Hassett claimed a deal was very close, Carney noted major substantive gaps remain, paring earlier gains for the Canadian dollar in USD/CAD trading.