Canada stands firm on market access as high-stakes US trade talks reach critical phase
A breakthrough in Canada-US trade relations could be on the horizon, but Canadian officials are signalling caution as negotiations intensify ahead of the Asia-Pacific Economic Cooperation (APEC) summit.
Prime Minister Mark Carney told reporters that Canada will not permit unfair US access to its markets if current trade talks do not yield progress, emphasizing, “If we ultimately don’t make progress in these various sectors, we’re going to do what’s necessary to protect our workers,” according to BNN Bloomberg.
Carney further stated that if American access to Canadian markets becomes “inappropriate given the level of access we have to their markets, we will change the terms. But that’s not the case right now,” though he did not elaborate on specific measures.
Negotiations have focused on securing relief from US tariffs on Canadian steel and aluminum, which were imposed earlier this year by US President Donald Trump, prompting immediate retaliatory measures from Ottawa.
According to Bloomberg, Carney described the discussions as “intensive” and noted that a deal is “possible” ahead of the APEC summit in South Korea, but stopped short of confirming any imminent agreement.
Despite speculation that a deal could be signed at the summit, Carney urged restraint, saying, “I wouldn’t overplay it,” as reported by Reuters.
Dominic LeBlanc, Canada’s minister responsible for US trade, also tempered expectations.
He stated that claiming a deal is just a few days away is “a bit overoptimistic,” but he acknowledged the positive momentum and unprecedented detail in the negotiations, according to Bloomberg.
Sources cited by The Globe and Mail, as referenced by Reuters, suggest that Canada may have to accept quotas on steel in exchange for lower US tariffs, while critical minerals remain excluded from the talks.
The US has not indicated readiness to negotiate on Canadian automobiles or softwood lumber, sectors of significant interest to Canadian investors and industry leaders.
Bloomberg reports that Carney also highlighted the importance of diversifying Canada’s trade relationships, particularly with Asian markets, as the country seeks to reduce reliance on the US.
As the APEC summit approaches, market participants are watching closely for signs of a breakthrough that could reshape the North American trade landscape.
