Abu dhabi: Canada and the United States are "very close" to finalizing a trade deal that could ease the ongoing imposition of tariffs and counter-tariffs, said a leading Canadian official on Thursday. The negotiation efforts aim to address the economic strain caused by these tariffs, but further work is necessary to finalize the agreement.
According to Emirates News Agency, Dominic LeBlanc, the Canadian minister responsible for trade with the US, provided this update following a meeting with US Trade Representative Jamieson Greer in Washington. Both sides are striving to meet the deadline set by US President Donald Trump, who has announced plans to implement a 50 percent tariff on approximately $20 billion worth of Canadian goods starting at 12:01 am EDT (0401 GMT) on Saturday.
"We're very close. We continue to make progress and we're going to stay here and do the work that's necessary," LeBlanc informed reporters. The anticipated agreement aims to reduce the tariff on Canadian-built vehicles from 25 percent to 15 percent and to cut tariffs on Canadian steel and aluminum by half, bringing them down to 25 percent, as per sources.