watch now1:0901:09White House responds after Canada drops some retaliatory tariffs on U.S. goodsMoney MoversCanada removed many of its retaliatory tariffs on the U.S.
on Friday, marking a significant step forward in the two countries' relationship.Canada in March imposed counter-tariffs of 25% on a long list of U.S.
ducts that fall in line with the North American trade deal after the U.S. had announced 25% duties on steel and aluminum. Notably, Canada's 25% tariffs on U.S.
autos, steel and aluminum will remain in place for now, Canadian Prime Minister Mark Carney said in a press conference Friday.The change will go into effect on Sept.
1, Carney added, saying he believes Canada has the best trade deal out of all of the countries working with the U.S."As we work intensively with the United States, our focus is squarely on the strategic sectors," Carney said.A White House official told NBC News that Canada's move was "long overdue.""We look forward to continuing our discussions with Canada on the Administration's trade and national security concerns," the official said.Read more CNBC coverageTrump demands Fed’s Cook resign after housing official calls for ‘mortgage fraud’ beTrump has snapped up more than $100 million in bonds since taking officeTrump targets 'woke' museums with Columbia, Harvard playbookTrump expands 50% steel and aluminum tariffs to include 407 additional duct typesChinese national gets 8 years for smuggling weapons, to North Korea'Security guarantees' for Ukraine mean Europe must now fulfill its miseTrump-Zelenskyy meeting paves the way for Ukraine security guarantees, talks with PutinTraders hope the Ukraine war ends soon.
Experts say there's no 'quick fix'Trump tells Zelenskyy to end war, echoing Kremlin demands on Crimea and NATOWhite House envoy claims Russia agreed to 'Article 5-' security guarantees for UkraineZelenskyy to meet with Trump after Putin talks end without a ceasefireFriday's announcement s a phone call between Carney and President Donald Trump, the first known call between the two since failed talks before the Aug.
1 tariff deadline.
A readout of the Thursday call from Carney's office called the conversation "ductive and wide-ranging," with both leaders agreeing to reconvene soon.Carney said Friday that Trump assured him that dropping retaliatory tariffs will kick-start negotiations between the two countries.The move comes as the U.S.-Mexico-Canada Agreement, which Trump negotiated during his first term, is scheduled to undergo a review later this year.Canada was swift to impose its counter-tariffs on the U.S.
on CA$30 billion, or US$21.7 billion, worth of U.S. goods under then-Prime Minister Justin Trudeau.
In July, Trump announced he would raise tariffs on Canada to 35% and said the rise of fentanyl and Canada's unwillingness to work with the U.S.
affected his decision.A total of 43 pounds of the drug was seized at the northern border during 2024 with an additional 58 pounds having been confiscated there so far this year, according to U.S.
Customs and Border tection.At the time, Carney said in a post on social media site X that the country was committed to working alongside the U.S.
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