WASHINGTON/OTTAWA — The United States and Canada are actively negotiating an agreement to reduce trade barriers on Canadian steel and automotive imports, according to multiple sources familiar with the matter.
Bilateral Negotiations Aim to Repair Trade Relations
According to reports citing two U.S. and four Canadian sources, the ongoing discussions are part of an effort by both governments to mend diplomatic and economic ties following the breakdown of broader trade negotiations in August.
The potential agreement is reportedly being discussed as border states express growing discontent over existing tariffs. While sources indicate a narrow deal could materialize rapidly before the upcoming November 3 midterm elections, the U.S. side is pressing for additional concessions from Ottawa. Markets are currently monitoring the situation ahead of a scheduled increase to 50% tariffs on Canadian steel and auto imports slated for January 1, though recent remarks suggest a resolution could emerge sooner.
Source reporting contributed by Reuters.
