Canada, US to launch formal talks to review their free trade agreement in mid-January
Toronto (AP): Canada and the US will launch formal discussions to the review their free trade agreement in mid-January, the office of Canadian Prime Minister Mark Carney said.
The prime minister confirmed to provincial leaders that Dominic LeBlanc, the country's point person for US-Canada trade relations, “will meet with US counterparts in mid-January to launch formal discussions," Carney's office said in a statement late Thursday.
The United States-Mexico-Canada trade pact, or USMCA, is up for review in 2026. US President Donald Trump negotiated the deal in his first term and included a clause to possibly renegotiate the deal in 2026.
Carney met with the leaders of Canada's provinces on Thursday to give them an update on trade talks with the US.
Canada is one of the most trade-dependent countries in the world, and more than 75 per cent of Canada's exports go to the country's southern neighbour. But most exports to the US are currently exempted by USMCA.
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Trump cut off trade talks to reduce tariffs on certain sectors with Carney in October after the Ontario provincial government ran an anti-tariff advertisement in the US. That followed a spring of acrimony, since abated, over Trump's insistence that Canada should become the 51st US state.
Carney said earlier Thursday that Canada and the US were close to an agreement at the time on sectoral tariff relief in multiple areas, including steel and aluminum. Tariffs are taking a toll on certain sectors of Canada's economy, particularly aluminum, steel, auto and lumber.
Carney also said trade irritants flagged this week by US Trade Representative Jamieson Greer are elements of a “much bigger discussion” about continental trade. Greer said a coming review of the Canada-US-Mexico trade deal will hinge on resolving US concerns about Canadian policies on dairy products, alcohol and digital services.
Carney and the provincial premiers agreed to meet in person in Ottawa early in the new year.
Canada is the top export destination for 36 US states. Nearly USD 3.6 billion Canadian (USD 2.7 billion) worth of goods and services cross the border each day.
About 60 per cent of US crude oil imports are from Canada, as are 85 per cent of US electricity imports.
Canada is also the largest foreign supplier of steel, aluminum and uranium to the US and has 34 critical minerals and metals that the Pentagon is eager for and investing in for national security.
Carney said US access to Canada's critical ministers is not a certainty.
“It's a potential opportunity for the United States, but it's not an assured opportunity for the United States. It's part of a bigger discussion in terms of our trading relationship, because we have other partners around the world, in Europe for example, who are very interested in participating,” Carney said earlier Thursday.
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Stopping Iran of greater importance than oil prices: Trump
Washington (PTI): US President Donald Trump on Thursday said stopping the “evil empire” in Iran was of greater importance to him than oil prices, which have been ruling high since the US and Israel launched a war on Iran on February 28.
Iranian attacks on ships and oil infrastructure in West Asia have pushed crude prices above USD 100 a barrel.
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen,” Trump said in a post on Truth Social.
Launched on February 28, Operation Epic Fury against Iran has divided political opinion in the US, with Democrats demanding public hearings with testimony from top Trump administration officials.
White House officials, including Secretary of State Marco Rubio, have held classified briefings with lawmakers since the attacks on Iran began. However, there have been claims that Trump has been sending mixed signals on the progress achieved in the war.
"Here we are well into the second week, and it is still the case that the Trump administration cannot explain the reasons that we entered this war, the goals we're trying to accomplish, and the methods for doing that," Democrat senator Elizabeth Warren was quoted as saying after a classified briefing.
White House press secretary Karoline Leavitt, in a post on X, accused the “left-wing media” of pushing a “fake narrative” about mixed messaging about the objectives of Operation Epic Fury.
“From the beginning, President Trump and his entire team have consistently laid out clear objectives to the American people about what the US Military seeks to accomplish through these ongoing successful major combat operations,” Leavitt said.
“Destroy the terrorist Iranian regime’s missiles and raze their missile industry to the ground. Annihilate the terrorist Iranian regime’s navy. Ensure the regime’s fellow terrorist proxies can no longer destabilise the region and attack our forces; Guarantee the terrorist Iranian regime cannot obtain a nuclear weapon,” Leavitt said, spelling out the objectives of Operation Epic Fury.
Extending support to the war, Senate Majority Leader John Thune told reporters in the Capitol on Tuesday, the war could be "generational in terms of its impact."
“Not only for that region, but for the entire world, because they continued – Iran – to be the largest state sponsor of terrorism in the world. They are on the way to nuclear capability, and they're holding that entire region hostage and American interests as well,” Thune said at a weekly press conference.
"So I think this was an important mission to accomplish, and hopefully it'll be accomplished soon,” Thune said.
