Mortgage sector watches trade file closely
Carney met provincial leaders Thursday to brief them on the talks, which formed part of a broader review of USMCA scheduled for 2026 after US president Donald Trump negotiated the pact with a built‑in renegotiation clause.
Carney said Canada and the US have previously been “close to an agreement” on sector‑specific tariff relief covering steel, aluminum and energy, before Trump halted talks in October over an anti‑tariff advertisement aired in US markets by Ontario’s government. Tariffs are taking a toll on certain sectors of Canada’s economy, particularly aluminum, steel, auto and lumber.
The prime minister said he expects those sectoral talks “to now roll into the broader CUSMA negotiation” while leaving the door open to restarting focused discussions. “If the United States wants to come back on that in those areas, we’re always ready there,” he said.
Strategic materials and housing affordability in focus
Canada remains one of the most trade‑exposed economies in the world, with more than 75% of its exports going to the US, and Canada standing as the top export destination for 36 US states.
On lumber, Carney said Canada is “very ready” to strike an agreement on forest products with the United States, which faced “affordability challenges, including in the housing sector.”