Marc Carney

Negotiations have been taking place as the US has been fundamentally transforming all its trading relationships. …In a positive development, earlier this month, the US reaffirmed a core commitment to our free trade agreement, Canada-United States-Mexico Agreement (CUSMA), by reinforcing that those Canadian exports to the US that are compliant with CUSMA will not be subject to US IEEPA tariffs. As a result, the actual US average tariff rate on Canadian goods is 5.6% and remains the lowest among all its trading partners, and more than 85% of Canada-US trade is now tariff-free. …In this context and consistent with Canada’s commitment to CUSMA, I am announcing that the Canadian government will now match the US by removing all of Canada’s tariffs on US goods specifically covered under CUSMA. This decision will take effect on September 1, 2025. …The Canadian government will begin our preparations for the CUSMA review process due next year.

Related coverage by Katie DeRosa in CBC News: BC jobs minister surprised at Ottawa’s move to drop retaliatory tariffs against US