Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsEconomyCarney, Trump agree to speed up trade talks before 50% tariffs hitNew set of levies on a range of Canadian goods set to come into effect next monthAuthor of the article:Last updated 2 days ago You can save this article by registering for free here. Or sign-in if you have an account.Prime Minister Mark Carney speaks to journalists about U.S. President Donald Trump’s new 50 per cent tariff threat in the Parliamentary Precinct in Ottawa July 21, 2026. Photo by Blair Gable /PostmediaPrime Minister Mark Carney said he and United States President Donald Trump agreed to accelerate trade talks ahead of a potential U.S. move to impose 50 per cent tariffs on a range of Canadian goods next month.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe Trump administration announced Monday it would add the levies over what it said was unfair treatment of American alcohol, cars and dairy, further inflaming trade tensions between the two neighbours.“We agreed to intensify negotiations in the coming weeks and the team and myself look forward to doing that,” Carney told reporters in Ottawa, while warning that Canada is prepared to respond if the White House follows through with the tariffs. “We will look at all options in terms of how we would respond if they do come into effect.”SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againTrump’s sectoral tariffs on autos, steel, aluminum and lumber have hurt key Canadian industries, but many other goods have been exempt from U.S. levies if shipped under the Canada-U.S.-Mexico Agreement (CUSMA). The new tariffs would affect about five per cent of Canadian exports to the U.S., but there would be no CUSMA exemption — signalling a significant escalation in the trade war.The U.S. declined to renew CUSMA on July 1, setting up the three countries for annual reviews of the trade pact signed in Trump’s first term.“This is part of the negotiation,” Carney said. “The first objective is to get a comprehensive agreement that benefits, obviously, both countries, that’s consistent with CUSMA,” he added.“We’ll work towards that,” he said, but in parallel, “we will do whatever it takes and keep all options” open.The Canadian government placed tariffs on U.S.-made autos in response to the Trump administration’s levies on foreign vehicles last year, though it provides exemptions for automakers that are building vehicles in Canada. Its supply-managed dairy system has also long been a source of tension.Provincial governments are responsible for liquor distribution, and Ontario Premier Doug Ford and several other leaders decided to pull U.S. booze from shelves in response to Trump’s tariffs last year.“The decision to change that first and foremost will be taken by the provinces themselves each individually and should only be taken, in my judgment, as part of an overall agreement,” Carney said.Provincial premiers are gathering in Prince Edward Island this week and Carney is set to speak with them later Tuesday.“Canada’s been very, very tough on us over the years for many years, and no other president’s done anything about that,” Trump said Tuesday at the White House. “I love Canada. I love the people of Canada.” But he repeated his view that Canada could not survive without the U.S.—With assistance from Hadriana Lowenkron and Jennifer A. Dlouhy. 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