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Or sign-in if you have an account.Prime Minister Mark Carney looks towards Ontario Premier Doug Ford during his opening remarks at the the final news conference concluding the First Ministers meeting in Charlottetown on July 23, 2026. Photo by Tim Krochak /PostmediaPrime Minister Mark Carney said Canada is weighing all options for possible retaliation if it doesn’t reach a deal with the United States to avert 50 per cent tariffs 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 Accountor“Everything’s on the table if there’s no agreement, depending on the outcome of the negotiations,” he told reporters in Charlottetown on Thursday.This week, U.S. President Donald Trump’s administration used a law that’s been on the books since the Great Depression to threaten 50 per cent tariffs on a variety of Canadian products, including electrical equipment, packaging, hockey gear and beer. The duties, which would affect about five per cent of Canadian goods exports to the U.S., are set to come into effect as soon as Aug. 19.Carney said representatives of both governments are now having discussions that encompass all current tariffs and trade measures.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 againThe prime minister removed many counter-tariffs on the U.S. last September, though some remain on steel and autos. Some Canadian provinces have also pulled U.S. liquor from government-run store shelves, one of the chief irritants cited in Trump’s tariff order earlier this week.Asked whether Trump’s tariff threat is a meaningful opportunity to reach a deal with the U.S. or just a pressure tactic, Carney replied: “It’s both.”“We’ve seen a series of trade negotiations that the U.S. has undertaken and normally there’s a deadline. Normally there’s an outsized tariff associated with that deadline,” he said, speaking at a news conference following a meeting with the premiers.Carney has said he and Trump agreed to accelerate negotiations. In interactions with the administration this week, “there’s a level of engagement” that “reflects the seriousness of the trade relationship,” the prime minister said. Canada and the U.S. exchanged almost US$900 billion in trade in goods and services last year.Still, Carney said, in order to sign a deal, “I have to be convinced, we have to be convinced, the team has to be convinced, the premiers have to be convinced that an agreement is worth the paper it’s written on.”—With assistance from Thomas Seal and Melissa Shin. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.