Canada Downplays Trade Deal Chances with US Ahead of Aug. 1 Tariff Deadline

Canada's top trade negotiators, including Minister Dominic LeBlanc and Ambassador Kirsten Hillman, have downplayed the likelihood of reaching a trade deal with the U.S. by the August 1 deadline set by President Donald Trump, who has threatened to impose 35 percent tariffs on some Canadian exports. While progress has been made, Canadian officials emphasize the importance of securing a deal that benefits Canadian workers and the economy rather than rushing into an agreement. Prime Minister Mark Carney reiterated that Canada will not accept a bad deal and is focused on what is in the best interest of Canadians, noting the fluid and unpredictable nature of negotiations with the Trump administration. Canadian premiers are also strategizing amid uncertainty, with Ontario Premier Doug Ford highlighting the challenge of dealing with rapidly changing U.S. trade policies. Meanwhile, Trump's administration has finalized tariff agreements with Japan and Indonesia, increasing pressure on Canada. The ongoing uncertainty has impacted Canadian businesses such as CN Rail, which has cut its profit forecast due to the volatile trade environment.