RESOLVING THE LEDGER
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The U.S. and Canada have yet to announce a final trade deal that will keep President Donald Trump 's new tariffs on hockey sticks, wine and other Canadian goods from taking effect early Saturday morning.
The 50% retaliatory tariffs were initially set to kick in Wednesday — until Trump, in an eleventh-hour post on Truth Social , said he would postpone them for three days so Washington and Ottawa could finalize a tentative deal.
Trump's post signaled that the agreement was all but complete, "subject to the finalization of documents." But trade officials emerged from additional rounds of talks in Washington on Wednesday and Thursday without a final deal in hand.
"We're very close," Canada-U.S. Trade Minister Dominic LeBlanc told reporters Thursday afternoon. "We continue to make progress, and we're going to stay here and do the work that's necessary until we get to that point."
LeBlanc noted that Canadian negotiator Janice Charette was still engaged in talks with U.S. Trade Representative Jamieson Greer and other Trump administration officials.
"Canadians expect us to get a deal that's in the economic interest of Canada and Canadian workers," LeBlanc said.
If no deal is reached by 12:01 a.m. ET on Saturday, the 50% tariffs on roughly $20 billion worth of imports will switch on. Businesses have warned that the duties could cripple their sales, and that the threat alone has already taken a toll.
Negotiators have been tight-lipped about the specifics of a deal, as well as the remaining sticking points. Trump's existing tariffs on imports of Canadian steel, aluminum and lumber are a central concern, The New York Times reported Thursday, citing people familiar with the talks.
LeBlanc and his office have declined to comment to CNBC on how the metals tariffs factor into the negotiations.
Trump said Wednesday that the U.S. might agree to lower those duties and suggested that lower tariffs on Canadian autos might also be on the table. Trump has also suggested that the deal could revive Keystone XL, the planned oil pipeline from Alberta to Nebraska that was scrapped in 2021 by then-President Joe Biden .
The Trump administration has said that Canada has committed to lower its trade barriers on the U.S., without offering specifics.
Trump said Wednesday that Canadian tariffs "will be nonexistent for our farmers." The looming 50% tariff threat was partly based on Canada's alleged discrimination against the U.S. dairy industry. Canada has not confirmed Trump's claim.
Prime Minister Mark Carney said in an X post Wednesday, "We are now moving towards an agreement that reinforces that Canadian advantage, including by securing the best terms in each of Canada's most important strategic sectors and providing greater certainty about our future trading relationship."
The looming 50% tariffs were invoked last month under Section 338 of the Tariff Act of 1930, which lets the president impose duties in response to discrimination or unfair commerce. But the Great Depression-era law has rarely, if ever, been invoked, and it has been neglected for decades .
This is developing news. Please check back for updates.
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