Mark Carney says he’s ready to negotiate with Trump

Canada Prime Minister Mark Carney said he was ready to negotiate an updated trade deal with US President Donald Trump, as long as he was “respect for Canadian sovereignty”.

Carney made these comments during a visit to a steel plant in Hamilton, Ontario, as Canada presented C $ 29.8 billion ($ 20.7 billion) in reciprocal tariffs for US imports.

Early Trump hit 25% tariffs for all steel and aluminum entering the country.

Since Trump took office in January, the two countries have participated in an escalating trade war, with US president repeatedly threatening to annex his neighbor.

Carney condemned the last round of US tariffs as “unjustified” on Wednesday.

“We will all be better when the world’s largest economic and secure partnership is renewed, resumed,” he said.

Canada, which is the largest foreign provider of steel and aluminum to the United States, is heavily exposed to tariffs.

Trump justified the tariffs, claiming that they were needed for the US national security and for raising the demand for local producers, for whom he claims to have been “depressed” by foreign competition.

The US President has implemented a 25% tariff for goods from Canada and Mexico, citing concerns about drugs and migrants crossing the US border.

Steel and aluminum tariffs, in force as Wednesday, mark the end of exceptions provided earlier to several countries, including Canada.

In revenge, Canada has announced tariffs for American goods, including steel and aluminum, with additional measures going into force at 00:01 EST (04:01 GMT) on Thursday.

New tariffs cover a range of products, including C $ 12.6 billion per steel, $ 3 billion in aluminum, as well as tools, computer equipment, boilers, sports equipment and cast iron products.

Experts say the growing trade dispute threatens economic stability for both countries.

On Wednesday, the central bank in Canada reduced interest rates to 2.75% of 3% to prepare the country’s economy for interruption.

Canadian Finance Minister Dominic Leblan told a press conference that the country is still striving to de -escalate.

“If you compete in the basement, there is no real reward for the first person to reach the basement,” he said.

On Thursday, Ontario Doug Ford Prime Minister, along with federal representatives, will meet with US secretary of trade Howard Luni.

Lutnik told Fox Business that at the meeting he plans to try to “flatten” things between the two nations.

Mark Carney, who was elected leader of the ruling Liberal Party on Sunday, will be sworn as a Prime Minister, replacing Justin Trudeau. He promised to win the trade war against Trump after his victory with a landslide.

Reading by Jonathan Joseph and Lisa Lambert