Finance minister says Canada can negotiate better tariff terms with U.S. than other countries
Canada's finance minister said the country can negotiate a better trade deal with the Trump administration than other nations have received, pushing back on the idea that it may have to settle for a new baseline tariff on all exports to the U.S.
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'We buy more from the U.S. than China, Japan, the U.K. and France combined, so we're not in the same league as others,' Francois-Philippe Champagne said in an interview.
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'The competitiveness of North America depends on what happens between Canada and United States,' he said, pointing to Canada's wealth of critical minerals and energy, the integrated supply chains across the border and its status as the largest supplier of aluminum to the U.S.
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Canadian Prime Minister Mark Carney and U.S. President Donald Trump have agreed to try to hammer out a deal by July 21 to govern the two countries' trade relationship, which saw them exchange more than $900 billion in goods and services last year.
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The U.S. had a trade deficit of $36 billion with Canada in 2024, according to U.S. government data, mostly because it guzzles millions of barrels a day of Canadian oil and fuels. Excluding energy, the US had a trade surplus with its northern neighbor.
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The U.S., Canada and Mexico have an existing trade pact that Trump signed during his first term. But the president paid little heed to it as he placed import taxes of 50% on foreign steel and aluminum, along with levies on cars and trucks.
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'The endgame for us is to have the best possible deal for Canadian workers and the Canadian industry,' Champagne said. 'We have, compared to many countries that are negotiating with the United States, already a trade agreement in place.'
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The UK agreed to a framework that allows manufacturers to export as many as 100,000 vehicles a year to the US at a 10% tariff rate, but a higher tax remains on British steel. Under an agreement with Vietnam, the US will slap a 20% tariff on imports from the Asian country, Trump said this week. Meanwhile, the European Union is willing to accept a trade arrangement with the US that includes a 10% tariff on many of its exports, people familiar with the matter told Bloomberg News recently.
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