US and Canadian trade negotiators are working urgently to reach a new trade agreement before a US tariff deadline takes effect.
The talks continued for a third consecutive day in Washington, DC, with the US threatening to impose 50 percent tariffs on about $20 billion worth of Canadian goods if no agreement is reached.
US President Donald Trump said negotiations were progressing and expressed confidence that the two countries could reach a deal. Canadian Trade Minister Dominic LeBlanc also said the two sides were “very close,” although more work remained.
However, experts warned that even if an agreement is reached, it is unlikely to eliminate all US tariffs on Canadian products. Instead, the deal could reduce some tariffs and ease tensions between the two major trading partners.
Reports suggest the proposed agreement could reduce tariffs on Canadian-made vehicles from 25 percent to 15 percent, while tariffs on Canadian steel and aluminium could be cut by half to 25 percent.
Canadian Prime Minister Mark Carney faces political pressure at home, with a recent poll showing that 56 percent of Canadians oppose making further concessions to the United States.
Canada is particularly vulnerable to US trade measures because about 70 percent of its exports are sent to the United States.
The dispute has also become politically charged in both countries. Trump and his administration have used the confrontation with Canada to appeal to nationalist supporters, while Canadian officials and provincial leaders have urged Carney to defend the country's economic interests.
If no agreement is reached, the threatened 50 percent tariffs could take effect at 12:01am Eastern Time on Saturday (04:01 GMT).
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