Canada Talks Stall; New Tariffs Hit Wednesday
Canada Talks Stall; New Tariffs Hit Wednesday
The News
Talks between Washington and Ottawa have stalled one day before new U.S. tariffs on Canada are set to take effect, and the Trump administration is playing down the odds of a last-minute deal.
President Trump's administration has signaled privately that the chances of an agreement on Tuesday are "a coin flip or worse," people familiar with the matter told Bloomberg.
The tariffs are scheduled to kick in Wednesday. The Canadian dollar weakened Tuesday ahead of the deadline, Reuters reported.
Timeline
Reuters reports the Canadian dollar sliding as the U.S. deadline for new tariffs approaches.
Bloomberg reports that the two sides are digging in, that deal hopes are fading, and that U.S. officials privately rate Tuesday's chances of an agreement as a coin flip or worse.
The new U.S. tariffs on Canada take effect unless a deal lands first.
Reactions
The administration is publicly downplaying expectations of a breakthrough rather than promising one, according to Bloomberg's reporting.
Currency markets took the hint. The loonie weakened Tuesday as traders priced in the deadline, Reuters reported.
One irritant running through the talks is Canada's ban on American liquor. U.S. politicians are crying foul as California Merlots, Kentucky bourbons and Tennessee whiskeys have vanished from Canadian shelves, The Wall Street Journal reported.
What's Next
Wednesday is the hard date. Absent an agreement, the new tariffs go into force and the two governments are left negotiating with the duties already on the books.
Watch the Canadian dollar and the liquor dispute — both are the fastest read on whether Ottawa and Washington are moving toward each other or further apart.
More
The stall marks a shift from earlier in the week, when a deal before the deadline was still in play. As of Tuesday, U.S. officials were describing the odds privately as no better than even, and the currency market moved with them.
Poll question for readers: Will Washington and Ottawa reach a tariff deal before the end of the month?
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