Canada’s Prime Minister Mark Carney speaks during a press conference with Ukrainian President Volodymyr Zelensky after talks at the Mariinsky Palace in Kyiv, August 24, 2025. Getty Images/Sergei SUPINSKY / AFP
According to media reports Bloomberg
Prime Minister Mark Carney said his government is ready to reopen trade talks with the United States despite threats from Donald Trump to raise tariffs on imports from Canada by 10%.
Carney said this during the ASEAN summit in Southeast Asia, Bloomberg reports.
“Canada is ready to build on the progress we have made in negotiations or discussions with our American colleagues”
On October 26, U.S. President Donald Trump announced the imposition of an additional 10% tariff on goods from Canada.
This followed a promotional video that appeared in the Canadian province of Ontario featuring a quote from former U.S. President Ronald Reagan about tariffs. The video presents Reagan’s quote criticizing tariffs.
The outlook for trade relations between Canada and the United States
Ontario said it would pull the promotional video from television broadcasts, but this did not calm Donald Trump.
“fake” and “fraud”
Reagan indeed criticized import tariffs and domestic production protectionism, and advocated for liberalization and globalization of trade.
According to his views, import tariffs protected American production only in the short term, but eventually “destroyed the economy” through shrinking markets and reduced competition.
As Reagan indicated, isolationism and protectionism led to the economic crisis in the 1930s in the United States, known as the Great Depression.
Recent steps and the reaction to tariffs
On August 1, Trump signed an executive order raising tariffs for Canada from 25% to 35%.
The statement stressed that goods covered by the preferential tariff regime under USMCA still remain exempt from the new tariffs.
Canada has been unsuccessfully trying to strike trade agreements with the United States for several months. At the same time, tariffs on Canadian steel and aluminum were raised to 50%.
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