Sanctions & trade RegionUnited States Impact Notable
Carney says Canada has not budged as US trade deal looks less imminent
What happened
Canada’s Carney says Ottawa has not changed its position and any progress in US trade talks reflects Washington moving toward Canada, after a Semafor report. Separately, the US and Canada are working on a deal to ease tariffs on Canadian steel and auto imports, per a Reuters report citing sources. Trump said a Canada tariff deal is coming 'soon' at a Michigan border rally.
What it means for markets
Conflicting signals between Carney's stance and Trump's 'soon' claim create uncertainty for the Canadian dollar and auto/steel sectors. A deal easing steel and auto tariffs would support Canadian exports and related US importers, but Carney's comments suggest talks are less advanced than hoped, keeping pressure on the Canadian dollar.
AssetExpectedMove since first report
Euro FXE Uncertainty over Canada-US trade deal weakens Canadian dollar relative to euro
▼ Down
-0.23% 103.35 (2026-10-23) → 103.11 (2026-10-30)
Energy stocks XLE Eased steel tariffs support Canadian energy sector exports
▲ Up
+1.00% 69.33 (2026-10-23) → 70.02 (2026-10-30)
What to watch
- Any official announcement from US or Canada on steel and auto tariff deal
- Carney or Trump further comments on trade talks timeline
Source timeline
- investingLive Greer warns $3.4 billion EU loan to Airbus may breach US-EU aircraft trade truce Alt headlines:
- investingLive Carney says Canada has not budged as US trade deal looks less imminent than claimed
- investingLive US and Canada working on deal to ease tariffs on Canadian steel and auto imports
- Reuters Trump says Canada tariff deal coming 'soon' at Michigan border rally
- BBC White House lifts tariffs on some Canadian goods as midterm elections loom