|

Canada PM pins new US tariff talk on NAFTA - Reuters

As reported by Reuters, Canada's Prime Minister, Justin Trudeau, accused the Trump administration of "flimsy logic" regarding a new investigation into placing tariffs on foreign vehicles imported into the US, and suggested the move is specifically linked to NAFTA talks. 

Trudeau also predicted talk of tariffs would likely disappear if slow-moving negotiations to update the North American Free Trade Agreement - currently stuck on autos issues - are successful. “I am - even more than I was with steel and aluminum - trying to figure out where a possible national security connection is,” Trudeau said. "Taking that a step further into autos seems to me to be on even flimsier logical grounds.” Trudeau continued, “But we know that this is very much linked to ongoing negotiations around moving forward on NAFTA.”

Talk of tariffs and potential trade wars will be on the agenda when Trump comes to La Malbaie for the G7 summit on June 8-9. Prominent G7 members such as Germany and France are also unhappy about what they see as Trump’s protectionist rhetoric.

 - Reuters

Canadian PM Trudeau has voiced Canada's need to diversify away from trade flows with the US, who currently account for three-quarters of all Canadian goods exports. The Trump administration's protectionist stance has seen Canada shift its attention to China as a potential major trade partner.

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

More from Joshua Gibson
Share:

Editor's Picks

GBP/USD: Daily gains remain capped by 1.3650

GBP/USD leaves behind Monday’s pessimism and advances marginally on Tuesday. Cable’s humble gains, however, appear to have met quite a decent resistance in the 1.3650 zone for now, in a context of a slight selling pressure hovering around the Greenback.

EUR/USD picks some pace, retests 1.1670

EUR/USD advances modestly and revisits the 1.670 zone on turnaround Tuesday. The pair’s slight advance comes after two daily drops in a row and follows the humble decline in the US Dollar, while investors gear up for upcoming US data and the Jackson Hole Symposium.

Gold: Buyers still hold the grip

Gold navigates the middle of its daily range near $4,650 per troy ounce on Tuesday. The lack of clear direction in the yellow metal comes on the back of the widespread cautious tone among market participants, a mildly offered stance in the US Dollar and a marked decline in US Treasury yields across the curve.

Crypto Today: Bitcoin soars past $80K as Ethereum and XRP hold gains

Bitcoin (BTC) is trading above $80,000 on Tuesday. This is the highest level the Crypto King has traded since mid-May, underscoring a positive shift in investors' risk-on sentiment, liquidity conditions and the technical outlook.

Nvidia earnings: A quick look at expectations

The 2026 Q2 earnings season is nearly over for S&P 500 members, with the reporting cycle notably positive. But looming large this week is none other than AI-favorite NVIDIA (NVDA) , whose results will wrap up the reporting cycle for the Magnificent Seven group as well.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.