Canada Faces New US Tariffs as Trade Tensions Escalate
Canada may have to accept a baseline tariff as the permanent "price" for continued access to the United States market, according to Finance Minister François-Philippe Champagne, who signaled that a full removal of US levies is unlikely. The minister's comments follow President Donald Trump's State of the Union address and come amid tense negotiations ahead of the CUSMA review, with Champagne asserting that "Canada is in a good position" despite the challenges. The US stance was firmly articulated by its Trade Representative, Kent Greer, who stated that any trade deal with Canada "must include higher tariffs" as part of a bid to reshore American industries. Greer criticized Canada for failing to meet several US demands, including reopening procurement opportunities, providing fair access to dairy markets, and reversing retaliatory measures against American wine and spirits. This positions protective tariffs as a non-negotiable element for the US in ongoing talks. The trade landscape is further complicated by the recent implementation of a new 10% global tariff by the Trump administration. This levy was imposed using a different legal authority after the Supreme Court struck down the previous tariff regime. While an exemption spares nearly 90% of Canadian exports from this specific tariff, the US is expected to announce a separate, Canada-specific tariff rate within days. Investors and analysts remain cautious, noting a lack of clarity and the volatile nature of tariff policy under the current administration.
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Finance Minister Francois-Philippe Champagne speaks with journalists as he arrives for a meeting of the federal cabinet in Ottawa on Feb. 24, 2026. ... Canada may have to accept a baseline tariff as the “price” to pay to continue shipping goods into the United States, François-Philippe ...
He also criticized Canada for failing to agree to U.S. requests to back off from "practices that we think are unfair," including measures that Canadian governments imposed last year in retaliation against Trump's tariffs. "Put American wine and spirits back on the shelf; they haven't done that. To reopen to America procurement opportunities; they haven't done that. To give us fair access to their dairy markets; they haven't done that," Greer told CBC News ...
U.S. trade representative says deal with Canada must include higher tariffs - The Globe and Mail
But he also told CBC News in an interview after U.S. President Donald Trump’s State of the Union address Tuesday that Canada, like other countries, must also accept “protective tariffs” in a bid to reshore American industries. “If Canada wants to agree that we can have some level of higher tariff on them while they open up their markets to us ...
No president has used this provision since the act was passed in 1974. The tariff is limited to 150 days without congressional approval. The exemption means nearly 90 per cent of the value Canadian exports to the U.S. are not subject to this tariff. Trump imposed these global tariffs after the U.S. Supreme Court struck down his previous regime as unconstitutional, including levies on Canada ...
The United States is expected to announce a new, Canada-specific tariff rate within seven days. It is not yet clear whether that tariff will be in addition to the “fentanyl” tariffs already in place for Canadian-origin goods that do not qualify for duty-free treatment under the USMCA.
Paul Surguy, managing director ... tariff news. "There is simply no clarity on which one can make an informed decision," he said. "In terms of tariff politics, history would suggest that where we are today is not where we might be tomorrow." Carsten Brzeski, global head of macro at Dutch bank ING, said that although tariffs came into force at the 10% rate, Trump's avowed rise ...
There are a couple reasons why: For one, the president has many tools to impose tariffs and the court decision last week only deemed one of them unconstitutional. Within hours of the ruling, Trump said he was using a different law to reimpose taxes on global imports.
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