US, Canada officials eye potential trade deal next week

Senior trade officials from the United States and Canada are reportedly nearing a deal that could avert new tariffs on Canadian imports. Canada's CBC reported Tuesday that a joint proposal might reach President Donald Trump as early as Monday, just before an August 19 deadline. This deadline looms over hundreds of Canadian goods, facing a potential 50% tariff.

Negotiations are intensifying, with Canadian Trade Minister Dominic LeBlanc and U.S. Trade Representative Jamieson Greer meeting in Washington for the third time in three weeks. Canada's chief negotiator, Janice Charette, also held meetings in Washington on Monday. Neither official commented on the ongoing talks.

Beyond preventing new tariffs, Canada aims to secure relief from existing U.S. duties on steel, aluminum, lumber, and automobiles. The country also hopes the current discussions will lead to an extension of the Canada-U.S.-Mexico Agreement. Last month, Washington imposed additional 50% tariffs on specific Canadian products, including wine, hockey sticks, and cement.