Tariff uncertainty continues to cloud businesses
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Tariff uncertainty continues to cloud businesses
Mark CarneyDominic LeBlancDonald TrumpOxford Economics

Canada-U.S. tariff talks continue as Mark Carney's team signals calm, with trade minister Dominic LeBlanc confirming negotiators are in discussions

Canada and the U.S. continue tariff negotiations, with Trade Minister Dominic LeBlanc confirming ongoing discussions. Mark Carney's team promotes a calm approach, emphasizing stability amid uncertainty, despite criticism over Carney's vacation during talks, signaling that Canada is not panicking in the face of trade challenges.

The Globe and Mail The Globe and Mail20 August 2026 · 08:31 UTC
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Canada and the U.S. are engaged in ongoing tariff negotiations, with Trade Minister Dominic LeBlanc confirming discussions are active. The Canadian negotiating team, led by Prime Minister Mark Carney, is adopting a calm and balanced approach, emphasizing that they are not desperate for a deal.1

The current trade climate has been characterized by uncertainty, with Canadians learning to manage the unpredictability of tariffs imposed by the U.S. “The best tactic is for Canadians to keep calm and carry on,” a sentiment echoed by Carney's team, which believes they are on solid ground regardless of the outcome.5

While some have criticized Carney for vacationing in Italy during the negotiations, this move was interpreted as a sign of confidence, indicating that Canada is not panicking in the face of aggressive trade tactics from the U.S. “President Donald Trump’s tactics are designed to create fear, so the best way to counter them is by showing calmness and strength,” said a source close to the negotiations.46

Despite the ongoing discussions, any potential concessions could unsettle the Canadian public and impact various sectors, as the full details of the negotiations remain unclear. A deal to scrap the tariffs permanently would bring only fleeting stability.37

Key Insight
“Carney's vacation in Italy on the eve of talks was criticized but sent a message that Canada wasn't panicking. Trump's tactics are designed to create fear, so showing calmness and strength is the best counter, though any concessions could rattle the public.”
Canadian businesses, industries anxious for US trade deal details
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Canadian businesses, industries anxious for US trade deal details
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The Globe and MailThe Globe and Mail
“The offers a brief respite from the punishing trade tactics unleashed upon Canada by its southern neighbour.”
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