Carney says any trade deal with U.S. will likely include tariffs
Canada has yet to respond formally to the latest threat, or to Trump's recent moves to impose lofty tariffs on copper imports and double existing levies on steel and aluminum.
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Carney and Trump agreed last month to work toward a new trade and security pact by July 21, but the U.S. president unilaterally pushed back the timeline to secure a deal. Carney has said he would wait until the deadline before adjusting Canada's counter-tariffs on U.S. goods, based on where the U.S. tariffs were at then.
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Simard said the industry needs to see more short-term support 'very soon.'
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'Markets have already reacted to a 50 per cent tariff on aluminum. It's not good. It's very destructive. It is very bad for the U.S. aluminum downstream industry and it's not good for us,' Simard said.
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Canada is the largest supplier of steel and aluminum to the U.S. The metals sector has seen job losses and decreased orders since Trump imposed tariffs.
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Trade deals the U.S. has announced since Trump returned to office all include some level of tariff. The trade deal with the U.K. includes a 10 per cent tariff on most goods, while the deal with Vietnam includes a 20 per cent tariff on Vietnamese goods and a 40 per cent levy on goods being shipped through the South Asian nation.
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Before boarding Marine One to head to Pennsylvania Tuesday afternoon, Trump said that a new trade deal with Indonesia will include 19 per cent tariffs, and no levy for the U.S.
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'They are going to pay 19 per cent and we are going to pay nothing,' he said. 'I think it's a good deal for both parties.'
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Trump said a few more deals will be announced.
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'India basically is working along that same line — we are going to have access to India,' Trump said.
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Trump said Monday that he saw the letters he sent to Canada, the European Union and Mexico about increased tariffs rates as 'the deals.'
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'I watched a show this morning and they were talking about, 'Well when's he going to make the deal?' The deals are already made. The letters are the deals. The deals are made. There are no deals to make,' Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte.
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Trump repeated Tuesday that he saw his letter to the European Union threatening 30 per cent tariffs as the deal, but added the two sides are still in talks.
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The Trump administration may begin to face increased domestic pressure because of rising costs on consumer goods because of the global tariff campaign.
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U.S. inflation rose to its highest level since February as Trump's sweeping tariffs push up the cost of a range of goods including furniture, clothing and large appliances.
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American consumer prices rose 2.7 per cent in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month
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