Carney set for affordability announcement as next U.S. tariff date looms

Prime Minister Mark Carney is set to make an announcement on affordability in Prince Edward Island on Monday as the date for Canada to reach a trade deal with the U.S. looms.

The Prime Minister’s Office says in Carney’s itinerary he will be announcing new measures to lower costs for Canadians.

He will then take questions from reporters following the announcement.

The announcement comes just four days before U.S. President Donald Trump’s Aug. 1 deadline for countries around the world to reach a trade deal with his administration.

Trump threatened Canada with a 35 per cent tariff on all goods not exempted by the Canada-United States-Mexico Agreement (CUSMA) starting Aug. 1 if a deal isn’t reached.

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However, 25 per cent tariffs remain on steel and aluminum exports to the U.S., as well as 25 per cent on the automotive industry. Copper duties are also expected to take place later this week.

The president has not said if the Aug. 1 deadline will have any impact on those tariffs.

More to come.