Prime Minister Mark Carney and U.S. President Donald Trump are having direct talks toward what could be a new trade deal, the U.S. ambassador to Canada said Wednesday, but quickly added he's "not confirming or denying" that any agreement is done.

Trump’s “Liberation Day” may be the first step in America’s exit from its role as the world’s economic anchor and trusted trade ally. That’s according to Canadian Prime Minister Mark Carney, who didn’t hold back in a press conference shortly after reciprocal tariffs on U.

Economists say trade between Canada and the United States is mid-collapse. Canada’s overall trade deficit more than tripled between March and April, from C$2.3bn ($1.7bn) to C$7.1bn. That is the result of tariffs on an economy that sent 76% of its exports to the United States in 2024.

Interim NDP Leader Don Davies is accusing Prime Minister Mark Carney of not being transparent about negotiations with the U.S. on getting President Donald Trump's tariffs lifted.

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Canada's trade deficit reached a record high in April. This was due to a sharp decline in automobile exports to the United States. Donald Trump's tariffs on Canadian auto, steel, and aluminum sectors caused this drop.

With one week to go until G7 leaders gather in Alberta, Prime Minister Mark Carney has announced his priorities for the meeting and is managing a guest list that lays bare fault lines in some of Canada's international relationships.