Canada says trade deal with US is very close, more work needed

Canada and the United States appear to be on the verge of a trade agreement, with Canadian Trade Minister Dominic LeBlanc saying the two countries are “very close” after marathon negotiations in Washington. The talks, which lasted over three hours with US Trade Representative Jamieson Greer, are aimed at defusing a tariff standoff that has rattled North American commerce for months. The proposed deal would reportedly halve US tariffs on Canadian steel and aluminum while also lowering duties on automobiles. That’s a meaningful climb-down from the 50% tariff on Canadian goods that Washington had been threatening, a levy that would have hit an estimated $20-30 billion worth of exports. A three-day ceasefire President Donald Trump added fuel to the optimism by announcing a three-day pause on tariffs that had originally been scheduled to take effect on August 19-20. He cited the potential for a deal and, in a somewhat unrelated flourish, referenced the revival of the Keystone XL pipeline as part of the broader bilateral agenda. Prime Minister Mark Carney has also acknowledged what both sides are calling substantial progress. Still, “very close” and “done” are different words for a reaso...