Carney and Trump Engage in Intense Trade Negotiations Over Steel and Aluminum Tariffs

- Prime Minister Mark Carney and President Donald Trump are holding high-stakes negotiations. - These negotiations focus on lifting U.S. tariffs on Canadian steel and aluminum. On June 12, 2025, Bloomberg reported that Canadian Prime Minister Mark Carney and U.S. President Donald Trump are holding high-stakes talks focusing on lifting U.S. tariffs on Canadian steel and aluminum. President Trump previously imposed a 50% import tax on these goods, which has been a major point of contention. Regarding these discussions, on June 12, 2025, Canadian Prime Minister Mark Carney, speaking at a press conference, described them as "intensive." At the same June 12 press conference, Prime Minister Mark Carney noted a "good relationship" with President Trump but confirmed, "there is no agreement yet for signature." He added during the June 12 press conference that Canada seeks the removal of all U.S. tariffs and also insists on honoring the Canada-U.S.-Mexico trade agreement, which President Trump signed in 2020. While Carney's government has so far avoided implementing counter-tariffs, it has warned that Canada will retaliate if progress stalls. "There are unfair, illegal tariffs, and the Americans must remove them," Prime Minister Mark Carney asserted at the June 12 press conference. Many view the upcoming G7 summit in Alberta as a critical moment for further dialogue, where Carney and Trump plan a bilateral meeting. At the June 12 press conference, Prime Minister Mark Carney emphasized that Canada is willing to take the time required to secure a beneficial deal, stating, "We can wait. The stronger we get, the weaker the Americans get." Sources familiar with the negotiations indicated that both sides have exchanged proposals, and recent discussions have centered on trade rules for steel and aluminum. According to Bloomberg on June 12, the Canadian government appears more optimistic about reaching an agreement than its American counterparts. In addition to steel and aluminum tariffs, the Trump administration has also imposed tariffs on foreign-made vehicles and has taxed other Canadian and Mexican products not covered by the North American trade accord. Furthermore, some have suggested new U.S. import taxes on Canadian lumber and copper. During the June 12 press conference, Prime Minister Mark Carney also highlighted that a successful deal could restore trust in the U.S. as a reliable partner, and he noted Canada's efforts to expand trade relationships with European countries. He further suggested at the June 12 press conference that this could lead to a narrower agreement with the U.S. focusing on key areas such as aluminum, aerospace, and defense. According to CoinMarketCap on June 12, 2025, Ethereum (ETH) was trading at $3,214 as of 12:00 UTC, and its 24-hour trading volume had increased by 2.3%.