Carney Unfazed by Trump’s 10% Tariffs, Eyes Canada-US Trade Talks
Canada’s Finance Minister Mark Carney responded to President Trump’s new 10% tariff on Canadian goods by emphasizing Canada’s readiness to resume Canada-US trade talks at any time, favoring substantive negotiation over public disputes. Speaking at the ASEAN summit in Malaysia, Carney highlighted plans to diversify exports beyond the US, targeting Asian markets and aiming to double non-US shipments over the next decade, while promoting Pacific-coast LNG terminals as reliable energy supply.
Despite US base tariffs on Canadian products reaching 35% with USMCA exemptions and sector levies on steel and aluminum, Canada maintains a diplomatic approach focused on Canada-US trade talks and structured dialogue. This measured stance contrasts with recent tariff theatrics and could sway USD/CAD rates and crypto market sentiment amid ongoing global trade tensions.
Neutral
This announcement delivers a diplomatic shift that may stabilize bilateral tensions in the short term, potentially reducing volatility in currency and commodity markets. For crypto traders, any easing of trade conflict risks could moderate swings in USD/CAD and broader risk-on sentiment, leading to a neutral impact on crypto prices.
In the long term, Canada’s push to diversify trade and strengthen energy exports may reshape cross-border flows and macroeconomic fundamentals, but without immediate shocks or breakthroughs, the crypto market is unlikely to see a decisive bullish or bearish trend solely driven by this development.