The change will go into effect on Sept. 1, Carney added, saying he believes Canada has the best trade deal out of all of the countries working with the U.S.

Canada will remove many retaliatory import tariffs on U.S. goods and intensify talks with the United States on striking a new trade and security relationship, Prime Minister Mark Carney said on Friday.

Prime Minister Mark Carney said Canada is dropping 25% tariffs on a long list of U.S. products to ease trade tensions.

Canada's Prime Minister Mark Carney said on Friday that his country will drop some of its billions of dollars in retaliatory tariffs on US goods, though it will keep levies on autos, steel and aluminium.

Canadian Prime Minister Mark Carney says the government will remove retaliatory tariffs on US goods, specifically covered under the Canada-United States-Mexico Agreement.

Canada will remove many retaliatory import tariffs on U.S. goods and intensify contacts with the United States on striking a new trade and security relationship, Prime Minister Mark Carney said on Friday.

Under that scenario, headline inflation would stay below 2% until late 2026. The Bank of Canada sets interest rates to achieve and maintain 2% inflation. “The removal of retaliatory tariffs on many products should help quell any lingering concerns at the Bank of Canada about tariff-induced inflation,” Mendes said.