# Canada and US Agree to Speed Up Trade Negotiations Following Trump's 50% tariff on Canadian goods, both sides agreed to accelerate talks. - **Source:** [Fortune](https://fortune.com) - **Published:** 2026-07-22 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/5a4776b0-54a0-41b5-ae6e-61cd98ed78e2 ## Tariff Hike and Negotiations US President Donald Trump imposed a 50% tariff on Canadian goods. Following this decision, Canadian Prime Minister Mark Carney agreed with Trump to accelerate trade agreement negotiations. The tariffs are set to take effect within 30 days. ## Economic Impacts The new tariffs could strain economic relations between Canada and the US. Inflation risks are rising, and trade balances between the two countries are being questioned. Canada has stated it is ready to respond to the tariffs. ## USMCA Agreement The US-Mexico-Canada Agreement (USMCA), signed in 2020, was not renewed. This triggered negotiations for a new trade agreement, which could continue until 2036. ## Canada's Response Canadian premiers criticized Trump's tariff decision. British Columbia Premier David Eby said the decision would harm relations with Canada and negatively affect families. Ontario Premier Doug Ford called for Canada to be more aggressive. ## Scope of Tariffs The new tariffs exclude energy products, potash, fish, and critical minerals. However, products like alcohol, cement, and hockey sticks are included. The impact on the Canadian economy is expected to be limited. ## Future Scenarios Trade negotiations between Canada and the US will shape the future of the North American economy. The long-term effects of tariffs could redefine relations between the two countries. Canada is taking steps to maintain its economic independence. ## Sources covering this story - https://fortune.com/2026/07/22/carney-trump-tariffs-canadian-canada-goods-negotiations/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._