White House confirms no resolution in Trump-Carney talks, leaving 50% tariffs on Canadian goods poised to take effect.
The Canadian dollar fell after the White House confirmed President Trump’s discussion with Canadian Prime Minister Mark Carney failed to delay planned tariffs. The measures, including 50% duties on a broad range of goods, are scheduled to begin at 12:01 a.m. on August 19.
Markets had anticipated potential postponement or softened terms, but the lack of progress heightened concerns over escalating trade tensions. Traders also scaled back expectations for Bank of Canada rate hikes, adding pressure on CAD.
A last-minute deal could still provide relief, though the looming deadline leaves the currency vulnerable to further declines if tariffs proceed.