Canada’s apparent tariff advantage is also born out in U.S. Customs and Border Protection numbers that track IEEPA tariff revenue by country. For Canada, the revenue collected so far is equal to just 1.6. per cent of total exports to the U.S., compared with 3.5 per cent for Mexico, although this doesn’t account for sectoral tariff revenues.

Commerce Secretary Howard Lutnick reminded us of an important but little-discussed part of trade negotiations with Canada and Mexico -- "virtually 75%" of trade between the U.S. and its two neighbors is "already tariff free" because of the USMCA agreement.

The United States’ decision to impose steep tariffs on imports from Canada and Mexico is likely to have a muted impact on cross-border trade, BofA says, thanks to exemptions preserved under the USMCA (United States-Mexico-Canada Agreement).

Whether President Donald Trump will renegotiate the country’s trade agreement with Mexico and Canada remains to be seen, but the threat is already affecting commerce on the border.

President Donald Trump "absolutely" plans to renegotiate the USMCA when the pact comes under review next year, Commerce Secretary Howard Lutnick said.

President Sheinbaum and Canada PM Carney have agreed to strengthen Mexico-Canada trade relations in light of US tariff threats.

Commerce Secretary Howard Lutnick confirmed on Sunday that President Trump intends to renegotiate the U.S.-Mexico-Canada Agreement.

Our automotive industries are deeply connected; our workers share the same struggles. Yet today, that relationship is under threat from a wave of U.S. tariffs that are hurting Canadian workers. Indeed, the tariffs hurt American workers too, including U.S. auto workers.