Ambassador Mark Wiseman stressed at the B20 summit in Washington that removing tariffs imposed under Sections 232 and 338 of U.S. trade law is vital to bring both nations as close to free trade as possible. Although bilateral talks focused on steel and automobiles recently restarted after an August breakdown, existing duties reaching up to 50% on Canadian products have provoked retaliatory actions against U.S. exports. Canadian Prime Minister Mark Carney confirmed the Trump administration remains Ottawa's key negotiating partner, even as incoming congressional Democrats plan to challenge these executive trade measures.
Key points
Heightened trade barriers and tariffs risk stalling essential corporate investments in ma…: Heightened trade barriers and tariffs risk stalling essential corporate investments in manufacturing facilities, equipment, and research.
American consumers are beginning to feel price pressures as roughly a quarter of import t…: American consumers are beginning to feel price pressures as roughly a quarter of import tariff expenses trickle into retail costs.
Canadian officials continue direct negotiations with the White House despite imminent Dem…: Canadian officials continue direct negotiations with the White House despite imminent Democratic plans to challenge the current administration's trade agenda.
Sources checked by our analysis pipeline: 1
Canada's ambassador to the U.S. warned Wednesday that President Donald Trump's tariffs are driving up investment costs and discouraging business expansion, as new Federal Reserve research points to more price hikes for American consumers next year.
"Uncertainty increases your cost of capital," Ambassador Mark Wiseman said at the B20 summit, a gathering of global business leaders in Washington hosted by the U.S. Chamber of Commerce.
"If you're going to build a new plant, add a new ship, spend money on R&D, the more certainty you have, the more likely you're going to do that," said Wiseman, a former BlackRock executive who became Canada's ambassador in February.
His warning comes as Washington and Ottawa struggle to resolve a tariff quarrel affecting one of the U.S.'s largest trading relationships. The two countries exchanged roughly $570 billion in goods during the first nine months of 2026, according to U.S. Census Bureau data. That's an increase from the same period in 2025, the first year of Trump's second term, but lower than the comparable nine months during the previous three years, when Joe Biden…
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