Kevin Hassett Says U.S.-Canada Trade Talks Are Gaining Steam
Canada
Evelyn Hockstein/Reuters
Source Analysis
What Happened
What Happened
Timeline
October 25, 2026
Canada signals readiness to negotiate: Hassett wrote to Canadian Finance Minister François‑Philippe Champagne requesting a meeting, and Dominic LeBlanc’s office said Canada will assess the latest tariff measures and 'stands ready to work constructively and in good faith' toward a more mutually beneficial trading relationship.
October 25, 2026
Officials say deal 'very close': Kevin Hassett, the National Economic Council director, told Fox News that negotiations with Canada are 'gathering steam' and that the U.S. and Canada are 'very close' to a trade deal, noting Commerce Secretary Howard Lutnick had been speaking with Canadian counterparts through last week and reporters were told a deal felt close.
October 25, 2026
Industries report damage and relocations: Canadian producers reported sharp effects: the CEO of Preverco said Trump’s 50% tariffs could 'devastate' the hardwood sector and one producer said they were losing about 25% of business overnight; several Canadian sites making lip balm have stopped shipping or plan to relocate (one brand moving production to Vermont), while other firms reported layoffs and work-share arrangements.
Perspectives and Debates
Is the U.S.-Canada trade situation genuinely improving?
Summary by Ground AI
Sources
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Source Analysis
Timeline
October 25, 2026
Canada signals readiness to negotiate: Hassett wrote to Canadian Finance Minister François‑Philippe Champagne requesting a meeting, and Dominic LeBlanc’s office said Canada will assess the latest tariff measures and 'stands ready to work constructively and in good faith' toward a more mutually beneficial trading relationship.
October 25, 2026
Officials say deal 'very close': Kevin Hassett, the National Economic Council director, told Fox News that negotiations with Canada are 'gathering steam' and that the U.S. and Canada are 'very close' to a trade deal, noting Commerce Secretary Howard Lutnick had been speaking with Canadian counterparts through last week and reporters were told a deal felt close.
October 25, 2026
Industries report damage and relocations: Canadian producers reported sharp effects: the CEO of Preverco said Trump’s 50% tariffs could 'devastate' the hardwood sector and one producer said they were losing about 25% of business overnight; several Canadian sites making lip balm have stopped shipping or plan to relocate (one brand moving production to Vermont), while other firms reported layoffs and work-share arrangements.
