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CUSMA Not Renewed: What the Trade Deal Impasse Means for Your Wallet

  July 2, 2026 | Trade & Economy The mandatory six-year review of Canada's most important trade agreement came and went this week — and it did not go the way Ottawa hoped. On July 1, U.S. Trade Representative Jamieson Greer confirmed that the United States will not renew the Canada-United States-Mexico Agreement (CUSMA) in its current form, sending the deal into a more uncertain, year-by-year footing right as Canadians are already navigating tariffs, a soft labour market, and a technical recession. Here is what actually happened, why it matters, and what it could mean for your budget in the months ahead. The short version CUSMA isn't dead. It remains legally in force until 2036. But instead of locking in a fresh 16-year term, the deal now shifts into annual reviews, with existing tariffs on steel, aluminum, autos and softwood lumber unresolved for now. What happened on July 1 CUSMA was built with a mandatory joint review every six years. If Canada, the U.S. and Mexico had a...
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Canada Dodges Major Impact in Trump's Tariff Storm

In a sweeping move, U.S. President Donald Trump announced retaliatory tariffs targeting imports from dozens of countries. While Canada wasn't entirely spared, it avoided the harshest measures. The new tariffs include a 25% levy on foreign-made automobiles, which could have significant implications for Canada's auto industry. However, Canada is exempt from the baseline 10% tariff applied to other nations.

Trump's administration claims these tariffs aim to bolster domestic manufacturing, but critics warn of potential economic fallout, including higher consumer prices and strained international relations. Canada, already facing tariffs on steel, aluminum, and energy, remains cautious as bilateral tensions continue to rise.

Prime Minister Mark Carney has vowed to address these challenges, emphasizing the importance of preserving Canada's economic stability amid shifting trade dynamics. The situation underscores the delicate balance between maintaining trade partnerships and navigating protectionist policies.

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