Canada US trade talks: Ottawa says midterm result will not change its diversification plan

Update: what changed on Canada US trade on Nov 4 was Ottawa's read of the negotiating table, not the tariffs themselves.

Canadian Press reported Nov 4 that Minister LeBlanc said the US midterm result will not change Ottawa's diversification plan, and that talks have been productive. Prime Minister Carney said the US has backed off two red lines, Quebec French language laws as trade barriers and limiting Canada's right to sign other trade deals, and is asking less and offering more.

The tariffs themselves are unchanged: 50% on steel, aluminum and copper, and 25% on autos.

Deal term detail circulating on tentative steel and aluminum understandings and a US auto offer at 15% for cars and light trucks only is single sourced to CanPulse, citing Globe and CTV sources. The brief flags that detail as unverified, and it should be treated that way until an official source confirms it.

For investors and business buyers, underwrite on the tariffs that are actually in place, not on reported negotiating movement. Cross border deals, auto exposed businesses, and steel and aluminum input costs should still be priced at the 50% and 25% rates above, with any relief treated as upside only after it is signed.

Source: Canadian Press, Nov 4, 2026. CanPulse deal term detail is single sourced and flagged unverified in the brief.