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Thu, 26 Feb 2026

Thu, 26 Feb 2026 Canada's finance minister says US is unlikely to lift tariffs

The comments come after US President Donald Trump said he wants global tariffs to replace income taxes as America's main revenue source.
Canadian Finance Minister François-Philippe Champagne suggests that Canada may have to accept a baseline tariff to continue exporting goods to the US, echoing comments made by US trade chief Jamieson Greer that a "price" must be paid for access to the American market. The remarks come after US President Donald Trump's State of the Union address, in which he expressed his intention to eventually replace income taxes with tariffs as America's main revenue source. Canada has exemptions from certain US tariffs under the USMCA free trade deal, but faces higher tariffs on steel, aluminum, and softwood lumber. Champagne stated that every country is paying a price for access to the American market, and that Canada is currently paying the lowest price among its trading partners.