Canada not yet ready to finalise US trade deal, says Carney

• Mark Carney says Canada is not yet ready to finalise a trade agreement with the United States

• His remarks come amid questions over a possible deal before the November 3 US midterm elections

• Ottawa and Ontario have announced C$8.7 billion in measures to support industries affected by US tariffs

Canada is not yet in a position to conclude a trade agreement with the United States, Prime Minister Mark Carney has said, stressing that his government will pursue an agreement that delivers the right outcome for Canadians.

Speaking to reporters before a Liberal caucus meeting on Wednesday, Carney said opportunities existed for arrangements that could benefit both countries, but negotiations had not reached the point where Ottawa could finalise a deal, according to local media reports.

“There are deals that are in the best interests of Canada, first and foremost, but also are in the interests of the United States,” he said. “If those deals present themselves, we will pursue them. But we're not at that position right now.”

His comments come as the approaching US midterm elections on 3 November intensify scrutiny of trade relations between the two neighbours. Questions have grown over whether an agreement could be secured before the vote, Xinhua reported.

US President Donald Trump’s recent assertions that negotiations were advancing rapidly have also drawn attention in Ottawa. Carney’s remarks indicate that Canada is continuing to assess any prospective agreement against its domestic economic priorities.

Meanwhile, the Canadian government and Ontario are moving to cushion workers and businesses from the effects of US tariffs.

Earlier this month, Carney and Ontario Premier Doug Ford announced a package of strategic industrial measures worth C$8.7 billion, or approximately US$6.18 billion. According to the prime minister’s office, the programme seeks to protect employment and strengthen the province’s steel, automotive and critical minerals industries.

The measures include a joint steel action fund and assistance for vehicle manufacturers to modernise production lines for connected and electric vehicles.

The plan also provides for road infrastructure and faster approval processes to support the development of a critical minerals supply chain in northern Ontario.

Ontario, a major centre of Canadian manufacturing, has substantial automotive and steel operations alongside extensive critical mineral deposits. Its dependence on exports to the United States, particularly vehicles and steel, has left the province especially exposed to American tariffs.

The support package is intended to address immediate pressures on these industries while strengthening their capacity for longer-term growth.

With IANS inputs