Canada And Us To Launch Trade Talks In May, Says Carney

Canada and the United States are set to initiate talks on a new trade deal in early May, Prime Minister Mark Carney announced on Friday, cautioning that President Donald Trumps trade war was already beginning to impact Canada's labour market.

Carney made the remarks in Ottawa after pausing his campaign ahead of Canada's April 28 election to meet with cabinet members involved in managing US relations.

In his first phone call with President Trump since assuming office on March 14, Carney and the president agreed that discussions on future trade relations between Washington and Ottawa would take place after the election.

On Friday, Carney confirmed that these talks would commence within weeks. He added that Friday's meeting focused on the ongoing global trade war, with China announcing it would raise its tariffs on US goods to 125 percent, nearly matching the hefty 145 percent tariffs the US had imposed on Chinese imports.

Carney warned that the trade conflict was contributing to tightening in financial conditions, the initial signs of slowing in the global economy, and having negative effects on the Canadian labour market.