Canadian Prime Minister Mark Carney expressed optimism Tuesday that a bilateral trade deal with the United States could be finalised as early as next week, potentially easing longstanding tariff disputes on steel and aluminium. Speaking to reporters amid intensive negotiations, Carney described the discussions as advancing rapidly and confirmed his expectation to meet U.S. President Donald Trump at the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, scheduled for October 31 to November 1.

"It’s possible, but we’ll see," Carney said, underscoring the fluid nature of the talks while highlighting Canada's parallel efforts to diversify trade ties with Asian partners, including China. This potential breakthrough follows Carney's recent Oval Office visit with Trump earlier this month, where the U.S. leader voiced openness to a deal without specifying timelines.

The negotiations centre on mutual concessions to resolve tariffs imposed by the U.S. on Canadian steel and aluminium, which have strained bilateral relations since their reimposition amid broader trade frictions. In exchange, Canada seeks expanded market access for its energy exports, including the possible revival of the Keystone XL pipeline project, which was cancelled in 2021 but has resurfaced in discussions as a symbol of cross-border energy cooperation. Sources familiar with the talks, as reported by The Globe and Mail, indicate negotiators have delved into unprecedented levels of detail, fostering positive momentum toward an agreement before the APEC gathering. These efforts build on the foundations of the United States-Mexico-Canada Agreement (USMCA), the 2020 successor to NAFTA, though recent U.S. policy shifts under Trump have reignited concerns over protectionist measures.

Dominic LeBlanc, Canada's minister overseeing U.S. trade relations, offered a more measured assessment during a recent return from Washington, cautioning against premature expectations. "I think it’s a bit overoptimistic to claim that we’re a few days away from reaching a deal," LeBlanc stated, emphasising the avoidance of artificial deadlines while affirming substantive progress. He noted that the current depth of engagement marks a departure from prior stalemates, yet acknowledged remaining hurdles in aligning economic priorities. Carney's administration has prioritised these talks to safeguard key export sectors, which account for over 75% of Canada's goods shipped to the U.S., amid global supply chain vulnerabilities.

Also Read: Trump Says US Destroyed Fentanyl-Loaded Submarine, Sends Surviving Traffickers to Latin America

Should a deal materialise, it could inject stability into North American trade dynamics, bolstering investor confidence and mitigating risks of retaliatory measures that have historically disrupted industries like automotive manufacturing and resource extraction. However, experts caution that any agreement would require swift ratification to align with the APEC summit's broader agenda on regional economic resilience. As Carney balances U.S. negotiations with outreach to Asia, the outcome in Gyeongju will not only test bilateral rapport but also signal Canada's strategic pivot in an era of geopolitical trade realignments. The stakes remain high, with successful resolution poised to reinforce the economic interdependence that underpins the world's largest bilateral trading relationship.

Also Read: Can't "Deplete" Stock: Trump Casts Doubt on Giving Tomahawks to Ukraine