Carney says aluminum prices open way to trade deal with Trump
Canadian Prime Minister Mark Carney is leveraging rising aluminum prices to negotiate a broader trade deal with the U.S. He argues that current U.S. tariffs are primarily impacting American buyers and suggests a comprehensive agreement covering metals, autos, and lumber.
Why it matters
The outcome of these negotiations could significantly impact North American trade relations and the cost of industrial goods in the U.S. and Canada.
Canadian Prime Minister Mark Carney said President Donald Trump’s tariff on foreign aluminum is mostly being paid by US buyers, adding there’s a “win-win” trade deal but only if both countries can address that sector in connection with the broader trade war.
US aluminum prices have shot up since Trump placed a 50% tariff on imports of the metal last June, Carney said, speaking to reporters outside a Rio Tinto Group aluminum facility in Quebec. Aluminum’s producer price index rose 52% from June 2025 to June 2026.
“Some of that is international prices, but most of that is pass-through of the tariff,” Carney said. “That’s not a good situation for American companies.”
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