Canada’s Finance Minister Says U.S. Tariffs May Be the “Price” of Market Access

Canada’s finance minister said a baseline tariff may be the “price” countries must pay to continue accessing the US market.

Canada currently enjoys exemptions under the USMCA but still faces higher duties on steel, aluminum, and softwood lumber. (Photo: De Groote School of Business - McMaster University) 

Champagne’s remarks followed President Trump’s State of the Union address, where he reiterated his desire for tariffs to become a primary source of US revenue.

His comments came after US Trade Representative Jamieson Greer suggested Canada would need to accept “some level of higher tariff” in exchange for expanded access to its own markets, including dairy.

Canada currently enjoys exemptions under the USMCA but still faces higher duties on steel, aluminum, and softwood lumber.

Prime Minister Mark Carney has said Ottawa aims to double non-US exports over the next decade to reduce dependence on its largest trading partner, which accounts for about 75% of Canadian exports.