Final Thoughts

Trump says Canada deal might not happen: Report

Written by Ethan Bernard

July 25, 2025

President Trump said a negotiated deal with Canada might not occur. The result: all existing tariffs, along with those set to take effect on Aug. 1, will stay in place, according to media reports.

“We haven’t really had a lot of luck with Canada,” Trump told reporters on Friday, per an article in Bloomberg.

“I think Canada could be one where they’ll just pay tariffs, not really a negotiation,” the president was quoted as saying. “We don’t have a deal with Canada. We haven’t been focused on that.”

Canada currently faces 50% Section 232 tariffs on steel and aluminum shipped to the US. That is separate from a “reciprocal” tariff rate that Trump could adjust higher next Friday.

The reciprocal tariff would see all non-exempt Canadian exports to the US incur a 35% tariff starting on Aug. 1.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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