Tariff deal unlikely before U.S. midterms, Canada’s ex

Canada’s former chief trade negotiator says he doesn’t expect Ottawa to reach a tariff deal with Washington before the U.S. midterm elections.

Steve Verheul says while there could be a window ahead of the midterms this fall when the U.S. administration is looking for a win, he thinks it’s more likely that negotiations stretch into next year.

He says he doesn’t think anything close to a good deal for Canada has been put on the table so far and he questions whether the agreements other countries have signed with the United States will stand the test of time.

Verheul led talks for Canada during the renegotiation of the North American free trade pact in U.S. President Donald Trump’s first term.

He was speaking today at an event for Bank of Montreal clients charting the trade outlook ahead of July 1, when the review of the Canada-U.S.-Mexico agreement on trade formally kicks off.

Verheul says the trade deal shields most Canadian exports from U.S. tariffs which is a good sign the pact still offers benefits to the United States.