White House’s Hassett says a US-Canada trade deal is ‘very close’ after a week of Lutnick talks

Hassett said the United States and Canada are ‘very close to finally having a deal’ on trade^1,2. He said Commerce Secretary Howard Lutnick has been talking to his Canadian counterparts all week².

According to Hassett, Lutnick has been in active contact with Canadian representatives over the past week, and the White House reported progress towards an agreement³. ‘I think it’s very close to finally having a deal on that,’ Hassett said¹.

The comments follow the White House’s decision to ease some tariffs on Canadian goods^4,5.

Why it matters to investors

The statements are the administration’s own assessment of the talks, and the available reports do not include a Canadian account of how close the two sides are^1,3. Hassett gave no terms or timetable in the remarks reported so far^1,2.

The talks have a domestic political dimension. Senator Susan Collins said she had repeatedly asked Trade Representative Jamieson Greer, Lutnick and other senior officials for tariff relief⁵. She had raised concerns about tariffs with Greer and Lutnick before the White House eased some of the duties on Canadian goods⁴.

Collins said she would continue pressing for additional exemptions and a broader trade agreement⁶. The tariff relief has been described as an unexpected lifeline from Trump for Collins in a close Senate race⁶.

For companies and investors exposed to cross-border trade, the shift from partial exemptions to talk of a full deal matters. Exemptions cover selected goods, while a broader agreement of the kind Collins is seeking would set terms across trade between the two countries^5,6. The White House’s account suggests talks are moving in that direction^2,3.

What to watch

The first test is whether Canada confirms the White House’s description of the talks, since the claim of progress so far comes from Hassett^1,3.

Investors will watch for any announcement from Lutnick on the outcome of his week of contacts with Canadian counterparts².

Further tariff exemptions for Canadian goods, which Collins says she will keep pressing for, would signal whether the administration is moving step by step or towards a single agreement^4,6. The timing relative to the midterm elections will also be watched, given that the earlier tariff relief came ahead of the vote⁴.