Trump and Canadian PM Trudeau had a “good discussion” on Monday night

Reuters reported on Tuesday, citing a Canadian source directly familiar with the situation, that US President-elect Donald “Trump and Canada’s Prime Minister (PM) Justin Trudeau spoke on Monday night about trade and border security.”

The source said Trump and PM Trudeau had a "good discussion" and that the “two men agreed to stay in touch."

Meanwhile, the Canadian Deputy PM noted that “Canada places the highest priority on border security and the integrity of shared border with the US.”

“Canada-US relationship today is balanced and mutually beneficial, particularly for American workers,” the Deputy PM added.

Reuters said that the Canadian Deputy PM's statement did not mention Trump's tariff threat.

Market reaction

USD/CAD is paring back gains following these comments, still trading 1% higher on the day at around 1.4125.

Nov 26, 2024

Australian Dollar depreciates due to risk aversion following Trump’s tariff decision

The Australian Dollar (AUD) continues to weaken against the US Dollar (USD) on Tuesday, driven by dampened market sentiment following President-elect Donald Trump's announcement of a 10% increase in tariffs on all Chinese goods entering the United States (US), along with a 25% tariff on imports from Mexico and Canada.

China’s Embassy in Washington: No one will win a trade war

After US President-elect Donald Trump’s threat to impose additional 10% tariffs on all Chinese goods, China’s Embassy in Washington responded by saying that “no one will win a trade war or a tariff war.” Additional quotes About the issue of US tariffs on China, China believes that China-US economic and trade cooperation is mutually beneficial in nature.