Trump searching for new trade deals in Canada as ‘Liberation Day 2.0’ deadline draws closer

President Trump kicked off a series of meetings in Canada this week by saying “our primary focus will be trade,” but with little evidence so far of progress on new deals as his “Liberation Day 2.0” deadline draws closer.

“I’m a tariff person. I’ve always been a tariff person,” Trump offered at the start of a G7 summit in Kananaskis, Alberta, Monday alongside Canadian Prime Minister Mark Carney.

For the president, it was the first in a marathon series of meetings with other trade-focused nations such as Germany, Mexico, and others on the docket.

The president did announced the finalization of one previous pact, appearing alongside UK Prime Minister Keir Starmer to ink implementation of a previous deal announced in May.

“We just signed it and it’s done,” Trump said Monday afternoon standing alongside Starmer to tout the finalization of provisions around things like auto tariffs and agriculture purchases.

“It’s going to produce a lot of jobs and a lot of incoming,” Trump added.

Monday’s gatherings with Carney and others also saw Trump offer words of praise to his fellow leaders while at time acknowledging deep differences in opinion.

In the case of Canada, Trump suggested a deal could still be possible and said of the dueling approaches, “We’re going to look at both.”

Monday’s remarks offered a kickoff to what is expected to be an eventful week ahead. The larger G7 gathering is set to focus largely on national security issues — such as strikes between Israel and Iran and the war in Ukraine — but Trump repeatedly underlined Monday that tariffs are front and center for him.

The trade focus comes as at least some market watchers are warning of potential new tensions that could be around the corner, especially if few or no deals materialize.

As Ed Yardeni of Yardeni Research put it in a note Monday, “President Donald Trump doesn’t seem as ready to pivot away from his trade war as hoped,” adding that tensions could move back to the front burner “this week or next.”

The meeting comes with only about three weeks left until a key deadline in Trump’s trade war, with the scheduled expiration of his 90-day pause on his “Liberation Day” tariffs set for July 9.

It also comes after Trump and his team repeatedly promised that trade deals are around the corner, but with only the limited pact with the UK and a temporary truce with China in evidence so far.

Trump and his aides have laid out a range of scenarios for exactly what this coming deadline will look like, from another round of pauses to Trump simply dictating tariffs. Some combination of those outcomes is expected.

Read more: What Trump’s tariffs mean for the economy and your wallet

‘I see my top economy people’

The meeting with Carney on Monday kicked things off with members of Trump’s trade team — including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer — in attendance and Trump joking, “I see my top economy people.”

The brief remarks with Canada’s Carney saw Trump weigh in on other topics, such as Russia’s former membership in the group, but he often returned to trade.

“I think we’re gonna accomplish a lot, and I think our primary focus will be trade and trade with Canada,” Trump told Carney.

Indeed, trade watchers will be watching closely for any signs of progress, especially with Europe and the US’s closest neighbors, with Trump in close proximity to those Western allies this week and trade tensions with China at a lower temperature for now.

As for what to expect from the three-day summit, the president was vague Sunday as he left for the meetings, telling reporters, “I think we’ll have a few new trade deals,” but also reiterating his regular refrain that he may simply dictate tariffs.

In addition to G7 trading partners — Britain, Canada, France, Germany, Italy, and Japan — the meeting includes non-G7 members eager to talk trade. Mexican President Claudia Sheinbaum is in attendance, as are leaders of nations such as India, Australia, and South Korea.

Nearly all these nations are in the middle of active trade talks with foreign leaders and are expected to jump at the rare chance to make their case directly to Trump.

The hope for many is for a breakthrough with a series of long-promised but currently stalled deals.

For example, Trump’s team has repeatedly telegraphed pacts with Japan and India that have yet to materialize.

The meeting also came as a report from a German newspaper suggested that European negotiators are prepared to accept blanket 10% tariffs across EU exports to the US in return for concessions.

Others are expecting less progress this week, with Pangaea Policy’s Terry Haines predicting of the overall gathering, “Expect nothing more than hot air this week from Kananaskis.”

This post has been updated with additional developments.

Ben Werschkul is a Washington correspondent for Yahoo Finance.

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