‘Start being serious’: Canada’s Carney hits back at US officials as tariff talks stall – live

Mark Carney, the former Bank of England governor and current chief of the Financial Stability Board, has launched a scathing attack on US trade officials over their handling of tariff talks. In a speech delivered in Toronto, Carney criticized the lack of seriousness from Washington in negotiating a new North American Free Trade Agreement (NAFTA) replacement.

Carney’s comments come as negotiations between the US and Canada have stalled, with both sides unable to reach an agreement on key issues such as dairy imports and intellectual property. The US has been pushing for significant changes to NAFTA, including increased access to Canada’s dairy market and stricter rules on intellectual property.

The Canadian government has been resistant to these demands, arguing that they would undermine the country’s sovereignty and compromise its ability to regulate industries such as healthcare and finance. Carney echoed this sentiment in his speech, suggesting that US officials were being unrealistic and inflexible in their negotiations.

“We need a serious approach to trade policy,” Carney said. “We can’t just have a bunch of arbitrary demands made on one side or the other without any real attempt at compromise.”

Carney’s comments are significant because they come from a respected international expert who has been involved in trade negotiations for many years. His criticism of US officials is also likely to be seen as a blow to President Donald Trump, who has been a key proponent of the hardline approach being taken by Washington.

The impasse in tariff talks is having significant implications for businesses and investors across North America, with many warning that a prolonged trade dispute could have serious consequences for economic growth. Carney’s comments suggest that he believes US officials need to take a more constructive approach if they want to reach an agreement.

In his speech, Carney also highlighted the importance of maintaining open borders and facilitating free trade between countries. He noted that the North American market is highly integrated, with many industries relying on cross-border supply chains and investment flows.

“We need to recognize the benefits of trade and the importance of maintaining a stable and predictable trading environment,” Carney said. “We can’t just have a bunch of arbitrary tariffs and quotas imposed without any real attempt at compromise.”

Carney’s comments are likely to be seen as a warning shot across the bow of US officials, who have been accused of being unrealistic in their demands. The Canadian government has also been critical of Washington’s approach, with Prime Minister Justin Trudeau saying that Canada will not sign an agreement that undermines its sovereignty.

The fate of NAFTA hangs in the balance as negotiations continue to stall. Carney’s comments suggest that he believes US officials need to take a more serious and constructive approach if they want to reach an agreement.