---
title: "Carney: Sectoral deals are unlikely, talks likely to roll into USMCA review"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/270189205.md"
description: "Canada's efforts to secure a deal for steel and aluminum producers fell through, with no immediate help expected. U.S. Trade Representative Jamieson Greer outlined U.S. demands for extending the USMCA, including access to Canada's dairy market and changes to online regulations. The U.S. also seeks to strengthen rules of origin and align tariffs. Negotiations may extend into 2026. Despite tensions, the Canadian dollar has outperformed the U.S. dollar this year."
datetime: "2025-12-18T16:28:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270189205.md)
  - [en](https://longbridge.com/en/news/270189205.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270189205.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/270189205.md) | [繁體中文](https://longbridge.com/zh-HK/news/270189205.md)


# Carney: Sectoral deals are unlikely, talks likely to roll into USMCA review

Canada spent weeks trying to get a deal for steel and aluminum producers in the autumn. At one point a deal looked very close and Trump even hinted that it was coming.

However the deal fell apart and Trump blew up over Ontario's tariff ads. The leaders met at the FIFA World Cup draw and the commentary was positive but it looks like no help is coming for steel and aluminum for now. That said, the help could come in 2026 as a broader trade deal is negotiated.

U.S. Trade Representative Jamieson Greer told members of U.S. Congress Wednesday that there were some things the US wanted from Canada before extending the USMCA for 16 years. Some points in a leaked document:

-   Access to the dairy market
-   Canada’s Online Streaming Act and Online News Act
-   Provincial bans on U.S. alcohol products
-   Alberta’s unfair treatment of electrical power distribution providers in Montana
-   Government procurement

That seems like a reasonable starting point for negotiations. A key timeline to watch is early, which is when the US will outline its USMCA plans to Congress in more detail.

Perhaps the larger difficulty in negotiations will be the US trying to align North American policy, while also asking so much of its neighbours while continuing to restrict access to its markets. From the same document, here are some US priorities:

-   Strengthening rules of origin for non-automotive industrial goods to ensure trade benefits flow to the Parties.
-   Enhancing alignment on tariffs, export controls, and investment screening.
-   Developing mechanisms to penalize the offshoring of U.S. production to Canada or Mexico resulting from regulatory arbitrage.
-   Developing a "Critical Minerals Marketplace" to incentivize regional mining, processing, and manufacturing

Despite all the drama, the Canadian dollar has outperformed the US dollar this year and is near a three-month low.

### Related Stocks

- [United States Steel Corporation (X.US)](https://longbridge.com/en/quote/X.US.md)

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