Canada cools hopes for a US trade deal ahead of the G7

The G7 meetings in Canada start today and they will be a major focus of markets this week.

There were big hopes for trade deals ahead of time but yesterday, Canada’s minister of US trade Dominic LeBlanc said progress hasn’t come quickly enough.

“I’m hopeful we’ll get there, but it’s not fast enough,” LeBlanc said in an interview with The West Block.

“Our hope was that we would have made more progress before the president
arrives in Alberta for the G7. We haven’t hit that sweep spot.”

Sticky points are on steel and aluminum tariffs, autos and duties on other sectors.

Leblanc said conversations have been “frequent and constructive” but warned that time is running out to make a deal before Canada strikes back.

So far those comments haven’t hurt the loonie, it’s trading at the best levels since October.

This article was written by Adam Button at www.forexlive.com.