Trump, Carney Float a Deal to End the Auto-Tariff War

by TTAC News Staff

Published: November 3rd, 2026

trump carney float a deal to end the auto tariff war

Just before the U.S. midterms, Canada and the United States are suddenly sounding chummy about the trade war they've been waging since summer. Make of that timing what you will.

Prime Minister Mark Carney said Sunday he'd held a constructive conversation with President Donald Trump about a possible trade deal, with both sides' negotiators due to hammer out an agreement over the next few weeks. Trump, landing in Iowa for a rally, offered his own characteristically precise assessment: "We have the concept of a very good deal with Canada."

For the auto crowd, the relevant piece is this: Washington and Ottawa have been talking about easing U.S. tariffs on Canadian steel and automobiles. Neither side has announced any specifics. The negotiations also reportedly involve construction of the Keystone XL pipeline and the prospect of erasing tariffs that U.S. farmers pay on Canadian products.

"Part of the agreement is that our farmers will have to pay no tariffs," Trump said, though his own comments made clear final details aren't settled. He added the deal would be "great for our farmers, great for our country, and it'll be fine for Canada."

Carney framed his side around creating jobs, bringing down household costs, and protecting the country's language, culture, and sovereignty. "Our teams will now be working in the coming weeks to deliver that outcome," he wrote on social media.

The upbeat tone marks a turn from August, when Canada abandoned the talks after refusing U.S. demands that Carney called a threat to its sovereignty, its French-language protections, and its auto sector. Trump responded by slapping 50% tariffs on about $20 billion in Canadian goods, and Canada retaliated.

The sudden thaw also lines up with the political calendar. Trump's trade war has become an issue in Senate races in Michigan and Maine, where border-state voters feel the pain. Michigan Republican Senate candidate Mike Rogers has pushed to end the tariff fight.

Robert Bothwell, a University of Toronto historian, urged skepticism, comparing the improved mood to "five minutes of variable sunshine. Rain later." As recently as Wednesday, Carney himself said a deal before Tuesday's vote wasn't in the cards.

[Images: WhiteHouse.gov, Canada.gov, author]

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TTAC News Staff

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8 of 128 comments

The original ToolGuy™ 7 hours ago

Markets tanking. How interesting.

1 Reply
- See 3 previous
- Forward Observer 6 hours ago
  
  To be clear, this is interesting.
  
  Like
- Slavuta 5 hours ago
  
  Are you really saying, balloons popping?
  
  Like
- 28-Cars-Later 4 hours ago
  
  Seriously are you short -and thus happy as you're up- or are you down 10%+ like the rest of the proles? No wrong answer.
  
  Like
- Forward Observer 3 hours ago
  
  28,
  Me, I'm down big, probably more than the percentages you are quoting. (It will get worse.)
  I lack basic math skills, and I don't know anything about money, or cars, you can ask around lol.
  More importantly, if you did a net present value of all the future cash flows in my life, I get the feeling that it just took a big big permanent hit. Let me look into the Carter Administration and I'll get back with you (I was pretty young lol).
  Congratulations to you for being correct, I doubted you all this time. I'm sorry it took the decline of our country to prove you right. 🙂
  
  Like
- 28-Cars-Later 2 hours ago
  
  I'm sorry to hear. SPY started acting weird at the 780 high and I figured it was safer to sell the 401ks and sit in money market till it stopped than to wait for 790 or 800. Once I saw the thrusting candle on 10/15 I knew the goose was cooked and the 200dma @ 730 was the likely target. (which it just hit in AH trading). What's creeping me out now is the speed of this, I expect a dead cat bounce tomorrow but next week could get even nastier (I'm thinking Nov 2008 in my head after that election). But geez that red candle today was a face ripper.
  "Let me look into the Carter Administration and I'll get back with you (I was pretty young lol)."
  Too bad he's dead, the crowing achievement of his life could have been to go as an envoy to end the Israeli-US war with Iran (assuming Trump the Lump would be pragmatic and less of a retard).
  
  Like Unapproved!
MaintenanceCosts 2 hours ago

The decline is almost totally in what should now be considered AI stocks. Unfortunately, we were due for a correction there. Everyone knows at heart that the returns from the technology as it exists now cannot support the current rate of capital investment, and a fair amount of money is going to be lost. But apparently it took some anti-data-center politicians getting elected to get people to act on their knowledge.

Like Reply
- See 1 previous
- 28-Cars-Later 1 hour ago
  
  That's been a bloodbath, this is 2020 level stuff. But you can have a sector melt down and not wreck the SPY almost 5% in one session. I'm not sure but I feel a recession coming in part because of the Iran/oil/energy situation but the "election result" will serve as the scapegoat.
  "But apparently it took some anti-data-center politicians getting elected to get people to act on their knowledge."
  We could agree to disagree but personally I don't believe that agenda for a second. I know in my heart one of the greatest traders ever, Speaker Pelosi, was short and if she isn't scooping up cheapies now she's waiting till next week - and word gets around in those circles. Some things may change, some projects may get cancelled but 90-95% is still game on with modifications.
  If Dems were for real they'd immediately start talking about the need for fast power generation and relax some of the stupid to get projects going. Nuclear may be part of the solution but you're looking at a decade or longer till criticality and we started needing more capacity nationally ten years ago. This is where EvilCoal™ could quietly come up in serious back door conversations.
  
  Like
- MaintenanceCosts 19 minutes ago
  
  This new breed of Democrat is quite unlike Nancy Pelosi, and, while I have a lot of respect for her mastery of legislative discipline, that is a good thing. I would be pretty surprised if this new Congress doesn't manage to pass a ban on member trading, possibly against the wishes of the new speaker.
  There is a large contingent of Democrats that wants permitting reform to make transmission infrastructure and nuclear and renewable projects easier. In the last Congress, they were even willing to throw in some permits for fossil projects. But coal is going to be a bridge too far for every Democrat except Joe Manchin, and unfortunately the rest of it got defeated narrowly by an unholy coalition of environmental-degrowth leftist Democrats and NIMBY Republicans.
  
  Like

Recent Comments

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MaintenanceCosts The decline is almost totally in what should now be considered AI stocks. Unfortunately, we were due for a correction there. Everyone knows at heart that the returns from the technology as it exists now cannot support the current rate of capital investment, and a fair amount of money is going to be lost. But apparently it took some anti-data-center politicians getting elected to get people to act on their knowledge.
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