Virtual Eventby Chinmayi Arun, Emma M. Ashford, Ajay Banga, Theresa Cardinal Brown, Alonso Cervera, Renée DiResta, Janet Haven, Oriana Skylar Mastro, Marisol G. Maddox, Alina Polyakova, Adam Segal
, Michael Sfraga, Steve Verheul, Margaret D. Williams, Edward Alden
, Esther Brimmer, Michelle Caruso-Cabrera, Michael Froman
, Meghan L. O'Sullivan and David M. Rubenstein June 12, 2025
Mark Carney’s electoral victory represents a comeback for the governing Liberal Party in what was seen as a vote on trade and the future of Canada’s relationship with the United States.
For more than a century, the United States and Canada have forged a strong partnership built on shared geography and economic and security cooperation. But while the two countries have traditionally had one of the closest bilateral ties in the world, relations have come under strain in recent years.
The Trump administration’s tariffs on Canada this week and threats of annexation have strained the U.S.-Canada partnership, fueling Canadian nationalism and causing steep retaliatory measures.
President Trump has imposed steep tariffs on Canada, China, and Mexico in the name of curbing fentanyl flows into the United States. In reality, supplies of the drug—and related deaths—have sharply declined in the past year, though they are still at worrying levels.
CFR President and former U.S. Trade Representative Michael Froman analyzes the potential economic consequences and broader impacts on global trade norms of President Donald Trump’s imposition of tariffs on Canada, China, and Mexico.
President Trump’s tariffs on Canada, China, and Mexico could upend U.S. trade. These nine charts show what’s at stake, what comes next, and why it matters.
CFR experts provide insights and context around President Donald Trump's announced tariffs and what they mean for North American trade, U.S. alliances, and global competition.
The tariffs that President Donald Trump has announced against three of the United States’ biggest trading partners—Canada, China, and Mexico—look poised to shatter the era of a rules-based order with global economic ramifications.
President Trump has threatened new tariffs on all imports from Canada and Mexico. His trade plans threaten the future of the United States’ largest free trade agreement.
President-elect Donald Trump’s nominee for secretary of defense, Pete Hegseth, will appear before the Senate Armed Services Committee; the Supreme Court hears arguments over the Joe Biden administration’s imminent banning of TikTok; Canadian Prime Minister Justin Trudeau’s resignation prompts questions on the future of U.S.-Canada trade relations; and Europe’s eastern states confront energy issues after Ukraine stops the flow of Russian gas through its territory.
Each Friday, I examine what is happening with President-elect Donald Trump’s transition to the White House. This week: Trump’s talk of reclaiming the Panama Canal, acquiring Greenland, and incorporating Canada undermines U.S. interests.
Council of Councils
Think Global Health
Online Store