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Canada's Prime Minister Mark Carney confirmed that Ottawa never regarded the collapsed negotiations as a full trade deal, saying Washington's terms would have left Canadian industries either as US subsidiaries or shut down, and that talks resume only when the US stops the memes and social-media provocations. With no framework and no fixed timetable, tariff and rules-of-origin uncertainty stays embedded in North American supply chains, pressuring the Canadian dollar and Canada-exposed autos, energy and materials names while adding a policy-risk premium that typically supports the USD and gold. Watch for concrete Canadian retaliation measures or a US sectoral tariff order as the trigger that turns rhetoric into repriceable trade risk; Treasury Secretary Bessent's dismissal of Canada's retaliation capacity signals little near-term appetite in Washington to soften terms.
As a Macro signal, watch whether it changes price action, volatility, or flows around CL=F, HG=F, IXIC.
Original Source: InvestingLive News
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