U.S. Mexico Canada Agreement

President Trump said Monday that a trade “understanding” has been reached with Mexico.

Trudeau also announced parliament would be prorogued, or suspended, until March 24. That means an election is unlikely before May at the earliest, so Trudeau will remain in charge - at least initially - of dealing with the threat of crippling tariffs once U.S. President-elect Donald Trump takes office on Jan. 20.

Canada is preparing for potential trade challenges following Trump’s threat of a 25% tariff on Canadian imports. The Canadian government is considering a proactive approach, including the possible early release of a retaliatory tariff list.

U.S. farmers and various trade groups are very apprehensive about not only the potential negative impacts of tariffs on the U.S. ag sector, but what they do to garner new trade agreements.