00:00Well, in practical terms, how significant is this announcement, Sarah, from President Trump and the administration?
00:05So what is it going to mean in day-to-day terms for those U.S.-Canada trade relations?
00:09Yeah, that's important. Look, it's a major setback for Canada, there's no doubt about it.
00:14In terms of the practical impact, it's going to take a while for the impact to be felt.
00:20Look, Canada's Mark Carney, the Prime Minister, has been trying to have talks, it's thought, quietly with Washington
00:29to try and get them to soften their stance on Canada's tariffs, which are in some cases, Jono, as high as 35%,
00:37going up to 50% for some tariffs around metals.
00:41So, look, it is significant. And those talks, that effort by the Canadian Prime Minister,
00:47effectively stalled now in the wake of this announced suspension by Donald Trump of the trade talks.
00:54Look, the reality is the U.S. and Canada, they remain very, very deeply intertwined trading partners.
01:02You still have a lot of that trade governed by the U.S.-Mexico.-Canada trade agreement.
01:07It was President Trump himself who came up with that agreement back in his first term in 2020,
01:13although that is going to be up, I think, for scrutiny in 2026.
01:17So, for now, things will be on track. But as we said, the tariffs on Canada have been particularly harsh
01:26and it seems any efforts to get the U.S. to perhaps soften their stance for now frozen with this latest dispute that's erupted.
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