USTR's Greer says Canada is giving other countries better trade deals and action that Trump proposed yesterday is tailored to Canada; Canada's trade retaliation has been notable

• US is not proposing to ban certain goods like Canada has done to the US.
• Have been asking Canada for a year now to remove any retaliation to Trump's tariffs.
• On USMCA, Trump in some ways has already taken related actions.
• Trump wants deficit to go down.
• Going to keep talking to Canadian counterparts.
• Have cut off talks.
• Always going to trade.

• On Airbus (AIR FP), says looking at loan very closely.
• Emphasises US wants a level playing field.

• On AI and China, number of US agencies looking at it, and concerned that China is distilling US models.
• Not against one kind of standard vs. another.

• Expect to see some action soon.

The comments from USTR's Greer underscore growing trade tensions between the U.S. and Canada, especially in light of Canada's favorable trade arrangements with other nations. This situation, coupled with Trump's focus on reducing the trade deficit and potential retaliatory actions, indicates a complicated path ahead for cross-border trade that could impact USD/CAD and broader market sentiment. Participants should brace for possible volatility in both equity and commodity markets as these discussions evolve.