OTTAWA — Prime Minister Mark Carney will hold a news conference today at noon ET in Ottawa. This follows a cabinet meeting he conducted earlier this morning. Carney is anticipated to discuss updates regarding Canada-U.S. trade relations.

While his office has not confirmed any specific announcements, there are reports suggesting that Carney may reveal plans to lift some retaliatory tariffs on American products that align with the Canada-United States-Mexico Agreement. A White House official indicated support for this potential move, stating it is "long overdue" and expressing eagerness to continue discussions with Canada on trade and national security issues.

In March, Canada imposed a 25 percent tariff on a variety of American goods, which included items such as oranges, alcohol, clothing, shoes, motorcycles, and cosmetics.

Carney recently spoke with U.S. President Donald Trump by phone on Thursday. According to a readout from Carney's office, the conversation was described as "productive and wide-ranging." The two leaders discussed ongoing trade challenges and the evolving economic and security relationship between their countries.