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Trump: Canada Trade Deal Will Benefit U.S. Farmers

Dow Jones00:22

A trade deal being finalized between the U.S. and Canada will benefit U.S. farmers with lower tariffs, President Trump said on Wednesday.

"Tariffs will be nonexistent for our farmers," Trump told reporters outside the White House. "Our farmers were paying tremendous tariffs into Canada and those tariffs are going to be eviscerated, down to zero."

It wasn't immediately clear which Canadian policies Trump was referencing, but the U.S. has long sought to lower Canadian protections for its dairy industry. Trump officials have made that a priority during negotiations in recent days aimed at heading off a 50% tariff on some Canadian goods that Trump threatened to impose last month.

Trump delayed those tariffs on Tuesday night for three days, saying the nations had come to an agreement. That deal will also include lower tariffs on some Canadian industries, Trump said, without offering details.

"We've got to give something," Trump said. "They were paying a high number. We're reducing it a little bit."

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