US and Canada Near Tariff Deal Ahead of Wednesday Deadline

According to Iran's official news agency IRNA, carried by Donya-e-Eqtesad on Saturday, August 15, 2026 (24 Mordad 1405), the United States and Canada are trying to reach a deal before the Wednesday morning deadline that would avert 50 percent tariffs from Donald Trump's administration on some Canadian goods, including hockey sticks and cement. According to the Washington Post, cited in the same report, details have not been finalized, but the two sides have moved close to a general framework that could include Canadian tariff concessions along with commitments on energy, defense cooperation and critical minerals supply.

The report said that in exchange, the US would halt new tariffs known as "Section 338" and reduce existing tariffs on Canadian steel and aluminum; the Section 338 tariffs were set to apply to about 5 percent of Canada's 382 billion dollars in exports to the US. Canadian Prime Minister Mark Carney had previously said that if the new tariffs took effect, all retaliatory options would be on the table.