President Donald Trump stated on Tuesday, Nov. 3, 2026, that the United States is nearing a trade agreement with Canada. In an interview with Fox News, Trump said the deal would be reached "very soon" and would be "great for our farmers."
The announcement follows several months of trade tension during which the U.S. and Canada imposed billions of dollars in tariffs on each other's goods. These tariffs became an issue in northern border states, including Michigan and Maine, leading up to the U.S. midterm elections held on Tuesday.
During the interview on "Fox and Friends," Trump said that under the proposed agreement, Canada would provide fertilizer to the United States without any tariffs. This follows a conversation on Sunday, Nov. 1, between Trump and Canadian Prime Minister Mark Carney regarding trade negotiations.
The change would mark a shift for agricultural businesses that have been paying these duties for months. The scale of the impact is linked to the "billions of dollars" currently tied up in trade penalties, though the sources do not provide a specific per-person or per-farm savings figure. A deal could potentially influence trade relations between the two neighbors, which are connected by transit points like the Blue Water Bridge between Ontario and Michigan.
The next steps involve technical negotiations. Prime Minister Mark Carney stated on Sunday that Canadian and U.S. teams would be working throughout the coming weeks to deliver an outcome. While the president indicated a deal would happen "very soon," the sources did not report a specific effective date or a deadline for the formal signing of the agreement. Additionally, the U.S. midterm elections were underway on Tuesday.