Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.

Mexican President Claudia Sheinbaum and Canadian Prime Minister Mark Carney have agreed to bolster trade collaboration as U.S. tariffs loom. The leaders plan to uphold the U.S.-Canada-Mexico trade agreement and strategize negotiations with the Trump administration.

The Canadian prime minister said it may not be possible to escape U.S. tariffs even with a bilateral agreement to resolve the current tariff row.

Slowing exports to China helped the deficit to balloon as the value of items shipped from Mexico to China declined for a second consecutive year.

OTTAWA--Canada introduced additional measures to help the domestic steel industry cope with 50% U.S. tariffs, including limits on how much foreign-made steel -- with the exception of the U.S. and Mexico -- can enter the country before facing hefty duties.

The president and CEO of the Canadian Vehicle Manufacturers' Association (CVMA) says new tariffs threatened by U.S. President Donald Trump could devastate cities like Windsor if they become a reality.

U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States,