Carney was asked about a report in The Globe and Mail newspaper saying a trade deal with US President Donald Trump in three crucial sectors – steel, aluminium and energy – could be ready to sign within days.

“We’ll see,” Carney told reporters in Ottawa. “We’re in intensive negotiations.”

Roughly 85% of cross-border trade in both directions remains tariff-free as the US and Canada continue to adhere to an existing North American trade deal called the USMCA.

But Trump’s global sectoral tariffs – particularly on steel, aluminium and autos – have hit Canada hard, forcing job losses and squeezing businesses.

Canada is a major supplier of steel and aluminium for US businesses, and Carney has expressed optimism about the prospects of a breakthrough in those sectors.

But he has indicated Trump remains committed to imposing tariffs on foreign-made autos, which would mark a blow to Canada given the interconnected nature of North American auto production.

Carney’s office declined additional comment on the nature of a potential deal with the US that could be inked this month.

The prime minister has said that in addition to pursuing an agreement to ease sectoral tariffs, his government is focused on preserving the USMCA, which was signed during Trump’s first term and is scheduled for review in 2026.

The September inflation rate was slightly above analyst expectations, with rising grocery prices partly driving the inflation bump.

Consumers paid 4% more for food last month, compared to September of last year.

Food price inflation has accelerated since April, when some of Trump’s tariffs came into effect.

Canadian grocery stores have historically relied heavily on US imports.

While most cross-border food trade has remained tariff-free, grocery executives have said that US tariffs and Canadian countermeasures have forced some suppliers to raise prices.