Key Takeaways
- U.S. and Canadian negotiators are in last-minute talks to avert a 50% tariff on $20 billion worth of Canadian goods, set to trigger at 12:01 a.m. Wednesday.
- Rep. Buddy Carter (R-GA) has emerged as a "dark horse" candidate for FDA Commissioner, following the recent resignation of Marty Makary.
- Canadian Prime Minister Mark Carney described the trade negotiations as "intense and delicate," with auto sector tariffs and provincial alcohol restrictions remaining major sticking points.
- The proposed tariffs would impact a wide range of products, from lumber and steel to hockey sticks and tongue depressors, posing what some businesses call an "existential threat."
U.S.-Canada Trade Standoff Hits Critical Midnight Deadline
Negotiators from the United States and Canada are locked in high-stakes discussions in Washington to prevent a massive escalation in trade hostilities. U.S. President Donald Trump has threatened to impose 50% tariffs on approximately $20 billion in Canadian exports if a deal is not reached by the midnight deadline on August 19.
Canadian Trade Minister Dominic LeBlanc and Chief Negotiator Janice Charette met with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick for nearly two hours on Monday. While the White House is pushing for the removal of retaliatory Canadian tariffs on U.S. autos and the return of American liquor to provincial shelves, Canada is seeking relief from existing Section 232 industrial tariffs.
Market analysts warn that a failure to reach a "détente" could disrupt critical supply chains and jeopardize millions of jobs that rely on the USMCA framework. Prime Minister Mark Carney has reportedly spoken with President Trump directly, though he cautioned that Canada is preparing for "all eventualities," including a full schedule of counter-tariffs.
Rep. Buddy Carter Considered for FDA Commissioner Role
In a significant potential shift for federal health policy, Rep. Buddy Carter (GA-01) is being considered by the White House as the next commissioner of the Food and Drug Administration (FDA). A source familiar with the administration's thinking confirmed that Carter is "interested" in the role, citing his unique combination of legislative experience and three decades as a licensed pharmacist.
Carter, a staunch ally of the administration who is set to leave Congress at the end of the year, would represent a pivot from previous shortlists. As the current Chairman of the House Subcommittee on Health, he has been a vocal advocate for drug supply chain sovereignty and the FDA Modernization Act 3.0, which aims to reduce animal testing in drug development.
The potential appointment comes at a turbulent time for the agency following the departure of Marty Makary. If nominated, Carter is expected to focus on lowering drug costs, addressing Pharmacy Benefit Manager (PBM) practices, and accelerating the domestic manufacturing of essential medications to reduce reliance on foreign adversaries.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.