Trump’s tariff hike still hits goods that are not covered by the USMCA. The Bank of Canada forecast this week that up to 95 percent of Canadian exports could qualify for exemptions under that agreement. Meanwhile, the share of Canadian companies claiming tariff exemptions has soared.

The federal minister responsible for Canada-U.S. trade says Canada won't accept a bad deal from the U.S. President Donald Trump's administration and that there had been no viable deal on the table this week.