"Obviously, the longer that this drags on, the more damage is done to the industry... We need to have access to the U.S.

Carney’s comments come after U.S. President Donald Trump threatened Canada, in a letter posted on Truth Social, to reach a trade agreement before August 1 or face higher tariffs of 35%.

Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually.