What it means for TanglewoodTariffs have weighed on Canada's economy all year, and that uncertainty has kept many buyers on the sidelines. The vote is over, and both Ottawa and Washington now say a deal is getting closer. Nothing is signed yet. But TRREB's president said this week that a trade deal could “renew interest in homeownership” heading into 2027. For Tanglewood homeowners, that would be the most welcome news of the year.
July
U.S. declines to renew CUSMA at its first review. The deal stays in force.
August
Talks break off. New U.S. tariffs hit about $28 billion of Canadian goods.
September
Canada answers with counter-tariffs.
Days before
Carney and Trump speak. More intense talks begin.
Nov 3
Democrats win the House and Senate. Both leaders say a deal is close.
January
The new Congress is sworn in.
The votes are in. On November 3, Democrats won control of both the House and the Senate, taking both from the Republicans, according to the Associated Press. Senate races in Alaska and Mississippi were still too close to call on Wednesday morning, but they do not change who controls Congress.
Americans voted with their wallets. In AP's survey of voters, about 8 in 10 said inflation had caused their household at least moderate financial hardship. Tariffs were part of that story: in Maine, 69% of voters told CBS News that tariffs have hurt their local economy.
Talks with Canada picked up at the same time. On election day, President Trump told Fox News, “we’re going to make a deal with Canada very soon.” Prime Minister Carney said talks have become “more intense,” that the U.S. is “asking less” and “offering more,” and that “we’ve made progress but we haven’t finished.”
Here is the honest picture. No deal has been announced, and neither side has given a date or said what it would cover. But after a year of tariffs and counter-tariffs, both leaders are now talking about a deal, not another round of duties.
Watch 1: A dealAn announcement on tariffs would be the clearest sign of a turn.
Watch 2: December 9The Bank of Canada's next rate decision. Calmer trade could mean less pressure on rates.
Watch 3: JanuaryThe new Congress takes its seats, with a say over U.S. trade law.