Canadian ambassador says there's a 'good path forward' to a trade deal with the U.S.
Canada's ambassador to the United States, Kirsten Hillman said she "firmly" believes that both countries could reach a trade deal within the 30-day deadline discussed at the G7 summit in Alberta last week.
"We can't do anything to force the U.S. side to come to a deal, but we do think we have a good path forward if we're able to take it," she said during an interview on Rosemary Barton Live that aired on Sunday.
Hillman said it's "too soon to tell" whether all U.S. tariffs imposed on Canada will be removed, and she stopped short of saying whether the federal government is willing to accept the continuation of some tariffs.
"These are things that will work themselves out in the next number of weeks," she said.
Canada is fighting for "open trade and stability" for Canadian workers and businesses, Hillman said during the interview.
WATCH | Canadian ambassador to U.S. discusses ongoing trade talks:
Prime Minister Mark Carney appointed Hillman as Canada's chief negotiator with the U.S. amid heightened trade tensions, CBC News has learned. This role comes in addition to her duties as Canada's ambassador to the U.S.
Hillman previously worked on the team negotiating the Canada-United States-Mexico Agreement during U.S. President Donald Trump's first term and as Canada's chief negotiator for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Her expanded duties now position her in bilateral talks as U.S. Trade Representative Jamieson Greer's counterpart.
Since Carney and Trump set the 30-day deadline while meeting at the G7 in Kananaskis, Alta., on June 16, Hillman has had three meetings with her U.S. counterparts — one immediately following the leaders' bilateral, the second on the following day with Greer and another on Friday that included Intergovernmental Affairs Minister Dominic LeBlanc, who is also the minister responsible for Canada-U.S. trade.
More talks are planned throughout this week.
The conversations with the U.S. are focused on different topics, including fentanyl, border security and Arctic defence, although the leaders are focused on tariffs.
Hillman said it's still unclear whether defence and trade will be part of one deal coming within the next 30 days.
Trump has said "many times" that he likes tariffs, Hillman said.
"It's up to Canada to demonstrate we can achieve the same goals with the United States through other means that don't necessarily involve these punishing tariffs, especially on strategic goods."
WATCH | PM may raise counter-tariffs on U.S. steel, aluminum if deal delayed:
Just days after Canada and the U.S. set a 30-day deadline, Carney signalled he's willing to go higher with Canada's retaliatory tariffs if no agreement is reached.
Canada's counter-tariffs on steel will go up or down, depending on trade progress by July 21, in response to U.S. metal tariffs that are now at 50 per cent.
Industry Minister Mélanie Joly told CBC Power & Politics host David Cochrane that Canada is taking "measures like [it's] never done" in the free-trade era to protect the steel and aluminum sectors.
"It's really important for Canada to show strength and resolve at the negotiating table," Hillman said. "Regardless of what we might hear the president say from time to time, they need us."
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Words such as "anticipate(s)," "expect(s)," "intend(s)," "believe(s)," "plan(s)," "may," "will," "would," "could," "should," "seek(s)," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained, and Amrize assumes no (and disclaims any) obligation to revise or update such forward-looking statements to reflect future events or circumstances. We make no representations or warranties as to the accuracy of any statements or information contained in this media release. 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The reasons Amrize uses these non-GAAP financial measures are included in Amrize's final information statement filed with the SEC and the reconciliations to their most directly comparable GAAP financial measures are included below. Definitions of Non-GAAP Financial Measures: EBITDA is defined as Net income (loss), excluding Depreciation, depletion, accretion and amortization, Interest expense, net and Income tax benefit (expense). 1 Adjusted EBITDA is defined as Segment Adjusted EBITDA including unallocated corporate costs. Segment Adjusted EBITDA is defined as Net income (loss), excluding unallocated corporate costs, Depreciation, depletion, accretion and amortization, Loss on impairments, Other non-operating income (expense), net, Interest expense, net, Income tax benefit (expense), Income from equity method investments, and certain other items, such as costs related to acquisitions, certain litigation costs, restructuring costs, charges associated with non-core sites and certain warranty charges related to a pre-acquisition manufacturing issue and transaction costs related to the spin-off. 2 Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. 3 Free Cash Flow is defined net cash provided by (used in) operating activities plus proceeds from property and casualty insurance, proceeds from land expropriation and proceeds from disposals of long-lived assets less purchases of property, plant and equipment. 4 Adjusted EBITDA Cash Conversion Ratio is defined as Free Cash Flow divided by Adjusted EBITDA. Reconciliation of Non-GAAP Financial Measures The table below reconciles our net income and net income margin, the most directly comparable financial measures calculated in accordance with U.S. GAAP, to Adjusted EBITDA and Adjusted EBITDA Margin, respectively. For the years ended December 31, (In millions, except for percentage data) 2024 2023 2022 Net income $1,273 $955 $1,107 Depreciation, depletion, accretion and amortization 889 851 788 Interest expense, net 512 549 248 Income tax expense 368 361 366 EBITDA 3,042 2,716 2,509 Loss on impairments 2 15 57 Other non-operating (income) expense, net(1) 55 36 (9) Income from equity method investments (13) (13) (13) Other(2) 95 90 55 Adjusted EBITDA 3,181 2,844 2,599 Unallocated corporate costs 141 155 112 Total Segment Adjusted EBITDA $3,322 $2,999 $2,711 Building Materials 2,552 2,314 2,049 Building Envelope 770 685 662 Net income margin 11% 8% 10% Adjusted EBITDA Margin 27% 24% 24% (1) Other non-operating (income) expense, net primarily consists of costs related to pension and other postretirement benefit plans and gains on proceeds from property and casualty insurance. 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