CNBC's Eamon Javers joins 'Money Movers' to discuss the White House's response to Canada dropping some of its retaliatory on U.S. goods.

Washington

The White House has issued a statement welcoming Canada's decision to roll back some of its retaliatory tariffs, which were initially imposed in response to U.S. tariffs introduced earlier by the Trump administration. Canadian Prime Minister Mark Carney is reported to be leading this move, following a recent phone conversation with President Trump.

Officials from the White House expressed that the reduction in tariffs is a positive and overdue step, and highlighted that discussions between the two countries on trade and national security are ongoing. While previous negotiations over a broader trade agreement have faced challenges, this latest development is seen as a potential breakthrough in resolving trade tensions between the United States and Canada.

White House responds after Canada drops some retaliatory tariffs

We are getting some breaking news on the trade front out of DC. Eamon Javers with that for us. Eamon. Sarah, that's right. We're now getting a reaction from the White House to those reports that Canada is going to pull back on its retaliatory tariffs. You remember that Canada was one of the countries to react with retaliatory tariffs of their own after the Trump administration this spring put tariffs on Canada. Now the report is that Canadian Prime Minister Mark Carney is going to roll back those tariffs. And we've got a reaction now from a White House official here in Washington who says, we welcome this move by Canada, which is long overdue. We look forward to continuing our discussions with Canada on the administration's trade and national security concerns. So clearly talks ongoing between the United States and Canada. We know that Carney and Trump spoke by telephone yesterday. The question is when we might see some kind of broader trade agreement between the U.S. and Canada. Those talks have been on again, off again, not really very successful during the course of the summer. This move, though, might be the kind of thing where you can see the log jam starting to break and maybe heading towards some kind of arrangement after that phone call yesterday. Sarah, back to you.

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