Analyst: Trump's insulting remarks suggest that Canada will face tense negotiations with the United States and Mexico on the USMCA agreement.

The Toronto market strategy company Rosenberg Research stated that traders are basically unaffected by US President Trump's threat to impose 100% tariffs on goods imported from Canada due to its trade with China. The Canadian dollar has been strong and the Canadian stock market continues to rise. However, Rosenberg mentioned that Trump's tone is important. The company pointed out that Trump referred to Mark Carney as a "banker" rather than a prime minister, which reminded people of the president's fantasy in early 2025 of Canada becoming the 51st state of the US. Rosenberg said, "The new round of insults suggests a clear deterioration of goodwill, and is also an early preview of how negotiations for the renewal of the USMCA agreement may unfold." "The message being conveyed is that Ottawa should not count on a reconciliation process."