President Donald Trump’s administration is downplaying expectations for a last-minute deal with Canada to avert fresh tariffs that are set to take effect Wednesday, people familiar with the matter said.

The new US tariffs would cover about $20bn worth of imports and could lead to job losses and business closures.

OTTAWA, Aug 18 (Reuters) - Canada's Prime Minister Mark Carney spoke with President Donald Trump on Tuesday afternoon about the ongoing trade negotiations, Carney's office said in a statement. It was the second time this week the two leaders have spoken as Canada braces for new 50% tariffs that will come into effect from midnight on Wednesday.

Canada is preparing for sweeping US tariffs that will hit billions of dollars in goods, as Mark Carney made a last-minute call to convince Donald Trump to pull back before a midni

Backlash against tariffs has the potential to cost the White House dearly in the November elections. But investors have mostly moved on.

Trump's determination to find new legal justifications for his tariffs threatens to prolong the uncertainty facing the U.S. and global economies.

President Trump on Thursday announced new tariffs on drone imports in an effort to curb U.S. reliance on foreign supply chains amid possible national security threats. Under a proclamation signed by Trump,

The Trump administration has ramped its tariff actions back up since the president's trade agenda suffered major legal setbacks earlier this year.