Canada is lifting retaliatory tariffs on $44.2 billion worth of U.S. goods eligible for the United States-Mexico-Canada Agreement (USMCA)—without needing proof they meet its complicated rules-of-origin requirements. (The Logic)

Talking point: Audrey Milette, a spokesperson for Finance Minister François-Philippe Champagne, said Monday the exemption taking effect Sept. 1 will apply to all items on Canada’s counter-tariff list except steel, aluminum and autos. That differs from U.S. President Donald Trump’s carve-out, which prompted Canadian businesses to rush paperwork to prove compliance with USMCA this spring. Andrew DiCapua, principal economist at the Canadian Chamber of Commerce, estimated Canada’s remaining counter-tariffs would affect roughly six per cent of U.S. imports—about $1.7 billion—based on June data. Meanwhile, Dominic LeBlanc, the minister for Canada-U.S. relations, is headed back to Washington, D.C. for trade talks with U.S. Commerce Secretary Howard Lutnick.