11:10 AM EDT, 08/22/2025 (MT Newswires) -- Canada will remove its retaliatory tariffs on a long list of U.S. products that comply with the existing North American trade deal, seeking to lower tensions with the White House, Bloomberg is reporting Friday.

Prime Minister Mark Carney is expected to announce the decision Friday after a meeting with his cabinet.

Meanwhile, CBC News is reporting that Carney is due to speak at 12pm ET.

The Wall Street Journal is reporting that Canada will drop 25% tariffs on $21 billion of U.S. imports, but tariffs on U.S. steel, aluminum and autos will remain in place.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)