(MENAFN- Live Mint) Prime Minister Mark Carney stated that there are areas where US-Canada will be“stronger together” as President Donald Trump revealed both nations are "working on formulas” for a trade deal.

"President Trump and I know that there are areas where our nations can compete - and areas where we will be stronger together. We're focused on building these new opportunities," Carney said on X.

Carney , who was on his second visit to the Oval Office ahead of next year's assessment of the United States-Mexico-Canada Agreement, called Trump a“transformative president”, according to ANI.

US-Canada have 'come long way' in trade talks

The president said the two North American countries are in“natural conflict” because they're both trying to attract the same businesses.

“He wants to make cars, we want to make cars, and we're in competition. And the advantage we have is, we have this massive market,” Trump stated, Bloomberg reported. He pointed out both the countries have“come a long way” in the trade talks , saying,“we're working on formulas and I think we'll get there.”

Carney informed Trump that Canada is the biggest foreign investor in the United States and indicated that the rate of investment could increase,“probably $1 trillion in the next five years, if we get the agreement we expect to get".

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“There are areas where we compete, and it's in those areas where we have to come to an agreement that works. But there are more areas where we are stronger together, and that's what we're focused on," Carney remarked.

Along with tariffs on steel, aluminum, autos, and lumber, Trump increased duties on products that don't meet the requirements of the US-Mexico-Canada Agreement from 25% to 35%. The ongoing trade war has led to job losses and dampened business investment in Canada, causing the country's economy to shrink in the second quarter, a report by Bloomberg noted.

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Trump stated that the US, Canada, and Mexico could either renegotiate their trilateral agreement or they could each“do different deals". He mentioned he has no strong preference but is focused on securing the best deal for the US,“also with Canada in mind".

He added that any agreement between the US and Canada would be“comprehensive", covering dairy and other irritants.

Meanwhile, according to Dominic LeBlanc, the Canadian minister in charge of US trade, yesterday's meeting was“more detailed than previous discussions".

(With inputs from agencies)

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