Image source, Getty Images

US Treasury Secretary Scott Bessent says the US can expect deals with some of its biggest trading partners as early as this week.

"They have come to us with very good offers," Bessent says at Treasury oversight hearing.

Of the 18 trading partners most important to the US, negotiations have started with 17, excluding China, he says.

The vast majority of those deals should be wrapped up by the end of the year, if not sooner, he adds.

Image source, Getty Images

Trump's talk of annexing Canada may have negative economic consequences, a Canadian economist has told the BBC.

Moshe Lander, senior lecturer of economics at Concordia University, says the remarks were initially seen as "maybe teasing", but appear to be "no joke" when Trump's talk of taking control of the Panama Canal and Greenland are also considered.

"What happens is you sap consumer and business confidence, it does spill over into the economy as well," he says.

The idea of Canada becoming part of the United States was floated again today at Trump and Carney's White House meeting. The prime minister shut the idea down, but the president seemed to still be interested.

Additionally, Lander says the tariffs are not good “for either economy".

"The US is Canada's biggest trade partner and the US does a significant amount of trade with Canada as well," he says, adding that "right now we (in Canada) feel that we're under attack from exactly the country that we would have least suspected."

"The US is contracting. Canada has started contracting. And neither of us need recessions that are one man's doing," he adds.

Trump and his administration say that the tariffs are necessary to make global trade fair for the United States and to attract manufacturing back to the US.

Bernd Debusmann Jr
Reporting from the White House

I've just read a report from one of the White House "poolers" - a Washington journalist who regularly covers the president - who was inside the Oval Office with Trump and Carney earlier.

As they were being ushered out of the room, the reporter - who works for a French-language Canadian TV network - shouted to Trump a question: it is "easier to deal with this prime minister than the previous one"?

Off-camera, Trump responded with "I like this guy" - prompting a wide smile from the Canadian prime minister.

Trump, it should be remembered, had a particularly acrimonious relationship with the former Canadian leader Justin Trudeau, whom he continues to refer to as "Governor Trudeau" - a reference to Trump's aims to make Canada the 51st US state.

The president of the Canadian Chamber of Commerce, Candace Laing, has hailed the first face-to-face talks between Carney and Trump, saying that "today's chance for a relationship reset was much needed".

"We are impressed with the tone of the meeting and the momentum toward a reliable, close economic and security relationship.

"Our two countries working and making things together will be mutually beneficial for decades to come, if we are able to keep discussions like today’s going," Laing added.

Jake Kwon
Reporting from Washington DC

Mark Carney has left his White House meeting with Donald Trump, headed for the Canadian embassy, where other journalists and I have just arrived and are holding in a press area. We'll wait here until we are led up to the room where the prime minister is set to take questions in a news conference this afternoon.

We are told Carney is arriving shortly.

Though we are still in the heart of Washington, DC, everything in this embassy - including our press badges and signs on the walls - is written in English and in French, just like it is throughout Canada.

There is even a print of the ice hockey prize the Stanley Cup hanging up as decoration, and the embassy officer who welcomed us directed us to where the "washrooms" are.

As a Canadian - I'm home.

Image source, BBC / Jake Kwon

Carney and Trump have met in the White House for the first time since the Canadian election.

In a conference with the media, before a private meeting, the two leaders spoke of tariffs, elections and an incoming "big announcement" - though we don't yet know what that announcement could be about.

We've pulled together some of the key moments below, so take a look.

Image source, EPA

Mark Carney has now left the White House, after staying there just over two hours for talks with Donald Trump followed by a lunch.

The Canadian leader is now heading to the Canadian embassy in Washington, just a few blocks down the road on Pennsylvania Avenue.

Cai Pigliucci
Reporting from the White House

It's notable how Carney handled Trump on the discussions of Canada as a 51st state.

He waited for Trump to stop speaking, though he looked a few times like he wanted to interrupt. He also led his comments with "as you know from real estate", playing into Trump's background as a real estate mogul and deal maker before saying "some places are never for sale".

It was a firm comment from Carney, strong and unwavering. But he delivered delicately.

The last time someone tried to counter Trump in the Oval Office, it didn't quite go as planned, with the now-infamous blow-up between Ukrainian Presiden Volodymr Zelensky, Trump and Vice-President JD Vance.

Instead, Trump seemed fine with Carney's comments and moved on from the topic fairly quickly. Trump has also spoken about Canada's friendship, something Carney echoed in his comments so far.

Multiple times now, Carney has looked like he wants to jump in and correct Trump, but has mostly refrained - outside of his insistence that Canada is not for sale

Image source, Getty Images

Let's check in on how the stock markets are reacting to the Carney-Trump meeting and comments from the US president that "nothing" can change his mind on tariffs against Canadian goods.

On Wall Street at around 1400EDT (1900BST):

• The S&P 500 is down 0.59%
• Nasdaq is down 0.99%
• Dow Jones is down - 0.71%

Up north in Toronto, the main index S&P/TSX, which tracks Canada's 218 biggest companies, was down 0.18% also at 1400 EDT.

Markets in both countries close in just about two hours time. We will be checking for significant changes.

The leaders' joint appearance in front of the media touched on some tough topics - Trump's aspiration to annexe Mark Carney's country among them - but it was nevertheless a cordial affair (verbally at least).

Here's how their meeting was captured in pictures:

Image source, EPA

Image source, Reuters

Image source, Reuters

Image source, Reuters

Image source, Reuters

Is the US giving Canada $200bn in subsidies?published at 18:39 British Summer Time

18:39 BST

By Gerry Georgieva

At the end of his White House meeting with Canada’s PM Mark Carney, President Trump asked: "Why are we subsidising Canada by $200bn dollars a year?"

We cannot find where Trump has got this figure from and it is not clear exactly what he is referring to.

It may be the US trade deficit with Canada, although this is not a subsidy.

A trade deficit is when a country (the US in this case) buys more from another country (Canada) than it sells to it.

But – in any case - the publicly available figures, external on the deficit fall far short of Trump’s US$200bn.

The 2024 US deficit with Canada in goods was actually $70.6bn (£52.6bn) and was lower - $35.7bn (£27.3bn) - if the trade in goods and services between the two was factored in.

A success for Carney, who avoided Zelensky-style 'dust-up'published at 18:26 British Summer Time

18:26 BST

Bernd Debusmann Jr
Reporting from the White House

Image source, Reuters

I suspect that both sides will assess that meeting as having been as positive an outcome as possible.

Even if there were clear points of friction - such as tariffs and Trump's "51st state" remarks - Carney and the Canadian delegation will be pleased to have avoided what Trump referred to as a "dust up" in the Oval Office.

While Trump did not identify him by name, it was a veiled reference to Volodymyr Zelensky and their infamous Oval Office bust up, which resulted in their meeting being cut short and the Ukrainian leader heading home empty handed.

I was there that day, and the feeling was that Zelensky had "taken the bait".

Carney didn't, and navigated the meeting with diplomacy and tact.

While there were no concrete announcements today, the two appeared to have ended the meeting with mutual respect, willing to engage one another and - they hope - be constructive.

Donald Trump and Mark Carney's Oval Office meeting has concluded.

The US president dominated the discussion, but on certain points Carney made Canada's position clear. Here's a quick recap:

• Charm offensive: President Trump said it was an "honour" to host the Canadian prime minister following his election victory. Carney returned the compliment Trump, calling him a "transformational president"

• 'A very big announcement': Is what Trump hinted at arriving the coming days. Several times over, he refused to go into any detail
• A lot of nevers: Trump doubled down on his threat that Canada could become the 51st US state. Carney insisted the country would "never be for sale". Trump replied: "Never say never"
• No movement on tariffs: Asked if there was anythingCarney could say to suspend US tariffs, Trump replied flatly: "No." Carney, for his part, said the trade agreement between the US, Mexico and Canada was the "basis for broader negotiation"

The pair will now be holding a private discussion over lunch. Stay with us for further updates.

Trump holds court during Oval Office meetingpublished at 17:53 British Summer Time

17:53 BST

Bernd Debusmann Jr
Reporting from the White House

Image source, Getty Images

This may have been a bilateral meeting between the US and Canadian leaders - but Trump was the one who dominated. Even by his standards, he seemed particularly boisterous today.

Carney appeared only able to interject occasionally as Trump held court.

Much of the US president's commentary was only tangentially related to Canada, diverting instead to some of his more familiar talking points, such as his criticisms of the US withdrawal from Afghanistan.

His voice seemed to boom in the room, in stark contrast to the more mild-mannered Carney.

Asked if Carney could say anything to change his mind on tariffs, Trump replied "no", without hesitation.

The Oval Office meeting - the public part of the leaders' meeting - concludes.

Trump and Carney will now head to lunch - the media is not invited.

We're scanning back through all those lines now. We'll wrap up the key takeaways for you shortly.

Trump says the US will "always' protect Canada, and adds that "it's not a money thing".

He then questions why the American taxpayer needs to protect Canada.

The Canadians view on becoming the 51st US state "is not going to change", Carney says.

He adds that Canada is the "largest client of the US".

We have a "tremendous" auto sector between us, he adds.

He says that that there isn't one thing that could get the US to lift the tariffs, adding this is "a bigger discussion" which will take time and more conversation.

A reporter asks Trump if there's anything Carney can say to him to make him lift the tariffs on Canada.

"No," Trump says.

Asked why, he says: "That's just the way it is."

Trump once again reiterates that Canada needs US good more than the US needs Canadian goods.

"We don't do a lot of a business with Canada, they do a lot of business with us," he said.

He said Canada buys the US's "top notch" military equipment. Carney doesn't respond.

• BBC Verify: How much trade leverage does Trump have over Carney?

The discussion now turns to USMCA - the trade agreement between Mexico, Canada and the US.

Trump says "it's fine...it's good", but criticises the way it was handled by former Canadian PM Justin Trudeau.

Carney says the agreement is a "basis for broader negotiation".

Some things about it will need to change, the prime minister adds, suggesting that part of the way Trump went about conducting the tariff increases took advantage of existing aspects of the agreement.