President Donald Trump, in his first Oval Office meeting with new Canadian Prime Minister Mark Carney, said there was nothing Carney could say to him Tuesday that would convince the president to reduce tariffs on Canadian goods.

The meeting came as the United States’ neighbor to the north deals with Trump’s tariffs and threats to annex the country.

The Trump administration’s tariffs on US imports and Canada’s retaliatory actions have major implications for Canadian companies and their commercial transactions. Counsel should understand the resulting contract issues and the potential use of contract clauses or other avenues that may provide relief for affected companies.