Toronto, Canada - Canada's ambassador to the US, Mark Wiseman, tried to relieve trade concerns during an address to business leaders on Monday, insisting that "it's all going to be okay."

"Everybody take a deep breath, relax, it's all going to be okay," Wiseman told a crowd in Toronto on Monday during an interview with Bank of Montreal CEO Darryl White.

The comments came only a few weeks before the US-Mexico-Canada Agreement (USMCA) is due for renegotiation on July 1.

"It doesn't matter if we work through those issues and conclude that review on July 2 or conclude that review in January, or if we never, frankly, conclude the review," Wiseman explained. "The agreement remains in place through 'til 2036."

Australia US military to build war-ready stockpile in Australia as China tensions grow

The agreement's July 1 renegotiation date is merely the beginning of a renewal window that can be extended year-on-year for up to a decade.

Trade negotiations between the US and Canada have been derailed by the Trump administration, which has on multiple occasions expressed a belief that the USMCA is of no use.

Additionally, the US has repeatedly imposed damaging tariffs on Canada's economy, specifically targeting the steel, aluminum, and auto industries.

Canada-US Trade Minister Dominic LeBlanc last week confirmed that discussions with US Trade Representative Jamieson Greer have mostly been "adjacent" to the USMCA, but said potential agreements will have a positive impact on the pact's future.

"Americans don't wake up every day thinking about Canada," Wiseman argued, urging people to worry less. "We are obsessed, for good reason, with the United States. They're not obsessed with us."

"We're not moving out of the neighborhood and neither are they. And so we'll do what's in our interests and figure it out."