Trump suspends 50% tariffs on Canadian imports for three days

President of the United States, Donald Trump, says he has suspended import tariffs on three days for three days. REUTERS/Evelyn Hockstein US President Donald Trump announced on Tuesday night (18) that he was suspending for three days the new 50% tariffs on Canadian products that would come into effect at midnight, stating that the two countries had reached an agreement. An hour later, Canadian Prime Minister Mark Carney said in a statement that "substantial progress has been made, although there is still important work to be done." Trump stated in his Truth Social post that he suspended the tariffs "on the basis that Canada and the U.S., subject to finalization of the documents, have an AGREEMENT." Trump and Carney spoke on Tuesday afternoon, their second conversation this week, and their negotiators have been engaged in weeks of intense and opaque negotiations. Donald Trump announced on the social network Truth Social the suspension of import tariffs on Canadian products Reproduction/Truth Social "As we continue this work, Canada remains focused on building a stronger, more independent and more competitive economy at the national level," said Carney in his statement. U.S. Trade Representative Jamieson Greer's office said the agreement will include "comprehensive market access for all American products, economic security commitments, digital trade alignment" and other provisions. In a statement posted on the White House website, Trump said he had received a commitment from Canada to address U.S. concerns related to tariffs on dairy, alcoholic beverages and motor vehicles. U.S. officials did not provide further details and the Canadian government has not confirmed the contents of any agreement. US auto tariffs were a point of contention, two industry sources familiar with the negotiations previously said. The new American tariffs would have covered about $20 billion in imports and would have applied regardless of whether Canadian products qualified for preferential treatment under the U.S.-Mexico-Canada trade agreement, which protected much of Canadian industry from previous American tariffs. Canadian Prime Minister Mark Carney attends a press conference to discuss a response to U.S. President Donald Trump's new tariffs in Ottawa, Ontario, Canada. Blair Gable/Reuters Trump added in his social media post that the Keystone XL pipeline - a project canceled by former President Joe Biden in 2021 after years of opposition from indigenous peoples and environmentalists - "may rise from the ashes" but did not provide details. Trump has made tariffs a central pillar of his foreign and trade policies, despite legal setbacks and criticism from some analysts. The tariffs could have led to job losses and business closures. Trade experts and industry representatives have previously said the new tariffs could lead to job losses and business closures in vulnerable sectors in Canada, including lumber, wine and dairy. They also warned that the dispute could complicate broader USMCA negotiations. The Canadian minister responsible for trade with the US, Dominic LeBlanc, and the main trade negotiator, Janice Charette, have been in Washington since last week for negotiations.