Less than two hours before new 50% tariffs were set to hit Canadian goods, President Donald Trump put them on hold. In a post on social media, he announced a three-day pause, saying the U.S. and Canada have reached a deal but still need to finalize the details.
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He didn’t say much about what’s in it the deal, except that the Keystone XL pipeline may be “awoken from the grave.”
What we know about the negotiations
The Office of the U.S. Trade Representative offered a little more insight, saying the deal will include a “comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners.”
According to The Associated Press, the White House said Canada committed to removing measures the Trump administration considers discriminatory against U.S. alcohol, dairy and motor vehicle exports.
The 50% tariffs were set to take effect at 12:01 a.m. Wednesday and would have impacted about $20 billion worth of Canadian imports, including products ranging from hockey sticks and building materials to alcohol and clothing. They could’ve also had a bigger political impact, since Canada had threatened to retaliate with levies of its own.
Canadian PM responds
Canadian Prime Minister Mark Carney says “substantial progress has been made,” but cautions there is still “important work” left to do.
“While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home,” he said.
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