President Trump delayed for 3 days the duties on Canadian softwood lumber that was set to take effect on Monday. The US Department of Commerce had announced on April 24 that it would impose a preliminary anti-dumping duty of 6.89% and a countervailing duty of 12.82% on imports of certain softwood lumber products from Canada. The US and Canada have reached an agreement on a new softwood lumber trade deal that will help to stabilize the North American lumber market, according to a joint statement by the US Trade Representative and Canada's Minister of Foreign Affairs. The U.S. and Canada have agreed to a suspension agreement on Canadian softwood lumber. The U.S. will not impose duties for 50% of Canadian softwood lumber imports. The two countries agreed to a deal that will last for 2 years. The deal will help to stabilize the North American lumber market. The US and Canada have agreed to continue negotiations to reach a new softwood lumber trade deal. The US will continue to work with Canada to resolve disputes. The US and Canada have agreed to strengthen their trade partnership. The two countries will continue to work together to strengthen their economic relationship. The US Department of Commerce announced on April 24 that it would impose duties on imports of certain softwood lumber products from Canada. The duties were set to take effect on Monday. But President Trump delayed for 3 days the duties on Canadian softwood lumber that was set to take effect on Monday. The US and Canada have agreed to a new softwood lumber trade deal. The deal will help to stabilize the North American lumber market. The US and Canada will continue to work together to strengthen their economic relationship.
U.S. President Donald Trump announced on Friday that he would suspend the 50% tariffs he had planned to impose on certain Canadian products for three days. Trump tweeted on Thursday, "The 50% tariffs on Canada that were set to go into effect tomorrow morning have been suspended for three days." He explained that the agreement was contingent on Canada and the U.S. completing the necessary paperwork.
Trump also mentioned former President Joe Biden's decision to cancel the border crossing permit for the Keystone XL pipeline due to his climate change stance, suggesting that the pipeline could re-emerge from the grave. The Keystone XL project aimed to transport oil sands from Canada to the U.S., a project Trump's first term had strongly supported.
Biden, upon taking office in January 2021, had canceled this permit, stating that the project was not in line with U.S. climate policies and national interests, and the project was subsequently abandoned. However, Trump did not disclose the specifics of the agreement or its connection to the Keystone XL project. The tariffs would have applied to approximately $20 billion worth of Canadian imports, including hockey sticks, some building materials, spirits, and clothing.
The United States and Canada engaged in intense negotiations for over a week before reaching the agreement, with Canadian Prime Minister Mark Carney and Trump having phone conversations on both July 17 and 18. The Trump administration indicated that it would apply the 1930 Trade Expansion Act Section 338 to impose the tariffs, although such usage had never been seen before.
Canada had requested not only the suspension of the 50% tariffs but also a reduction in trade expansion tariffs on steel and aluminum. In terms of automobiles, Trump had previously indicated that reducing the existing 25% tariff to below 15% would be detrimental. Trump did not clarify if this agreement included any reductions in existing tariffs.
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