Important work still to be done: Carney on US deal

Canadian Prime Minister Mark Carney announced that substantial progress has been made in the negotiations between the United States and Canada on a trade deal, despite noting that more work remains to be completed. Canada has been conducting intensive discussions with the US to address outstanding trade issues and provide greater certainty and tangible benefits for businesses, workers, farmers, and families, according to a statement released by Carney's office.

In the meantime, the United States has agreed to postpone the implementation of its 50% tariff on Canadian goods under Section 338 of the US Tariff Act of 1930 until the end of the day on August 21. Carney added that Canada remains committed to creating a stronger, more independent, and more competitive economy at home.

President Donald Trump announced the trade deal with Canada on Wednesday, just before the 12:01 am deadline, stating that he has paused the 50% tariffs against Canada, which were set to take effect the following morning for a three-day period. This pause occurred following the confirmation that Canada and the US have reached an agreement, provided the final documents are finalized.

Trump also mentioned that the Keystone XL Pipeline, which was previously halted by former President Joe Biden, might be revived as a result of the deal.