Trump says last minute deal reached with Canada to delay 50% US tariffs on imports from Ottawa
The two allies traded goods and services worth close to $1 trillion despite their strained relations last year, as US President Donald Trump continues his relentless push to enforce tariffs and levies on his northern neighbours.
US President Donald Trump has announced a last-minute deal with Canada to delay 50% US tariffs on imports from Ottawa. The tariffs, which were set to take effect, target around 5.5% of Canada's exports to the US, worth about $20 billion, according to estimates from Oxford Economics.
The two countries traded goods and services worth close to $1 trillion last year despite their strained relations. Canadian Prime Minister Mark Carney and Trump spoke on the phone on Monday, with Carney describing the talks as being at an "intense and delicate" stage.
The Canadian dollar got a minor lift after the announcement of a pause on the tariffs for a three-day period. The US and Canada have been negotiating to avert the new tariffs and secure relief on sector-specific duties that have affected Canada's auto, steel, lumber, and aluminium industries.
Brief written by urgent.news from Euronews Business, FXStreet, Dawn Business — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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