Trump says US and Canada strike deal, temporarily pauses 50% tariffs
On August 18, US President Donald Trump announced a three-day pause to new 50% tariffs on Canadian goods, stating that the two countries had reached an agreement. The announcement was made on Trump's social media platform, Truth Social. No immediate confirmation was received from the Canadian government. Trump also mentioned the potential revival of the Keystone XL Pipeline, though no details were provided.
The news came after a conversation between Trump and Canadian Prime Minister Mark Carney earlier on Tuesday. Prior to this, weeks of negotiations had been ongoing, with new tariffs threatening to cover around $20 billion worth of imports. The tariffs were said to impact various sectors, including lumber, wine, and dairy, potentially leading to job losses and business closures.
Canada's trade officials have been in Washington for talks since the previous week, discussing issues such as US tariffs on Canadian vehicles and the calculation methods for tariff deductions.
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