US-Canada trade deal reached/Trump suspends 50% tariffs
US President Donald Trump said he was postponing 50% US tariffs on $20 billion worth of Canadian imports after the two countries reached a last-minute deal hours before the sanctions were due to take effect.
The announcement, which Trump made on his social media platform, buys time for more negotiations and avoids, for the time being, another strain in the already strained relations between the historic allies and neighbors.
"I have suspended the 50% tariffs against Canada, which were scheduled to go into effect tomorrow morning for a three-day period, based on the fact that Canada and the U.S., subject to the finalization of paperwork, have a DEAL!" Trump posted on Truth Social less than two hours before Wednesday's midnight deadline.
If the tariffs had gone into effect as planned at 12:01 a.m. Wednesday, the import taxes imposed by Trump would have hit Canadian products.
But the political impact may have been greater than the economic. Canada had threatened to retaliate against any new tariffs with its own taxes, exacerbating a trade war between the countries that sold $880 billion worth of goods and services last year.
Canadian Prime Minister Mark Carney and Trump had spoken by phone twice over the past two days about ongoing negotiations, including a call on Tuesday afternoon, Carney's office said, underscoring the last-minute push for a deal.
Both countries had reason to pull back from the brink. Nearly 72% of Canada’s merchandise exports last year went to the United States. The Trump administration would take a risk by imposing a hefty new tariff — paid by American importers who try to pass the cost on to consumers through higher prices — ahead of the November midterm elections, adding to a widespread cost-of-living crisis in the U.S.
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