In an official statement, Canadian Prime Minister Mark Carney sounded more cautious about the state of the deal, saying: “Substantial progress has been made, although there is important work still to be done.” Echoing Trump, he noted that the U.S. 50% tariffs have been postponed until the end of day on August 21.
President Donald Trump paused 50% tariffs on Canadian imports hours before they took effect, saying a deal with Canada is pending finalization.
Here's what's going on with the Trump administration's plan for new tariffs for some Canadian goods.
Donald Trump has announced he has paused the imposition of 50% tariffs on more goods from Canada.
The U.S. and Canada are negotiating in an effort to reach a truce on tariffs before a 12:01 a.m. Wednesday deadline set by U.S. President Donald Trump.If no deal is reached, Trump has threatened to impose 50% tariffs on $20 billion worth of Canadian products, ranging from hockey sticks to tongue depressors.
President Donald Trump and Canadian Prime Minister Mark Carney are in talks ahead of new U.S. tariffs on an array of Canadian goods, according to media reports. The tariffs are being imposed under Section 338 of the Tariff Act of 1930 and cover roughly $20 billion worth of Canadian imports.
New 50% import taxes could hit liquor, hockey gear and wood products like particle board.
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Canada's goods-trade surplus with the world widened slightly in June as a softer currency helped drive the value of exports and imports to all-time highs.
Canadian producer prices declined in June, marking the first month-over-month drop in five months, after a tentative accord between the U.S. and Iran led to lower energy prices.
Canadian Prime Minister Mark Carney says Canada is ready to respond if Donald Trump's 50% tariffs on $19.8 billion of exports take effect on Aug. 19.