Donald Trump announced that he has suspended for three days the 50% tariffs on goods coming from Canada. “I have suspended for three days the 50% tariffs against Canada, which were supposed to come into effect, as Canada and the United States, pending the finalization of the documents, have reached an AGREEMENT!” declared the American president on social media.
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The new 50% tariff was supposed to hit Canadian goods worth 20 billion dollars, about 5% of Canada’s annual exports to the United States: ranging from hockey sticks to electronic products, plastics, and building materials.
“We have reached an agreement with Canada, Canada was applying huge tariffs on us, we will no longer have any tariffs,” Trump added yesterday, without giving further details. The Office of the U.S. Trade Representative, Jamieson Greer, explained that the agreement includes better access to the Canadian market for U.S. products, along with “commitments on economic security” and “alignment” on digital trade issues that have long divided the two countries. Trump also stated that the Keystone XL pipeline – a project canceled by former President Joe Biden in 2021 after years of opposition from indigenous groups and environmentalists – “could be brought back to life.”
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Canadian Prime Minister Mark Carney, one of the few to react along with China in response to the White House’s trade impositions, stated that “talks with the United States have led to substantial progress, although there is still much work to be done.” “We continue to seek a fruitful dialogue, meanwhile – Carney said – Canada remains focused on building a stronger, more independent, and more competitive domestic economy.”
The new tariffs, announced a month ago, could have triggered a new trade war. For Trump, they were supposed to be a response to Canadian bans on American alcohol, Canadian protectionist measures for the dairy industry, and restrictions against cars coming from the U.S.
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