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President Donald Trump paused planned punishing tariffs on Canadian goods late Tuesday, indicating a broad trade agreement is nearing finalization. Trump announced a three-day reprieve from 50% duties on select goods just hours before a midnight deadline, stating on his Truth Social platform that a "DEAL!" was imminent, pending final documentization.

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based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!

Canadian Prime Minister Mark Carney described "substantial progress" toward a comprehensive trade deal but acknowledged that "important work still needs to be done." Intense negotiations between Ottawa and Washington have focused on revising the existing United States-Canada-Mexico Agreement (USMCA). The US Trade Representative's office indicated the prospective pact would include extensive market access for American goods, economic security commitments, and digital trade alignment.

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substantial progress has been made

The pause in tariffs came after Trump signed orders for the 50% duties last month, alleging "discriminatory treatment" by Canada against U.S. automobile and dairy products. These tariffs, targeting about 5.5% of Canada's exports to the U.S. worth approximately $20 billion, would have significantly impacted central Canada's manufacturing sector, according to Oxford Economics. Canadian negotiators have been in Washington seeking to avoid these tariffs and secure relief on existing sector-specific duties that have affected Canada's auto, steel, lumber, and aluminum industries.

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there is important work still to be done.

In addition to trade matters, Trump alluded to the potential revival of the Keystone XL Pipeline, a project previously blocked under President Joe Biden and opposed by environmental activists. This suggestion came as negotiations continued, with former U.S. commerce official Christopher Padilla noting that trade talks often proceed to the deadline, with administrations using threats of new tariffs to gain concessions.

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include comprehensive market access for all American goods, economic security commitments, digital trade alignment