Trump, Carney satisfied with nearing trade deal; US pauses Canada tariffs

President Donald Trump announced that the United States and Canada are close to finalizing a trade agreement, prompting him to halt a planned 50% tariff on Canadian goods for three days.

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It is a very fair agreement for both parties.

"I had a very good conversation with the prime minister (of Canada) last night and we have reached an agreement with Canada. As you know, generalized tariffs of 50% against Canada were going to take effect today; they called yesterday and accepted the points we were demanding. It is a very fair agreement for both parties," Trump told reporters at the White House.

While acknowledging that "everything is subject to the formalization of documents," Trump expressed confidence in reaching a definitive agreement with Canada to avoid implementing the customs duties. He stated the deal would be "excellent for our farmers" who were previously being harmed. Canadian Prime Minister Mark Carney echoed the sentiment, saying the agreement would strengthen Canada's position by ensuring better conditions for its key strategic sectors and providing greater certainty for the future trade relationship.

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Canada initiated these conversations with the best general trade conditions. Now we are moving towards an agreement that reinforces Canada's advantage, among other things by guaranteeing the best conditions in each of the country's most important strategic sectors and providing greater certainty about our future trade relationship.

However, Carney also expressed caution, describing the negotiation status as "significant progress." U.S. Trade Representative Jamieson Greer explained that the parties are reviewing documentation and will inform Congress, while also consulting with U.S. stakeholders, including businesses and unions. Greer affirmed confidence in an agreement that will protect U.S. workers, jobs, and supply chains while strengthening the economy. Canadian Minister of International Trade, Dominic LeBlanc, met with Greer in Washington to finalize the agreement, concluding a trade dispute that dates back to early 2025.

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We are confident that we have reached an agreement that will not only continue to protect U.S. workers, jobs, and supply chains, but will also strengthen the economy.