U.S. President Donald Trump announced on social media that he has decided to pause the imposition of 50% tariffs on a range of goods imported from Canada. This decision comes just hours before the tariffs were set to go into effect on Wednesday morning. According to Trump, the pause is based on a deal reached with Canadian Prime Minister Mark Carney, with discussions reportedly having taken place earlier in the day on Tuesday. This marks the second conversation between the two leaders that week, underscoring ongoing negotiations regarding trade relations between the U.S. and Canada. Prime Minister Carney's statement hinted that he had previously asserted Canada would take retaliatory measures if the tariffs were applied. The upcoming deal is described as being contingent on the finalization of necessary documents. This delay suggests a continuing commitment between the neighboring countries to address trade issues amicably, especially in the context of their significant economic interdependence, with nearly $1 trillion in goods and services traded yearly despite strained relations in the past.
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