Trade truce.. Trump suspends Canada tariffs

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Trade truce.. Trump suspends Canada tariffs

President Donald Trump announced the suspension of the implementation of strict 50% customs duties that he planned to impose on some Canadian goods, retracting the step a few hours before it entered into force following intense negotiations that resulted in reaching an initial agreement between the two countries.

Trump explained, through his “Truth Social” platform, that the decision to postpone for three days came against the backdrop of reaching understandings between Washington and Ottawa, subject to finalizing official documents, following emergency talks he held with Canadian Prime Minister Mark Carney, to temporarily end the state of anticipation that prevailed in the markets as a result of Washington’s accusation that Canada was practicing “discriminatory treatment” against American products.

On the other hand, the Canadian side confirmed that negotiations are still continuing to reach a final settlement that spares its vital sectors, such as cars, steel, timber, and aluminum, from the consequences of these measures, especially since the tariffs threaten Canadian exports worth more than $20 billion, within a trade exchange volume between the two sides that amounted to about $880 billion during the past year.