Tariffs: Trump suspends the 50 per cent tariffs on Canada: ‘An agreement has been reached’
Canadian Prime Minister Mark Carney spoke of ‘substantial progress’ in the negotiations and of ‘a great deal of work still to be done’ to reach an agreement
The United States and Canada are close to a new trade agreement, and for this reason US President Donald Trump has announced a three-day suspension of the 50 per cent import tariffs that were due to come into force today, 19 August. Trump announced via Truth Social that ‘Canada and the United States, subject to the finalisation of the documents, have reached an agreement’, whilst Canadian Prime Minister Mark Carney spoke of ‘substantial progress’ in the negotiations and ‘a great deal of work still to be done’ to reach an agreement.
According to a report on X by the US Trade Representative, the agreement ‘will include full market access for all US goods, commitments on economic security, harmonisation of digital trade, and many important provisions that will continue to protect our market and American workers, together with our Canadian partners’.
The 50 per cent tariffs were due to come into effect at midnight US time today and were set to apply to $20 billion worth of Canadian imports.
