Donald Trump, the US President, has delayed a planned 50 percent tariff on a wide range of Canadian goods for three days as Washington and Ottawa work to finalise a trade agreement, easing immediate pressure on businesses and consumers on both sides of the border.
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According to the BBC, Trump announced the delay less than two hours before the new tariffs were due to take effect, saying the decision was based on the expectation that the two countries were close to reaching a deal.
“I have paused the 50% Tariffs against Canada that were scheduled to kick in tomorrow morning for three days, based on the fact that Canada and the U.S.A., subject to the finalisation of documents, have a DEAL!” Trump said in a social media post.
The proposed tariffs were expected to affect nearly $20 billion of Canadian imports, including wine, dairy products, cement, clothing and hockey equipment. They would have come on top of existing US duties on Canadian steel, aluminium, automobiles and lumber.
Mark Carney, the Canadian Prime Minister said significant progress had been made but cautioned that negotiations were not complete.
“Substantial progress has been made, although there is important work still to be done,” Carney said in a letter posted on X.
Trump and Carney spoke twice this week as negotiators…
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Read Full Article by Faith Omoboye at businessday.ng
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