Trump announces temporary pause on new Canada tariffs
News
The new levies were set to go into effect early Wednesday.
President Donald Trump said he is pausing for three days the new 50% tariffs on Canadian goods set to go into effect early Wednesday, citing a deal between the U.S. and Canada.
“I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL,” Trump said in a social media post.
Details
The new tariffs, targeting dozens of products from hockey sticks to wine, were set to go into effect at 12:01 a.m. ET on Wednesday.
While the president did not offer specifics about what the deal might entail, he did suggest that it might include a renewed effort to build the Keystone Pipeline, despite the project being canceled in 2021 after years of criticism about the project’s environmental impact.
“Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!” Trump added in the post.
Analysis
Due to exemptions on key goods, the tariffs were expected to hit only a fraction of U.S. imports from Canada.
Still, the list of affected goods features an array of food items such as dairy products, honey, whey protein and molasses; as well as alcoholic beverages like whiskey and vodka.
It all comes weeks after Trump imposed sweeping new tariffs on 60 trade partners, including the European Union. Those levies ramped up an effort to reconstruct far-reaching duties struck down by the Supreme Court earlier this year.
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