The Canadian dollar climbed against most of its Group-of-10 peers after President Trump delayed 50% tariffs on billions of dollars of Canadian goods for three days, claiming on Truth Social that a trade deal was pending. The last-minute reprieve will ease trade tensions in North America.
"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! The great Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!" Trump wrote on Truth Social late Tuesday night.
The United States Trade Representative wrote on X, "The deal will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners."
Congratulations Mr. President. The deal will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian… https://t.co/YSQ4rNmKAv
— United States Trade Representative (@USTradeRep) August 19, 2026
A White House proclamation explained that the tariffs were suspended after Canada committed to removing discriminatory treatment across US automobiles, dairy products, and alcohol.
Canadian Prime Mi
