WASHINGTON – U.S. President Donald Trump has called off his threat to impose a 50% tariff on a wide range of Canadian goods.
The tariff, which was scheduled to take effect at 12:01 a.m. ET, will no longer go into effect, Trump announced hours before the deadline.
The decision spares roughly $20 billion worth of Canadian imports from the proposed duties.
The threatened tariff had raised concerns about a potential escalation in trade tensions between the U.S. and Canada, two of the world’s largest trading partners.
No immediate reason was given for the reversal, but the move comes amid ongoing discussions on trade relations between both countries.
Markets and businesses had been bracing for the impact of the higher duties ahead of the midnight deadline.
Source: https://cnn.it/4cqjWqQ