Trump Delays 50% Tariffs on Canadian Imports Amid Last-Minute Deal

US President Donald Trump has delayed 50% tariffs on Canadian imports for three days after the two countries reached a last-minute deal. The tariffs were set to go into effect on Wednesday and would have hit around $20 billion worth of Canadian exports, including hockey sticks and tongue depressors.

Oxford Economics estimates that the duties would affect about 5.5% of Canada's exports to the US and pose only a 'modest' negative risk to Canada's economy, but would severely impact central Canada's manufacturing sector.

Canada had threatened to retaliate with levies of its own, and Canadian businesses have been calling for a signed interim agreement to provide certainty. The Canadian Chamber of Commerce President and CEO Candace Laing said the three-day delay offered some relief but 'fell short' of providing certainty.