00:00U.S. President Donald Trump paused the planned rollout of punishing tariffs on Canadian goods for a three-day period,
00:07announcing that both parties were finalizing a deal.
00:10The announcement on True Social came just hours ahead of his midnight Wednesday deadline, when the 50% tariffs on
00:17some $20 billion worth of Canadian imports were initially slated to kick into force.
00:22Trump's import taxes would have hit Canadian products ranging from hockey sticks to wine.
00:28Ottawa and Washington have held intense negotiations on revising their existing deal, the United States-Canada-Mexico Agreement, which Trump
00:37signed and praised during his first term, but now says needs to change.
00:41The U.S. Trade Representative's office leading the negotiations said that the pact between Washington and Ottawa is set to
00:48include comprehensive market access for all American goods, economic security commitments, digital trade alignment, as well as other provisions.
00:56Trump imposed the 50% duties last month, alleging discriminatory treatment by Canada against U.S. alcohol, automobile and dairy
01:06products.
01:07Canada responded with threatened levies of its own, aggravating already tense relations between the two allies, who sold around $880
01:15billion worth of goods and services to each other last year.
01:19Canada's Prime Minister, Mark Carney, commenting on the suspension, did not announce that a new deal was reached, instead noting
01:27that substantial progress was made, but that important work was still to be done.
01:31He also added that the new arrangement is looking to address outstanding trade issues and deliver greater certainty and real
01:38benefits for Canadian businesses and workers.
