Trump pauses planned 50% tariffs on Canada following tentative trade agreement

United States President Donald Trump has temporarily halted planned 50% tariffs on Canadian imports for three days, announcing that Washington and Ottawa have reached a preliminary framework to resolve their trade dispute.

The tariff hike, which would have affected billions of dollars worth of goods, was suspended mere hours before it was scheduled to take effect. Trump stated on social media that he paused the measures "based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!"

Officials from both nations are now working to formalize the agreement and finalize legal documents before the three-day window concludes, temporarily averting a major escalation in cross-border trade friction.

Sources: BBC News, Bloomberg, ORF, The Guardian, The Journal.