USA and Canada agree to postpone customs duties

The USA and Canada reached an agreement in the negotiations to postpone the 50 percent customs duty. In his post on social media, US President Donald Trump announced that he has suspended the new 50 percent customs duties that will be applied to goods imported from Canada from midnight until August 22.

Trump said, "Based on the fact that Canada and the United States have reached an agreement, I have suspended the 50 percent customs duties on Canada for 3 days, which were scheduled to come into force in the morning. The great Keystone XL Pipeline, killed long ago by the sleepy Joe Biden, may be awakened from its grave."

Trump said Canada is committed to addressing U.S. concerns about tariffs on dairy products, alcoholic beverages and motor vehicles.

SIGNIFICANT PROGRESS HAS BEEN MADE IN THE MEETINGS

Canadian Prime Minister Mark Carney also confirmed that the United States had agreed to suspend tariffs until August 22. Carney said "significant progress" had been made in the talks, but there was "important work to be done". "As we pursue this work, Canada remains focused on building a stronger, more independent and more competitive economy at home," Carney said.

About 70 percent of Canadian exports go to the United States, while the United States sends about 30 percent of its exports to Canada.

Canadian Prime Minister Mark Carney and US President Donald Trump

MEETING TRUMP AND CARNEY

The deal comes after Trump and Carney held talks on Tuesday to find common ground after weeks of tense trade talks. Trump and Carney did not disclose the details of the agreement, but it is stated that Trump aims to revive the Keystone XL Pipeline.