Trump suspends 50% tariffs on Canadian imports following trade deal

US President Donald Trump said on Tuesday night that he was temporarily suspending 50% tariffs on Canadian imports, after the US and Canada agreed to a trade deal.

The tariffs, which Trump announced in July, were set to take effect on Wednesday.

"I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the USA, subject to the finalization of documents, have a DEAL!" Trump wrote on his Truth Social platform.

The deal comes after Canadian Prime Minister Mark Carney held "intense" negotiations with Trump this week in a bid to avert the duties.

"Substantial progress has been made, although there is important work still to be done," Carney said after Trump's announcement.

What do we know about the latest US-Canada trade deal?

Officials provided scant detail about what the deal covers.

The office of US Trade Representative Jamieson Greer said it would include "comprehensive market access for all American goods, economic security commitments, digital trade alignment" but did not list specifics.

Meanwhile, Trump added that the Keystone XL pipeline "may be awoken from the grave!"

The Keystone pipeline, plans for which were canceled under Trump's predecessor and political foe Joe Biden, would carry oil from Canada to the US.