Tariff crisis Trump's tariff policy

Sources: US halve steel tariffs against Canada

The US and Canada are nearing a preliminary trade deal that would cut US tariffs on some Canadian steel and aluminum products from 50 to 25 percent, sources told Bloomberg.

The new tariffs are not expected to apply across the board. Some processed products containing steel and aluminum could instead receive different tariff levels. The details of the agreement have not yet been finalized.

The talks continue on Wednesday, less than a day after Donald Trump paused the planned 50 percent tariffs to give negotiations more time.

Trump pauses tariff threat against Canada: "There is a deal"

US President Donald Trump is pausing the tariff threat against Canada for three days, barely two hours before the tariff deadline was due to expire. Now the president claims that there is a “deal” between the countries and that it should be chalked up in an agreement.

Import duties of 50 percent on alcohol, lumber and hockey equipment, among other things, would have come into effect on Wednesday if Trump had not extended the tariff deadline.

Canadian Prime Minister Mark Carney writes on X that significant progress has been made, but that there is still “important work” to be done.