President Donald Trump addresses a joint session of Congress in the House chamber at the U.S. Capitol in Washington, Tuesday, March 4, 2025. THE CANADIAN PRESS/AP, Julia Demaree Nikhinson

By The Canadian Press

Trade War

Canada halts second tariff wave after Trump announces pause on some duties

Mar 6, 2025 | 3:27 PM

Finance Minister Dominic LeBlanc says Canada has suspended a second wave of retaliatory tariffs after U.S. President Donald Trump signed an executive order today to pause some duties on Canada.

LeBlanc posted on social media Thursday that Canada will not proceed with planned retaliatory tariffs on $125 billion worth of U.S. products and will continue to push the Trump administration to drop all tariffs.

Trump signed an executive order today pausing tariffs on some Canadian imports linked to the auto industry and lowering levies on potash to 10 per cent.

It was not immediately clear exactly what would be included in the exemptions.

Markets have been in turmoil since Trump followed through Tuesday on his threat to impose sweeping economy-wide tariffs on Canada and Mexico, with a lower 10 per cent levy on Canadian energy.

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Trump says there will be “a little short term interruption” but he doesn’t “think it will be big.”

This is a developing story.