The president made the announcement on Truth Social, barely two hours before the tariffs were set to take effect.
"Canada and the United States have entered into an agreement, subject to finalization of the documents," Trump wrote.
According to an announcement from the White House, Canada has expressed its readiness to remove what Trump believes are discriminatory measures against American exports of alcohol, dairy products and motor vehicles to Canada.
“Significant progress has been made, but there is still important work to be done,” writes Canadian Prime Minister Mark Carney on X.
Trump's 50 percent import tariffs on, among other things, alcohol, wood products and hockey equipment from Canada were to take effect at 6:01 a.m. on Wednesday Swedish time.
Last year, 72 percent of Canada's exports went to the United States, and the value of the goods that would be affected by the tariffs amounts to about $20 billion, AP reports.
