Canada Tariffs Are Delayed By One Month


Justin Trudeau, Canada's prime minister, right, speaks during a press conference with Melanie Joly, Canada's foreign minister, left, and Dominic LeBlanc, Canada's finance and intergovernmental affairs minister, on Parliament Hill in Ottawa, Ontario, Canada, on Saturday, Feb. 1, 2025.

David Kawai/Bloomberg images via Getty Images

Hours before 25% tariffs on Canada were set to take effect, the country's prime minister said the U.S. and its northern neighbor have reached an agreement to delay the import taxes.

Canadian Prime Minister Justin Trudeau wrote on social media platform X that his country will "launch a Canada-U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering." He wrote that in exchange for the delay of 30 days on proposed tariffs, Canada and America will “launch a joint strike force to combat organized crime, fentanyl, and money laundering.”

Donald Trump, the president of the United States confirmed this deal on Truth Social.

"I am very pleased with this initial outcome, and the Tariffs announced on Saturday will be paused for a 30 day period to see whether or not a final Economic deal with Canada can be structured," Trump wrote.

The change of course came hours after Donald Trump and Mexican President Claudia Sheinbaum struck a deal similar to this. The 10% tariff will still be in effect starting Tuesday as of Monday.

The post was updated on Feb. 3rd, 2025 to include a comment by President Donald Trump

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leadzevs/ author of the article

LeadZevs (John Lesley) is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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