Canadian premier calls US tariff pause a 'welcome reprieve' for global economy

In a post on X on Wednesday evening, Carney highlighted the significance of the announcement, saying that it would help stabilize economic relations between the US and Canada.

The prime minister said that, following the Canadian federal election, he and Trump would begin negotiations to establish a new economic and security relationship between the two nations.

"As part of today’s announcement, the President has signalled that the US will engage in bilateral negotiations with a number of other countries. This will likely result in a fundamental restructuring of the global trading system," Carney said.

He underscored that the upcoming election would be pivotal in determining who can best advocate for Canadian families, workers, and businesses in negotiations with the US and other potential partners.

"The stakes have never been higher," Carney added. "I am working hard to earn that responsibility to protect our country through this crisis and to build Canada strong."

On Wednesday, Trump announced a 90-day pause on tariffs for many countries around the world. However, China has been excluded from the pause, and instead, the tariff rate has been increased to 125%. Stock markets soared after investors heard about the global reprieve.