Trump hits pause on Canada tariffs threat, and hints at revival of Keystone XL oil pipeline project

US president delays 50% tariffs by three days, and says contentious oil project ‘may be awoken from the grave’

Trump hits pause on Canada tariffs threat, and hints at revival of Keystone XL oil pipeline project

TL;DR

  • Canada and the US reached a temporary agreement, avoiding a 50% tariff on $20 billion in goods.
  • President Trump announced a three-day pause on the tariffs, citing progress towards a deal.
  • The potential revival of the Keystone XL pipeline project was hinted at by President Trump.
  • Previous trade tensions included US tariffs in February 2025 and Canadian retaliatory measures, followed by US tariffs in July 2026.
  • The United States-Mexico-Canada (USMCA) deal previously protected certain goods from import taxes, but not from the latest round of tariffs.