Canadian Prime Minister Mark Carney announced this in a press conference on 22/8. He added that US tariffs on Canadian goods remain low compared to other trading partners.

Previously, Canada twice imposed 25% retaliatory tariffs on US goods, totaling 45.9 billion USD. The goods subject to retaliatory tariffs included cars (with a trade value of 25.3 billion USD), steel (8.7 billion USD), aluminum (2.1 billion USD), and others such as computers, sports equipment, and cast iron products (9.8 billion USD).

Canadian Prime Minister Mark Carney speaks after announcing the removal of many retaliatory tariffs on US goods, in Ottawa, Ontario, Canada, on 22/8. Photo: Reuters

Canadian Prime Minister Mark Carney speaks after announcing the removal of many retaliatory tariffs on US goods, in Ottawa, Ontario, Canada, on 22/8. Photo: Reuters

Except for cars, aluminum, and steel, tariffs on most goods will be lifted from 1/9.

The announcement followed a phone call between Carney and US President Donald Trump, described as "productive and extensive". Furthermore, the US-Mexico-Canada Agreement (USMCA), which Trump negotiated during his first term, is expected to be reviewed later this year.

The Canadian leader added that Trump assured him the removal of the retaliatory tariffs would restart negotiations between the two countries.

When asked about Carney's decision to lift the tariffs, Trump called it a "good thing". "We want to treat Canada well. I like Carney very much," he said.

Canada and China were the only two countries to retaliate against US tariffs.

Trade tensions between the two countries began in February when Trump signed an executive order imposing import tariffs on all goods from its neighbor. Except for Canadian energy, which was subject to a 10% tariff, other products faced a 25% tariff. Canada quickly imposed retaliatory tariffs on 45.9 billion USD worth of US goods in March and April. In July, Trump announced he would increase tariffs on Canadian goods to 35%.

At that time, the Canadian Prime Minister stated on X that his country was committed to working with the US to reach an agreement.

Bao Bao (according to CNBC, Reuters)