The Prime Minister of Canada, Mark Carney, has backed down on his end of the trade war and agreed to negotiate “immediately” with Donald Trump.
Carney was reacting to Trump’s announcement on Wednesday, confirming a 90-day pause on all new “reciprocal” tariffs.
It is a major reversal, which has resulted in the biggest stock market rallies in history.
Carney, who succeeded Justin Trudeau earlier this year, has applauded Trump for the move.
“The pause on reciprocal tariffs announced by President Trump is a welcome reprieve for the global economy,” Carney wrote on social media.
The Liberal Party leader also stated that he “will commence negotiations on a new economic and security relationship immediately following the federal election” with Trump.
On March 23, Carney called for a snap election on April 28 and noted that while Canada will negotiate with the U.S., Trump’s signal that he will negotiate with several other countries means his nation will have to react similarly.
