The President’s announcement came hours before a series of tariffs set to cover about $20 billion worth of imports into the U.S. from Canada were set to take effect.
Canadian Prime Minister Mark Carney released a statement moments later, confirming that there had been “intensive discussions” with the U.S. to “address outstanding trade issues.”
Read More: Trump Imposes 50% Tariff Hike on Canadian Goods
U.S. Trade Representative Jamieson Greer said the deal will include "comprehensive market access for all American goods, economic security commitments, digital trade alignment," along with other provisions.
The President later posted what appeared to be an AI-generated image of himself dragging the Keystone pipeline out of the ground.
TIME has reached out to both the White House and the Prime Minister's office for comment.
During a tour of a tire factory in Iowa last week, Greer told reporters that the U.S. and Canada were engaged in “constructive negotiations” but warned that if a “country retaliates” they would “take action.”
The negotiations unfolded against a backdrop of ongoing grievances between the two countries, including Trump’s repeated statements about his desire to annex Canada and make it the 51st U.S. state—an idea Carney has strongly pushed back against.
The tense relationship between the pair has also played out over the Gordie Howe International Bridge—a cross-border bridge connecting the two countries that has repeatedly become a source of disagreement between Washington and Ottawa.
How U.S.-Canada trade tensions escalated
In February 2025, the White House hit Canada with a 25% tariff on most goods and 10% on energy resources, citing what it regarded as inadequate progress in curbing cross-border illegal immigration and drug trafficking.
The 50% tariff hike on a range of Canadian goods was announced in July, with Trump signing a series of proclamations citing Canada’s “discriminatory treatment” of American products.
The Administration had also announced targeted new tariffs on Canadian dairy products and exports of wine and other alcoholic beverages.
A Canadian Federation of Independent Business survey of 1,833 firms found that 77% of affected exporters expected revenue losses, while 35% expected their revenue to fall by at least half.
In a statement late Tuesday, the Distilled Spirits Council of the U.S. applauded Trump's announcement and called for "a negotiated solution that gets American spirits back on retail shelves in all Canadian provinces and returns the spirits sector to a zero-for-zero tariff framework."
The USMCA, which was signed by Trump in 2018, is a trilateral agreement that eliminated or reduced tariffs on goods traded between the nations of North America. It governs nearly $2 trillion in annual trade among the three countries.
In early July, the U.S. declined to renew the U.S.-Mexico-Canada Agreement for a 16-year term. Rather than terminate it outright, this puts the USMCA under annual review. Trade experts told TIME that the move is expected to carry profound long-term economic consequences.
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