The U.S. temporarily paused tariffs Thursday on goods that meet the rules of origin requirements under the Canada-U.S.-Mexico Agreement, and lowering levies on potash to 10 per cent, until April 2.
Ottawa has responded by suspending a planned second wave of retaliatory tariffs.
Here is the latest news (all times Eastern):
3 p.m.
Premier Danielle Smith says she’s inclined to keep Alberta’s trade sanctions on the United States in place amid shifting messages from U.S. President Donald Trump.
Smith says she wants to get feedback from her United Conservative Party caucus about whether to maintain the province’s measures, which include a ban on future purchases of U.S. booze and video lottery terminals.
Her government also announced earlier this week that it will prioritize buying from countries that don’t violate trade agreements.
12:28 p.m.
Stocks in Canada and the U.S. tumbled lower again today amid the continued uncertainty regarding tariffs on U.S. imports from Canada and the U.S.
The financial markets have been volatile this week after U.S. President Donald Trump imposed tariffs early in the week, only to grant a temporary reprieve on Thursday.
The S&P/TSX composite index, which was up shortly after the start of trading, was down 63.62 points at 24,520.42 in trading just after noon.
The Dow Jones industrials average was down 278.18 points at 42,300.90.
10:20 a.m.
Public Safety Minister David McGuinty says the Liberal government will continue its efforts to strengthen border security and crack down on fentanyl.
He didn’t directly answer when asked whether there is a way to convince the Trump administration of Canada’s efforts on the border, or whether the tariffs aren’t about fentanyl at all.
“It’s in our own self-interest to strengthen that border. It’s in our interest to appoint a fentanyl czar, which we’ve done,” he said at an unrelated press conference Friday.
“The fact that a new administration has raised the profile of the need to address the fentanyl crisis is something we accept. And it has helped accelerate a number of investments.”
10 a.m.
Conservative Leader Pierre Poilievre says his message to U.S. President Donald Trump is simple: “Knock it off.”
Speaking to reporters in Toronto this morning, Poilievre says Trump needs to stop the chaos that’s hurting American workers and consumers and attacking a cherished friend.
Poilievre says putting Canada first means “that we can’t rely on President Trump or the Americans anymore.” He also attacked the Liberals, saying they have not done anything to “bring home our jobs, business and economic sovereignty” since Trump first threatened tariffs in November.
6:30 a.m.
The futures market pointed to a positive open for U.S. stocks this morning to close out a volatile week of trading.
Stock markets have been under pressure since U.S. President Donald Trump first imposed tariffs on U.S. imports from Canada and Mexico earlier this week.
The S&P/TSX composite index lost almost 300 points on Thursday, while the Dow industrials fell more than 400 points, adding to its losses from earlier in the week.
This report by The Canadian Press was first published March 7, 2025.
