Market Flux Event
Trump Pauses 50% Canada Tariffs for Three Days Hours Before Deadline, Citing Imminent Deal
President Trump paused 50% tariffs on roughly $20 billion worth of Canadian imports for three days, hours before they were set to take effect on August 19, announcing on Truth Social that the two countries had reached a deal pending document finalization. Canadian Prime Minister Carney's office said talks made substantial progress but that more work remained, with the pause running through August 21. The auto sector was described as the central sticking point, with Canada seeking relief from existing tariffs on autos and steel while the U.S. demanded Canada drop retaliatory measures, end alcohol boycotts, and open its dairy market further.
The levies had been set to cover roughly 5 percent of Canadian exports to the U.S. The U.S. dollar fell 0.2 percent against the Canadian dollar to C$1.3877 on the news. Trump also said Keystone XL could be resurrected as part of broader talks.
Separately, Florida's Tuesday primaries produced several consequential results: Republican congressman Byron Donalds easily won the GOP gubernatorial nomination with Trump's backing and will seek to become Florida's first Black governor, while Democrats nominated former Republican congressman David Jolly for the same race. In a notable upset, democratic socialist and state lawmaker Angie Nixon defeated retired Army Lt. Col.
Alex Vindman in the Democratic Senate primary despite Vindman outspending her by a reported 16-to-1 margin. Republican congressman Cory Mills, under investigation by the House Ethics Committee and facing assault allegations, lost his primary to former TV news anchor Ryan Elijah. Trump tapped White House policy aide Heidi Overton to lead the FDA after months of leadership turmoil at the agency.
The Pentagon confirmed it would cut joint military drills with South Korea from 11 days to five and scale back field training after Trump ordered a reduction, a move South Korea's foreign minister suggested appeared designed to pressure Seoul into joining military action against Iran.
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Sources
- WsjFlorida’s Tuesday primary offered a full slate of races for governor, the U.S. House and the Senate, providing a look at the impact of the Republicans’ mid-decade redistricting plan and President Trump’s influence in the state
- BusinessPresident Donald Trump is interviewing potential nominees for US Food and Drug Administration commissioner in person this week, according to people familiar with the process, as the White House looks to fill multiple leadership roles
- FirstSquawkTRUMP HAS DISCUSSED SETTING UP AN IN-PERSON MEETING WITH KIM JONG UN DURING HIS NEXT TRIP TO ASIA, WHICH COULD HAPPEN IN NOVEMBER - WSJ
- ThehillMoskowitz wards off DSA-backed challenger in Florida primary for toss-up House seat
- Ny TimesJared Moskowitz, Centrist Democrat From Florida, Beats Back Challenge From Left
- AJENewsBREAKING: US President Donald Trump is pushing aides for a meeting this year with North Korean leader Kim Jong Un, reports US media. Trump has privately discussed setting up an in-person meeting with Kim during his next trip to Asia. More on
- BloombergTrump-Endorsed Donalds Handily Wins Florida Governor Primary
- APFlorida Democrats have nominated David Jolly for governor, the second time in a row that they’ve run a former Republican for the state’s highest office. He'll face Republican Rep. Byron Donalds.
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- ForbesByron Donalds Wins GOP Primary To Succeed DeSantis As Florida Governor
- CnbcIn upset, democratic socialist Nixon defeats Vindman in Florida Democratic Senate primary
- AlxBREAKING: Fake Trump Impeachment Whistleblower Alex Vindman was just defeated in his primary for U.S. Senate in Florida despite spending 16x his opponent.
- ReutersCarney and Trump speak again as tariff deadline looms
- MarketsdayTrump Halts Talks with Iran, Shifts to Long-Term Pressure U.S. officials say the administration is moving from quick diplomatic wins to a strategy of sustained economic and military pressure to wear down Iran over time. This pivot comes on day 171 of the conflict that started
- BNNBloombergMore than 6,000 granted Canadian citizenship proof under new rules; U.S. account for 51%
- SirajAHashmiThe plan? Make a name for myself by helping impeach Trump, then run for Senate in a state that Trump won by 13 points, and lose to a communist in the primary
- NDTVProfitAlphaAnd that’s the market mood this morning. That’s the quick check. Now, get the full picture. From FII-DII flows and global markets to earnings, stocks in focus and the cues that could shape today’s trade — read All You Need To Know here:
- Zerohedge*TRUMP PAUSES 50% CANADA TARIFFS FOR 3 DAYS SUBJECT TO A DEAL
- Unusual_WhalesTehran also said it will not wait indefinitely for the US to continue its naval blockade, and that relying on mediators for a lasting peace is “not realistic.” Read more:
- news.sky.comTrump pauses tariffs on Canada after last-minute deal
- BbcTrump pauses new tariffs on Canada and says countries close to a deal
- MarketwatchTrump holds off on new 50% tariffs for Canadian goods
- forex.comUSD/CAD Trump goes TACO in Canada tariff talks
- ReutersBizPresident Trump said he had paused 50% tariffs on goods from Canada that were scheduled to start on August 19 for a three-day period, saying the two countries had reached a deal. More here:
- CointelegraphJUST IN: President Trump says he has paused the 50% tariffs on Canada set to hit tomorrow, citing a finalized trade deal.
- foxbusiness.comTrump pauses 50% tariffs on Canada hours before deadline after announcing potential deal