President Trump pauses 50% tariffs on Canada

(NBC, KYMA) - President Donald Trump is putting the brakes on a wave of tariffs that were set to hit Canada at midnight Tuesday.

The president announced on social media late Tuesday that he is pausing the 50% tariffs on Canada for three days.

President Trump wrote that the U.S. and Canada have a deal and the pause is subject to the finalization of documents.

However, the president did not provide further details on that matter.

The 505 tariffs would have targeted about $20 billion worth of U.S. imports from Canada, including automobiles, dairy products, liquors, electronics, and hockey equipment.

The last-minute deal comes after more than a week of tense meetings and technical talks.

On Monday afternoon, Canadian Prime Minister Mark Carney described the talks with the Trump administration as very delicate and intense.

Prime Minister Carney's office told NBC News that the two leaders spoke later that afternoon and again late Tuesday.

In a statement, Carney said, "Substantial progress has been made, although there is important work still to be done."