Canada to begin tariff talks with Trump admin after April 28 election, prime minister says

Canadian Prime Minister Mark Carney said that the U.S. and Canada "will commence negotiations on a new economic and security relationship immediately following the Federal election."

Carney's post to X on Wednesday said, "The pause on reciprocal tariffs announced by President Donald Trump is a welcome reprieve for the global economy."

Meantime, Carney is trying to win the April 28 election. During a press conference on Wednesday, he said if his ruling liberals win, the government would work to develop both clean energy and the lowest-carbon conventional energy.

Carney also told media in Calgary that Canada would use domestic energy to displace imported energy, including energy imported from the U.S., according to Reuters.

TRUMP SAYS HE'S RAISING CHINA TARIFFS FURTHER, PAUSING RECIPROCAL TARIFFS FOR OTHERS

"This election is importantly about who can best fight for Canadian families, workers, and businesses at the negotiating tables with the United States and other potential partner countries," Carney said in his post on X. "The stakes have never been higher."

"I am working hard to earn that responsibility to protect our country through this crisis and to build Canada strong," he concluded. 

BESSENT WARNS CHINA ON CURRENCY MOVES, SAYS BOND MARKET ‘DELEVERAGING’ ISN'T SYSTEMIC ISSUE

The tariff tit-for-tat between the U.S. and China escalated again Wednesday, with President Donald Trump saying that he is immediately raising the tariffs on Chinese goods to 125% over Beijing’s "lack of respect" toward America, while pausing and lowering reciprocal tariffs on other countries.

"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," Trump posted on his Truth Social media platform.

Trump wrote that more than 75 other countries have called U.S. representatives to "negotiate a solution" to the subjects relative to trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs. He added that these countries, "at my strong suggestion," have not retaliated in any way against America.

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Trump wrote that his reciprocal tariffs on other countries would be paused for 90 days, during which the tariff rate would be 10%.

FOX Business' Stephen Sorace and Reuters contributed to this report.