Canadian Prime Minister Mark Carney called US President Donald Trump's pause on global tariffs a "welcome reprieve" and said Ottawa will begin negotiations with Washington on a new economic deal after elections.

Carney said the 90-day pause, and Trump’s pledge to negotiate new trading arrangements with dozens of countries, “will likely result in a fundamental restructuring of the global trading system.”

Canadian Prime Minister Mark Carney on Thursday said he would convene a meeting of top cabinet colleagues on Friday to discuss the threat posed to the economy by U.S. tariffs.

Facing a global market meltdown, Trump abruptly backed off his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.

President Trump sent the financial markets soaring Wednesday when he announced a 90-day pause on all 'reciprocal' tariffs, except those on China, which he boosted to a cumulative 125%. Here is a quick glance at the current tariff picture.

The move is seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to one between the U.S. and China.

The global economy appeared to be in open rebellion against President Donald Trump’s tariffs as they took effect Wednesday. Business executives are warning of a potential recession caused by his policies,

President Trump's sweeping new tariffs are now in effect. Trump said he hopes the tariffs will influence companies to build more manufacturing plants in the United States; however, pushback is coming from both sides of the aisle,