PRIME Minister Mark Carney on Wednesday said that the pause on reciprocal tariffs announced by U.S. President Donald Trump is “a welcome reprieve for the global economy.”

Carney said in a statement posted on X: “As President Trump and I have agreed, the U.S. President and the Canadian Prime Minister will commence negotiations on a new economic and security relationship immediately following the Federal election.”

He noted: “As part of today’s announcement, the President has signalled that the U.S. will engage in bilateral negotiations with a number of other countries. This will likely result in a fundamental restructuring of the global trading system.

“In that context, Canada must also continue to deepen its relationships with trading partners that share our values, including the free and open exchange of goods, services, and ideas.”

Carney said: “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. 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.”