Feb. 3, 1:57 p.m. EST Trump announced the tariffs against Canada will be paused for 30 days, saying the longtime U.S. ally will implement a $1.3 billion border reinforcement plan that will bolster the U.S.-Canada border with “new choppers, technology and personnel... and increased resources to stop the flow of fentanyl.”

An eleventh-hour deal achieved President Trump's political aims, but Wall Street remains concerned that tariffs will become a permanent threat in negotiations.

Last-minute phone calls pull the North American neighbours back from the brink of a trade war, but the US is still targeting Chinese imports.