Ankara: Canadian Prime Minister Mark Carney called US President Donald Trump's decision to pause sweeping tariffs a "welcome reprieve" for the global economy. In a post on X on Wednesday evening, Carney highlighted the significance of the announcement, saying that it would help stabilize economic relations between the US and Canada.

According to Anadolu Agency, the prime minister stated that, following the Canadian federal election, he and Trump would begin negotiations to establish a new economic and security relationship between the two nations. Carney emphasized that, as part of the announcement, President Trump indicated the US would engage in bilateral negotiations with several other countries, potentially leading to a fundamental restructuring of the global trading system.

Carney underscored that the upcoming election would be pivotal in determining who can best advocate for Canadian families, workers, and businesses in negotiations with the US and other potential partners. "The stakes have never been higher," he added. "I am working hard to earn that responsibility to protect our country through this crisis and to build Canada strong."

On Wednesday, Trump announced a 90-day pause on tariffs for many countries around the world. However, China has been excluded from the pause, and instead, the tariff rate for China has been increased to 125%. Stock markets soared after investors received news of the global reprieve.