Less than two hours before steep new tariffs were set to hit Canadian goods, President Donald Trump put them on hold.

Trump announced a three-day pause on the planned 50% tariffs in a social media post, saying the United States and Canada have reached a deal but still need time to finalize the details.

The president offered few specifics about the agreement, though he suggested one long-running energy project could make a comeback: the Keystone XL pipeline.

Trump said the pipeline may be “awoken from the grave.”

What we know about the negotiations

The Office of the U.S. Trade Representative provided some additional details, saying the agreement will include “comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners.”

According to The Associated Press, the White House said Canada also committed to removing measures the Trump administration considers discriminatory against U.S. alcohol, dairy and motor vehicle exports.

The 50% tariffs had been scheduled to take effect at 12:01 a.m. Wednesday. They would have applied to roughly $20 billion worth of Canadian imports, covering everything from hockey sticks and building materials to alcohol and clothing.

The economic fallout could have extended well beyond those products. Canada had threatened retaliatory levies of its own, raising the prospect of a wider trade fight between two countries with deeply connected economies.

The three-day pause gives both sides a narrow window to turn their apparent breakthrough into a finalized agreement.

Carney says ‘important work’ remains

Canadian Prime Minister Mark Carney struck a cautiously optimistic tone following the announcement.

Carney said “substantial progress has been made,” while emphasizing that there is still “important work” left to do.

“While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home,” he said.

For now, the last-minute pause prevents the 50% tariffs from taking effect and gives Washington and Ottawa more time at the negotiating table. But with many of the agreement’s details still undisclosed — and only a three-day reprieve in place — the threat of another escalation has not disappeared.