The decision was made “in anticipation of a mutually beneficial comprehensive trade arrangement” with the U.S., a news release said, in the hope that the two countries can come to a deal by July 21 with Prime Minister Mark Carney and U.S. President Donald Trump agreeing to resume negotiations “consistent with this action.”

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There was no immediate reply to an email from the Toronto Sun asking if Carney or Finance Minister Francois-Philippe Champagne planned to address the media Monday on the developments.

“In our negotiations on a new economic and security relationship between Canada and the United States, Canada’s new government will always be guided by the overall contribution of any possible agreement to the best interests of Canadian workers and businesses,” Carney said in the statement. “Today’s announcement will support a resumption of negotiations toward the July 21, 2025, timeline set out at this month’s G7 Leaders’ Summit in Kananaskis.”