Finance Minister Dominic LeBlanc said Ottawa will suspend a second wave of retaliatory tariffs after U.S. President Donald Trump signed an executive order Thursday to pause some new duties on Canada and Mexico and reduce potash levies to 10 per cent.

Prime Minister Justin Trudeau described his Wednesday phone call with U.S. President Donald Trump as "colourful" and warned Canadians that the trade war is likely to continue, despite Canada and Mexico receiving a temporary tariff reprieve on Thursday.

Canada's first phase of retaliatory tariffs on $30 billion in US goods began Tuesday, responding to Trump's 25% levies on most Canadian imports.

Prime Minister Justin Trudeau told U.S. President Donald Trump on Tuesday that his tariffs on Canadian imports were "a very dumb thing to do" and said Ottawa was striking back immediately at its closest ally.

To President Donald Trump, “tariff” is more than “the most beautiful word in the dictionary.” In Trump’s view, tariffs are a cure for many of the nation’s ills and a tool to reach new heights.

Trump and Trudeau discussed fentanyl smuggling and trade over a 50-minute call. Trump accused Trudeau of using trade tensions for political power and criticized Canada's border policies for allowing fentanyl into the US.