U.S. President Donald Trump has temporarily postponed tariffs on Mexico and Canada, a move welcomed by Mexico’s President with gratitude.

Canada’s Finance Minister threatened to impose a second round of tariffs on U.S. despite describing his phone conversation with Trump as “colorful.”

Just two days after announcing a 25% tariff on Mexican and Canadian imports, Trump decided to put plan on hold. While this decision brought some relief to trade relations, many still believe risk of a trade war remains.

Mexico’s President expressed appreciation for Trump’s decision, describing their conversation as “excellent and respectful.” Both nations agreed to work together to stop the flow of fentanyl from Mexico to U.S. and to curb arms trafficking in return.

Canadian Prime Minister Justin Trudeau mentioned having a “lively” phone conversation with Trump regarding tariffs. Reports from U.S. and Canadian media claimed that Trump used offensive language multiple times during heated discussion.

Despite this, Canada’s Finance Minister, Dominic LeBlanc, warned of imposing new tariffs on U.S. in response.

Trade between U.S., Canada, and Mexico involves billions of dollars in goods crossing borders daily. For decades three economies have been closely linked through free trade.

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On his social media platform Truth Social, Trump announced that the delay in tariffs would last until April 2. However, analysts warned that potential tariffs could significantly impact Canada’s shipping industry. Businesses are already preparing to minimize potential losses.