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.

Canadian government officials say Canada’s initial retaliatory tariffs against the U.S. will remain in place for now despite President Donald Trump postponing 25% tariffs on many imports from Canada for a month.

US President Donald Trump on Thursday delayed some tariffs targeting Canada and Mexico -- leading Ottawa to halt an upcoming wave of countermeasures -- in moves that bring reprieve to companies and consumers after blowback on financial markets.