Carney said the 90-day pause, and Trump’s pledge to negotiate new trading arrangements with dozens of countries, “will likely result in a fundamental restructuring of the global trading system.”

Canadian Prime Minister Mark Carney on Thursday said he would convene a meeting of top cabinet colleagues on Friday to discuss the threat posed to the economy by U.S. tariffs.

Carney, a former two-time central banker in Canada and the UK, said Trump’s actions will reverberate in Canada and across the world.