The federal finance minister spoke in Europe about the benefits for both Canada and the European Union in solidifying trade deals and other agreements.

'We have the trade deal with the United States, Canada and Mexico... There is no need,' Mexican President Claudia Sheinbaum said Wednesday.

Trump announced the extension after a phone conversation with Mexican President Claudia Sheinbaum he said was “very successful,' one day before his Aug. 1 global tariff deadline.

The EU awaits Trump’s tariff decision, which could raise duties on European goods to 50%, risking a trade war that may hurt U.S. consumers and global companies alike.

The agreement follows initial talks in Geneva last month that led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries.

"Our respective teams will be meeting shortly at a location to be determined," Trump wrote on his social media platform after the call, which he said lasted an hour and a half.

Gold prices have been spiking as President Donald Trump's tariff policies have started an international trade war that's roiled financial markets.

As they face tariffs from the U.S., Canadian companies and diplomats are looking at diversifying trade with European partners including Germany.

The United Kingdom hit pause on trade talks with Canada less than a month before the next round of talks towards a permanent trade deal was expected to take place.

Prior to this route, SF Airlines and Etihad Airways had jointly launched the Wuhan-Abu Dhabi air cargo route to boost air logistics.