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The two leaders talked about “trade challenges, opportunities, and shared priorities in a new economic and security relationship between Canada and the U.S.,” according to a statement.

Ties between the Asian neighbors deteriorated after a bloody border skirmish five years ago, but relations have recently been on the mend.

President Donald Trump on Aug. 11 extended a tariff truce with China for another 90 days through Nov. 10, stabilizing trade ties between the world’s two largest economies.

“I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA,” President Trump wrote on Truth Social.

The Trump administration had frozen the sale of some advanced chips to China earlier this year as trade tensions spiked between the world’s two largest economies.

The drop in U.S. travel underscores Canadians’ resentment toward their southern neighbor, who is their biggest trading partner and was once their favorite vacation destination. 

Shorting Maersk stock during a global trade war may seem like a sure bet. But investors who’ve loaded up on the trade since April have so far only been handed big losses.

The shift in fortunes began during President Donald Trump’s trade war with China in his first term, with the initial annual deficits recorded in 2019 and 2020.

The extension was announced Aug. 6 by the Ministry of Commerce. China is the world’s top buyer of the meat, which means its imports are tracked closely by the global market. 

Canadian Prime Minister Mark Carney said he wants to maximize the impacts of retaliatory tariffs on the U.S. but minimize the pain for Canadian businesses.