Prime Minister Justin Trudeau will host a Canada-U.S. economic summit in Toronto on Friday, days after President Donald Trump said he would hold off on deploying his threatened tariffs against Canada for a month.

Justin Trudeau announced some of the 25% tariffs against the U.S. would begin on Tuesday in response to Donald Trump's punishing tariffs on Canadian goods.

Tim McMillan, a former head of the Canadian Association of Petroleum Producers, warned that Ottawa should avoid the temptation to retaliate by cutting off oil supplies from Alberta, which make up half of U.S. oil imports, saying it “would be a huge mistake.”

Canada has imposed 25% tariffs on 1,256 US goods, mainly targeting items from Republican states. This includes food, agriculture products, textiles, and furniture. Ontario banned US firms from government contracts,

Mexico and the US agreed to pause tariffs for a month, strengthen border security, and combat weapons trafficking. Donald Trump spoke with Justin Trudeau about the tariffs imposed on Canada.

The Council on Canada-U.S. Relations will hold a summit in Toronto on Friday, Canadian Prime Minister Justin Trudeau said in a statement on Wednesday after a 30-day pause on the Trump administration's proposed tariffs went into effect this week.

Canadian business and labor leaders will meet in Toronto this Friday to discuss diversifying trade and boosting the economy in the wake of U.S. threats to impose tariffs, Prime Minister Justin Trudeau said on Wednesday.

President Trump has paused his planned tariffs against Canada after speaking with Canadian Prime Minister Justin Trudeau. CBS News national correspondent Nikki Battiste reports.