The United States suddenly lifted its 10 per cent aluminum levy just hours before Ottawa was to unleash a suite of countermeasures.

Canada will unveil retaliatory tariffs on a range of U.S. goods on Tuesday after Washington moved to impose punitive measures on Canadian aluminum imports, Prime Minister Justin Trudeau said.

The deputy prime minister previously called the U.S. decision 'unwarranted' and said Canada would respond 'swiftly and strongly' with retaliatory tariffs valued at $3.6 billion.

'Go out there and buy Ontario-made products,' Premier Doug Ford said.

U.S. President Donald Trump threatened 100 per cent tariffs on French champagne and cheese.

It is the latest sign of easing tensions before a new round of talks aimed at curbing a bruising trade war.

The markets have been in a spin cycle since President Donald Trump announced on Aug. 1 that he would impose 10% tariffs on about $300 billion in Chinese imports.

Tensions in the Gulf, where oil tankers have been attacked amid a standoff between the U.S. and Iran, have heightened concerns.

Upcoming events and unanswered questions could still affect Canada-U.S. trade.

The lifting of the tariffs - to take place within two days of Friday's announcement - will have a minimal effect on Canada's overall economy but a sizable impact on a few industries, economists from CIBC Capital Markets wrote.