Canada is reportedly planning to remove retaliatory tariffs on USMCA-compliant U.S. goods in an effort to restart trade talks with President Donald Trump's administration.

Canada will remove many retaliatory import tariffs on US goods and intensify talks with the United States on striking a new trade and security relationship, Prime Minister Mark Carney said on Friday.

The change will go into effect on Sept. 1, Carney added, saying he believes Canada has the best trade deal out of all of the countries working with the U.S.