President Donald Trump announced he is halting tariffs on Mexico and Canada after speaking with the leaders of both countries on Monday — just hours before the sweeping actions were set to take effect.

The proposed tariffs, which Trump announced Saturday, consisted of a 25% tariff on all imports from Mexico and most from Canada (there was a 10% tariff on energy products) and a new 10% tariff on Chinese goods. Trump said earlier Monday that he would talk to China soon.

Trump suspended tariffs on America's neighbors after Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau made commitments, some of which they had already made, to strengthen security on their respective borders with the United States.

"I just spoke with President Claudia Sheinbaum of Mexico. It was a very friendly conversation where she agreed to immediately supply 10,000 Mexican soldiers to the border separating Mexico from the United States," Trump wrote on Truth Social earlier Monday.

"These soldiers will be specifically assigned to stop the flow of fentanyl and illegal immigrants into our country," he wrote.

He went to Truth Social with a similar announcement later in the day, after Trudeau initially announced the 30-day pause.

“Canada has agreed to ensure that we have a secure northern border and finally end the deadly scourge of drugs like Fentanyl that is pouring into our country, killing hundreds of thousands of Americans, destroying their families and communities across our country,” Trump tweeted. (As CNN reported, Canada accounts for just 0.2% of border seizures of fentanyl.)

After his call with Trump, Trudeau said Canada would implement its previously announced $1.3 billion border plan, as well as commit to appointing a "fentanyl czar" and listing the cartels as terrorists.

The extraordinary announcement of tariffs over the weekend against America's three largest trading partners had raised alarm even in parts of Trump's party and sent shockwaves through the North American economy, shaking businesses and markets and providing uncertainty for consumers.

And Trump’s tariff promises have also already started a trade war. Canada ordered retaliatory tariffs and China said it would “take necessary countermeasures.” Trump’s executive orders setting the tariffs in motion included a retaliation clause, which indicated that America could launch even tougher tariffs and raise costs even further. The president has also suggested another round of tariffs later this month, possibly on other countries.

But even Trump, a longtime supporter of tariffs, acknowledged on Sunday what economists, members of Congress and even some of his aides — in their former lives — have warned: Americans could pay the cost of the new tariffs.

Economists have said that the North American tariffs, if they materialize, would quickly send the Canadian and Mexican economies into recession and likely raise consumer prices for Americans on cars, gasoline, lumber and other imported items.