Prime Minister Justin Trudeau and his U.S. counterpart spoke by phone Wednesday about the ongoing trade war and their senior officials have been in constant contact throughout the day as both sides discuss a deal to temporarily lift all tariffs or possibly negotiate carve-outs for certain sectors.

After a small rally, stock markets took another hit Thursday. The Dow dropped more than 500 points, while the Nasdaq and S&P both dropped more than two percent. It comes as the White House delays the 25 percent tariffs on goods from Canada and Mexico for a month.