Less than two hours before yet another midnight tariff deadline, President Donald Trump backed off late Tuesday from his threat to impose steep tariffs on Canadian goods.

Autos, dairy and alcohol are a few sticking points in relations between the two countries, while the two sides failed to clarify whether these will be resolved.

The announcement, which Trump made on his social media platform, buys time for more negotiations and avoids, for now, another strain in already tense relations between the…