&w=3840&q=100)
Trump, Carney expected to hold talks amid US-Canada tariff tensions
US President Donald Trump and Canadian Prime Minister Mark Carney would most likely speak 'over the next number of days' after the US put a 35% tax on products not covered by the US-Mexico-Canada trade deal, a Canadian official said on Sunday.
Dominic LeBlanc, the Canadian cabinet minister in charge of US-Canada trade, told CBS News' 'Face the Nation' that recent negotiations had 'encouraged' him and that an agreement to reduce tariffs was still possible.
STORY CONTINUES BELOW THIS AD
'We're encouraged by the conversations with Secretary Lutnick and Ambassador Greer, but we're not yet where we need to go to get the deal that's in the best interest of the two economies,' LeBlanc said, referring to US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer.
The trade minister said he expected Carney and Trump to speak 'over the next number of days.'
'We think there is an option of striking a deal that will bring down some of these tariffs provide greater certainty to investment,' LeBlanc said.
Washington attributed Friday's tariff announcement in part to Canada's inability to combat fentanyl smuggling. It was the latest blow in Trump's months-long tariff war, which began shortly after he returned to office this year.
According to Carney, Canada accounts for under 1% of US fentanyl imports and is working hard to cut numbers even more.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
4 minutes ago
- Mint
Buckle up, the ride may get rough, says market survey
Souring US-India trade ties have turned up the scrutiny on Indian stocks already witnessing high valuations, weak earnings, and periodic selling by foreign investors. Investors are now scrambling for some crucial answers: Will there be some respite from volatility anytime soon? What is the market's expectation from a trade deal with the US? Will earnings downgrades continue? And finally, is there any glimmer of hope of a broader turnaround? To gauge the market's pulse, we surveyed 34 investment professionals—analysts, economists, research heads, and fund managers—between 25 and 30 July. Their verdict: Brace for more uncertainty, as a US-India trade deal might end up rattling the markets. This is the fourth in a new Mint series of quarterly market surveys, the first of which was held ahead of Diwali in October 2024, the second in February after the Union Budget and the last one in April. Also read: NSDL IPO: Reasonable valuation, strong moat, and room to reclaim growth Trade jitters Most experts (77%) agreed that while geopolitical risks have certainly reduced over the June quarter, key developments like the US-India trade deal might still negatively surprise markets. Around 9%, including Prashanth Tapse, senior vice-president at Mehta Equities, strongly believe that the market is heading into increasingly choppy waters. On a more concerning note, experts were unclear as to what extent the market has priced in such uncertainties - meaning chances of shocks remain high. The market's knee-jerk sell-off on 31 July after higher-than-expected US tariffs and a new penalty exemplifies such concerns. Narendra Solanki, head of fundamental research at Anand Rathi Shares and Stock Brokers' investment services vertical, noted that the risk of higher duties against India relative to its Asian peers, after a US-India trade deal, will keep markets on the edge for now. However, most experts (76%) were also optimistic that India would be able to strike a balanced trade deal with the US, with only 3% fearing a detrimental outcome. 'We expect the US-India trade deal to lead to a largely balanced outcome, with mutual gains across sectors," Ajit Mishra, senior vice-president of research at Religare Broking said. 'Given the strategic nature of the partnership, the deal is unlikely to be overly one-sided." But a latest Emkay Global Financial Services report suggests that India's Russian energy and defence purchases could further muddle trade talks. So far, negotiations have stalled over India's refusal to allow large-scale US agri and dairy imports to protect domestic jobs. However, the unfolding situation after the sixth round of India-US bilateral trade agreement talks, set for late August in India with US counterparts, will be crucial. Irrespective of the deal outcome, though, rising hostility between the two nations is raising doubts over India's status as a geopolitical safe haven, noted a recent CLSA report. 'At a time when India remains one the most expensive markets in the world, despite facing incessant earning cuts, this may make it more difficult to attract FPI inflow," the report said. Also read: Are Indian businesses headed for a David vs Goliath showdown? FPI exodus Experts in the survey noted that while India's structural story remains intact, elevated US treasury yields, global uncertainty and high domestic valuations are keeping foreign portfolio investors (FPI) at bay. They turned net sellers again in July, with equity outflows worth over ₹17,741 crore till July 30. Around 35% of respondents, including those from Axis Securities, Geojit Financial, Ventura, and Mira Money, think foreign capital will re-enter Indian markets by the third quarter of FY26, once global interest rate concerns ease and corporate earnings show broader recovery. 'While Q3 could mark an inflection point, it's possible that the positives, especially earnings recovery and (an) emerging markets risk-on mood, may take a bit longer to fully play out, pushing broader re-entry into late FY26," Saurabh Rungta, CIO at Avendus Wealth Management said. But half of the lot also seemed more optimistic. They think FPIs will continue to buy Indian equities cautiously and selectively, primarily in sectors benefiting from specific policy initiatives or global trends. Earnings divide Experts were similarly split on earnings cut expectations this earnings season. While 47% felt earnings downgrades will slightly outpace upgrades, based on Q1 results reported so far, an equal number of respondents said downgrades have bottomed out at current levels as earnings will likely pick up from the second half of FY26. 'Nifty 50 companies are expected to grow earnings by only 4–7% in Q1 vs full-year (FY26) estimates of 10–12%," Gaurav Garg, analyst at Lemonn Markets Desk said. 'We expect corporate revenue growth to remain muted in FY26 as nominal GDP growth is expected to cool to a six-year low of 9%." At this juncture, almost 79% of experts are betting that despite signs of an earnings slowdown across India Inc. some sectors will stand out in Q1. Siddhartha Khemka, head of research at Motilal Oswal Financial Services' wealth management division, expects oil and gas, telecom, lending-oriented non-banking financial companies (NBFC), public sector banks, pharmaceuticals and healthcare sectors to anchor earnings growth in an overall muted June quarter. There was also consensus around cement, select auto and auto-ancillaries, agriculture and chemicals sectors outperforming in the June quarter. But these trends are unlikely to trigger a broader rebound anytime soon. In Q1, market performance broadly met expectations, a sentiment shared by 68% respondents. Looking ahead, around half of those surveyed anticipate a range-bound movement in the upcoming quarter, while the others express either caution or moderate bullishness. IPO hope Amid this lull in the secondary market, a fraction of experts (6%) bets that the recent momentum in the IPO space, especially from quality issues, might gradually lift overall market sentiment. However, the majority (76%) believes that while IPOs might offer some hope, a sustained revival will require more consistent FPI inflows and clear signs of earnings recovery in the broader economy. 'A vibrant IPO market is a positive sign of capital formation and business confidence for the issuing companies. However, its ability to genuinely revive broader investor interest and confidence in the secondary markets is likely to be limited and indirect in the near term," Dhiraj Relli, MD and CEO of HDFC Securities said.
&w=3840&q=100)
First Post
4 minutes ago
- First Post
Texas Democrats flee state to block Republican-led congressional map proposal backed by Trump
More than 30 Texas Democrats are leaving the state to stop a vote on a Republican-backed plan to redraw congressional districts. The move aims to block the creation of five new Republican-leaning seats. read more More than two dozen Texas Democrats are leaving the state in an effort to block a controversial vote scheduled for Monday that could result in the creation of five new Republican-leaning seats in the US House of Representatives. Around 30 Democratic lawmakers are reportedly heading to Illinois, where they plan to remain for a week. Their departure is intended to deny the Republican-controlled House the quorum needed to proceed with the vote on redrawing the congressional map. STORY CONTINUES BELOW THIS AD In a strongly worded statement, the Texas Democrats accused their Republican counterparts of 'cowardly surrendering' to Donald Trump's push for a redistricting plan designed to cement Republican influence and 'advance his disastrous policies'. 'By denying Trump's loyalists a quorum, Texas Democratic lawmakers are blocking his redistricting agenda,' the statement declared. The plan to flee the state is said to have been coordinated with Illinois Governor JB Pritzker, who met with the Texas Democratic caucus last month and has directed his staff to provide them with logistical support during their stay. The redistricting proposal has drawn fierce criticism, with Democrats accusing Texas Governor Greg Abbott of using disaster relief as leverage. They claim he delayed aid to victims of last month's Guadalupe River flooding to pressure lawmakers into backing the redrawn map. 'We're leaving Texas to stand up for Texans,' said Gene Wu, chair of the Texas House Democratic Caucus. 'We won't allow disaster relief to be held hostage for the sake of Trump's gerrymandering plan.' Wu added, 'We're not abandoning our duties—we're walking out on a rigged system that ignores the voices of those we represent. As far as we're concerned, this corrupt special session is now over.' STORY CONTINUES BELOW THIS AD The newly proposed map, unveiled last week by Texas Republicans, is designed to strengthen the GOP's grip in next year's midterm elections. It aims to carve out five additional Republican-leaning districts, particularly targeting Democratic strongholds in Austin, Dallas and Houston, as well as two closely contested districts in South Texas.
Indian Express
4 minutes ago
- Indian Express
‘Some Americans to get dividend': Distribution of money from tariff revenue possible, says Donald Trump
US President Donald Trump has said that distribution of money received from the tariff revenue is possible and that some Americans could get some kind of dividend from the 'reciprocal tariff' being imposed on America's trading partners, Reuters reported. 'There could be a distribution or a dividend to the people of our country, I would say for people that would be middle income people and lower income people, we could do a dividend,' Trump said ahead of boarding his Air Force One after leaving his golf club in New Jersey. Trump has imposed tariffs on almost all its trading partners in order to balance their trade deficit with the US. The US president first announced the 'reciprocal tariffs' in April which led to a global financial crisis with stock markets plunging across the world market. Trump had then decided to put the tariffs in moratorium for 90 days and set a baseline 10% tariff for the countries, and made room to negotiate deals with the federal administration. The deadline which was supposed to end on July 9 was extended to August 1 and several countries were able to strike a deal with the US. However, a country like India, which isn't able to finalise a deal on time with the US administration has been imposed with a 25% tariff on all its products exported to the United States, while Trump has also threatened a penalty for purchasing Russian oil and arms. The United States was able to finalise a deal with the UK, European Union, South Korea, Japan, Indonesia, Pakistan among others. The Republican leader has argued that tariffs boost American manufacturing and protect jobs. However, Trump's volatile trade policy has thrown the world economy into crisis and sent jitters across all the stock exchanges. Several firms have also increased their prices for the US consumers as a result of Trump's tariff policy.
