The Latest: MPs elect new Speaker as Ottawa welcomes King and Queen
OTTAWA — King Charles and Queen Camilla touched down in Ottawa today to begin their first visit to Canada since the King's coronation two years ago.
Parliament also opened today and MPs voted to select the next Speaker of the House of Commons.
Here's the latest. All times Eastern.
—
2 p.m.
The King and Queen take part in a community gathering at Lansdowne Park which draws a large crowd. A small group of people chant, "God Save the King! God Save the King!"
The pair meet with local vendors and artisans and enjoy cultural performances. The King drops a puck to start a street hockey game.
—
1:58 p.m.
The King and Queen arrive at Lansdowne Park.
—
1:30 p.m.
Ballet Aztlan performs at Lansdowne Park in Ottawa ahead of the King's arrival. Aztlan is the Aztec word for 'lands of the gods.' Several groups are performing to showcase Canada's unique mosaic of cultures.
Children from the African Hockey Association and l'Association de hockey féminin Vallée de Gatineau are set to play a street hockey game, with the King dropping the puck.
Honorary coaches are introduced before the game starts. They include former Senators defenceman Chris Phillips and Olympic soccer gold medalist Desiree Scott.
The receiving line for the King includes Minister of Canadian Identity and Culture Steven Guilbeault and Ottawa Mayor Mark Sutcliffe.
—
1:30 p.m.
The King and Queen shake hands with people in the crowd before getting into a vehicle. They drive away with a motorcade. This afternoon, they're expected to take part in a community gathering at Lansdowne Park and a ceremonial tree planting at Rideau Hall.
—
1:15 p.m.
The plane carrying the King and Queen lands in Ottawa. Prime Minister Mark Carney and Gov. Gen. Mary Simon are on hand to greet the King and Queen at the airport.
—
12:50 p.m.
Carney arrives at the Canada Reception Centre. Carney's motorcade is followed closely by Simon's. Both go directly inside to await the King and Queen. A RCAF band plays some warm-up tunes, including "Teddy Bear's Picnic."
—
12:30 p.m.
Dozens of First Nations leaders from across the country gather in front of Parliament Hill with a message for the King: respect your treaty partners. The leaders say they also want the Liberals to take action on reforming the child welfare system, protecting traditional lands and building infrastructure desperately needed in Indigenous communities.
Federation of Sovereign Indigenous Nations Vice Chief David Pratt says King Charles, and in turn Canada, should uphold and respect the treaty relationship they began with his ancestors. He says the relationship between First Nations and the Crown was not intended to be one-sided and that the Crown should not be dictating to them on how to live their lives.
—
12:20 p.m.
MPs hold a moment of silence in the House of Commons for the victims of the April 26 car ramming in Vancouver, which killed 11 people and injured many others.
—
12:15 p.m.
A large crowd of journalists has arrived at the Ottawa airport to await the arrival of the King and Queen.
Groups of schoolchildren have gathered inside the Canada Reception Centre about an hour before the plane is set to touch down.
A military band has been warming up.
—
11:59 a.m.
Members of Parliament have chosen Quebec Liberal MP Francis Scarpaleggia to be their next Speaker of the House of Commons.
His election follows an unusually dramatic race that saw the only Conservative contenders drop out of the running at the last minute.
In his speech to the House making his pitch for the job, Scarpaleggia compared adjudicating parliamentary proceedings to hockey. There's nothing wrong with a 'board-rattling, polemical bodycheck in the corners,' he said, but the 'problem is when sticks go high.'
—
10:35 a.m.
Prime Minister Mark Carney has issued a statement welcoming the King and Queen to Canada.
"The Royal Visit is a reminder of the bond between Canada and the Crown — one forged over generations, shaped by shared histories and grounded in common values. A bond that, over time, has evolved, just as Canada has, to reflect the strength, diversity and confidence of our people," Carney said in the statement.
The prime minister said that tomorrow's throne speech will describe the government's plan "to define a new economic and security relationship with the United States, to build the strongest economy in the G7, to bring down the cost of living, and to keep communities safe."
_
9:31 a.m.
The candidates for Speaker each have been allotted five minutes to address the House before members vote by preferential secret ballot.
The vote is being presided over by Louis Plamondon, currently the longest-serving MP.
Liberal MP Greg Fergus, the last Speaker, is seeking to win the role back — although critics accused him in the last Parliament of being overly partisan.
He has presented himself as an experienced hand who has learned and grown into the role.
_
9:02 a.m.
Newly elected MPs have gathered in the House of Commons to vote for their next Speaker and two candidates have already withdrawn from the running.
Conservative MPs Chris d'Entremont — a former deputy Speaker — and John Nater had put their names forward but withdrew at the last minute.
_
8:51 a.m.
Gov. Gen. Mary Simon says the presence of the King and Queen "at this pivotal moment in our history holds profound significance."
She says their role in Canada is more than symbolic, and serves as a "cornerstone of the democratic freedoms and rights we cherish."
_
8 a.m.
Newly elected MPs will vote by secret ballot when Parliament returns today to decide who will become the next Speaker of the House of Commons.
This report by The Canadian Press was first published May 26, 2025.
Canadian Press Staff, The Canadian Press
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
As Trump ends all trade talks with Canada, here's a complete guide to buying Canadian brands at the grocery store — food, drinks and more
Donald Trump has planned to end all trade discussions with Canada, hitting back at Ottawa for its digital services tax on web giants. The U.S. president indicated on Friday he wants the tax removed before he resumes negotiations, amidst the two countries being locked in talks as Canada tries to get him to lift his tariffs on Canadian goods. "It's not going to work out well for Canada. They were foolish to do it," Trump said from the Oval Office on June 27 about the digital services tax, adding the U.S. has "such power over Canada." During the G7 earlier this month, Trump and Canadian Prime Minister Mark Carney agreed they'd reach some agreement on the trade dispute within 30 days, according to CBC News. "We're going to stop all negotiations with Canada right now until they straighten out their act," Trump added, explaining if Ottawa removes the tax, which went into law last year, he'll be satisfied. "They will," he said. "They do most of their business with us. When you have that circumstance, you treat people better." After months of navigating tariffs and subsequent price increases, many Canadians are still choosing to put their money behind homegrown and manufactured goods. In a recent Yahoo Canada poll, a whopping 95 per cent of 10,000 readers indicated they want to buy Canadian products whenever possible, while only four per cent said the issue didn't concern them. "I fully intend to buy Canadian and leave American products on the shelves. Most people I know, as well as my family members, are all insisting that they will continue to restrict their purchases to Canadian products even if Trump does not impose tariffs," a Yahoo Canada reader said earlier this year via e-mail. "The threat of the punitive tariffs is enough. I will never buy American." "One option to push back on our American bullies is when we can't find a Canadian alternative, to buy Mexican in solidarity with our true allies — especially when it comes to our groceries," said another. "Failing that, [we can] buy anything other than American, we have lots of choices." "I was always conscientious about Canadian products but now I'm going to be laser-focused on it especially at the grocery store," a Yahoo Canada reader said. Click here to jump right to our list of Canadian grocery brands Trump's tariffs require companies importing products from Canada to pay a 25 per cent fee to U.S. Customs and Border Protection, which then goes to the General Fund of the United States. Once importing companies pay tariffs, they will likely adjust their retail prices to recoup the funds, making Canadian products more expensive for Americans. In order to maintain sales, Canadian manufacturers could potentially lower their sale prices to entice American importers and offset the impact of the tariff that the American company will have to pay. Similarly, products imported from the U.S. into Canada will require Canadian importers to pay retaliatory tariffs, which could push companies to raise their prices on imported goods. Essentially, tariffs mean that both Canadians and Americans would be paying more on imported products, which could influence consumers' buying decisions or impact importing and exporting. By shopping Canadian products and brands, consumers in Canada are exempt from tariffs, which means potentially saving money. Plus, there's the added benefit of supporting Canadian manufacturers who may be impacted by the U.S. import tariffs. Some grocery stores have opted to label Canadian made products with a Canadian flag next to its price tag to help conscious shoppers. Here are some other ways to tell if a product is made in Canada: Look for a 'Product of Canada' label This label means that approximately 98 per cent of ingredients, processing and labour used to produce the product areCanadian. According to the Government of Canada, products that claim to be "Canadian" are considered the same as "Product of Canada."Check for 'Made in Canada' labels When products are labelled as "Made in Canada," it means that a majority of the product's last substantial transformation occurred in Canada. A substantial transformation of a product would include combining ingredients to create a new product. For example, ingredients like eggs, sugar and butter undergo a substantial transformation to produce cookies. A product can also have a "Made in Canada" label if a majority (at least 51 per cent) of the costs incurred in manufacturing or producing the goods were incurred in Canada even if some ingredients are from other countries. Some packages may include qualifiers to ensure that the consumer knows some ingredients were imported from other countries. Examples of qualifiers can include: Distilled in Canada Refined in Canada Packaged in Canada Processed in Canada Look for 100% claims All ingredients, processing and labour for the product (and all of its components) are from Canada. If you're someone choosing to shop consciously given the tariffs, we've gathered a helpful list of Canadian brands and those manufactured in Canada to help you on your next grocery shop. ADL Agropur Arla's Foods Black Diamond Blakwell Dairy Bothwell Cheese Chapman's Cheez Whiz (manufactured in Canada) Daiya Eagle Brand Earth's Own D. Dutchmen Farms Danone (brands Activia, Oikos and Danone all prepared in Canada) La Fromagerie Kapuskoise Gay Lea Grass Root Dairies Halo Top Hewitt's Island Farms Laiterie de Caoticook Lactancia Kawartha Dairy Keenan Farms Kraft Singles (manufactured in Canada) Miller's Dairy Natrel Philadelphia Cream Cheese (manufactured in Canada) Saputo Shaw Ice Cream Sheldon Creek Dairy Silani Cheese Slate River Dairy Skotidakis St. Albert Cheese Factory Tre Stelle Triple "A" Cheese Thunder Oak Cheese Farm Upper Canada Creamery Gunn's Hill Artisan Cheese Dainty Natura Billy Bee Honey Club House Doyon Honey Crave (desserts and dry ingredients) E.D. Smith Jam Ferrero Five Roses Flour No Name Redpath Sugar Robin Hood Flour Shiriff Dr. Oetker You may want to support these Canadian brands and products brewed in Canada: 13th Street Arizona Hard Tea Brasseur de Montreal Blue Moon Black Horse Bohemian Canadian Club Carling Collective Arts Coors Edge Coors Seltzer Coors Light Coors Original Copper Rose Vodka Creemore Springs Crown Royal Dillons Dominion Ale Fine Company Beer Forty Creek Granville Island Brewing Georgian Bay Hop Valley Brewing India Beer Keystone Labatt Blue Laurentide Le Trou du Diable Mad Jack Madrí Excepcional Miller Genuine Draft Miller Lite Miller High Life Molson Canadian Molson Canadian Cold Shot Molson Dry Molson Exel Molson Export Molson Ultra Molson XXX Moosehead Vienna O'Keefe Old Style Pilsner Redstone Rickard's Simply Spiked Sol Tawse Vizzy Hard Seltzer You may want to support these Canadian brands and products manufactured in Canada: Arva Flour Mills Casa Mendoza Country Harvest D'Italiano Dempster's (manufactured in Canada) Dimpflmeier Bakery Gadoua Goh Goh Cereal Grandma Emily Holy Crap Cereal K2 Milling La Milanaise Little Northern Bakehouse NorQuin Nature's Path O'Doughs One Degree Organics Rogers Rudolph's Bakeries Sunny Boy Foods Sunny Crunch Foods Stone Mill Bakehouse Yumi Organics Wonder (manufactured in Canada) Brandt Meats Direct Plus Food Group: Grimm's Fine Foods McSweeney's Country Prime Meats Saporé Foods Freybye Greenfield Nautural Meat Co. Harvest Meats Lou's Kitchen Maple Leaf Foods Salumeria il Tagliere Sofina Foods: Janes, Lilydale, Mastro, San Daniele, Riserva, Cuddy, Vienna, Fletcher's, Zamzam Tony's Meats Audrey's Patisserie Camino Chocolate Celebration Cookies Covered Bridge Krack-O-Pop Dare Foods Ganong Chocolates Georgian Bay Granola Company Hardbite Hawkins Cheezies Hippie Snacks Hummingbird Chocolate Humpty Dumpty Inno Foods Johnvince Foods Kerr's Candy La Cocina Tortilla Chips La Montagne Chocolates Lady Sarah Cookies Laura Secord Chocolates Leclerc Made Good Foods Maple Leaf Cookies MDR Nomz Old Dutch OMG! Peace by Chocolate Purdy's Chocolate Ronnie's Original Jumbo Seeds Ross Chocolates Skippy's Kettlecorn Sun-Rype Uncle Bob's Popcorn Voortman Zak Organics Food Alymer Accents Buster Rhino BBQ Sauce French's Mustard (prepared in Canada) Fire in the Kitchen Greetalia Foods GoBio! Organics Heartbeat Hot Sauce Kozlik's Canadian Mustard Kraft Heinz Canada (manufactured in Canada) Little Creek (Salad Dressings) Lord's Hot Sauce PEI Sea Salt Co. Peppermaster Hot Sauces Renées Ro*Tel Silk Road Spices Spice of Life Selections The Ketchup Project Vancouver Sea Salt Windsor Salt Balzac's Coffee Roasters Bean North Roasting Beaver Rock Roastery Coastal Coffee Company Fratello Coffee Roasters Grounded Coffee Company Jumping Bean Coffee Just Us Coffee Laughing Whale Midnight Sun Coffee Roasters Muskoka Roastery Coffee Co. Nabob Salt Spring Coffee Salt Spring Coffee Kintore Coffee Co. Van Houtte 3 Teas Amoda Tea Auras Teas Blue Teapot Capital Tea ChaNoir Citizen Tea David's Tea Distincly Tea Escarpment Gardens Four O'Clock Teas Just Tea Premium Tea Red Rose Tea Shanti Tea Tea Desire Tea Santa Tealchemy Tealish The Naked Leaf The Tea Haus Four O'Clock Teas AlJuice Allen's Alphonso Apple & Eve Clearly Canadian Fairly Fruit Graves Great Value Happy Parent Hydra+ Kiju bilogique Naya Bottled Water Northland Oasis Old Orchard Old South PC Cola Rougemont Ruby Kist SunRype Switch The Pop Shoppe Walter Caesar Whistler Water Note: Coca-Cola and PepsiCo have manufacturing facilities in Canada, but are not Canadian brands. Arctic Gardens (manufactured in Canada) Compliments Cavendish Farms Green Giant (manufactured in Canada) Conscious High Liner Goods M&M Foods McCain Foods Nature's Path President's Choice Support Canadian pet food brands like: Arcana Canadian Naturals Nutram Pet Food Open Farm Orijen Cat Fo Oven Baked Tradition Bonterra Cascades Cashmere Purex Royale Scotties Sponge Towels Tru Earth Nature Clean
Yahoo
8 hours ago
- Yahoo
'I'm not a troublemaker': Condo board orders resident to remove Canadian flags from balcony
A senior in Calgary's southeast is left wondering why his condo board is no longer allowing him to display Canadian flags on his property. Jim McLeman, 78, is the retired owner of a 14th-floor suite in The Lookout, located at 801 2nd Avenue S.W. Despite displaying Canadian flags outside of his property for around two decades, he was surprised to recently learn his condo board has a bylaw with a zero-tolerance policy for flags. 'Basically, I'm breaking the bylaws and they're giving me until June 26 to remove it,' McLeman said. As of June 27, McLeman remains in his home and the flag still stands on his balcony. The flag flap comes as Canada Day, the celebration embracing the country's colours and flag, approaches. McLeman bought the property back in 1998 and moved in after the building was constructed in 2000. Every summer, he would proudly display a few of his Canadian flags. Originally, he had three on display. Now, he only has a single flag situated on the corner of his patio. The three-by-five-foot Canadian flag is attached to a broom handle, which is secured to a post. After receiving an email notifying him of the bylaw violation, he searched for answers as to why this was suddenly an issue. 'They haven't said what the penalty would be,' he said. 'They just said I was violating the board of condos' bylaws.' It indicated an anonymous individual brought the issue to the board's attention, and that their bylaws prohibit the display of flags since it can face challenges if it allows one but not another. When contacted by Postmedia, the property manager responsible for The Lookout stated they would not discuss the company's policy with a third party, or provide a reason why the flag was not permitted. An annual general meeting for condo owners and tenants was held June 19, but McLeman couldn't attend as his wife suffers from end-stage Parkinson's. Additionally, he would have been unable to address the issue there as unit-specific issues or disputes are addressed outside of the meeting. 'I thought that this could've been brought up with owners at the meeting, but I guess they feel it's not the time or place,' he said. As an immigrant from the extreme northern end of Scotland, McLeman said he's proud to display the Canadian flag outside of his property. 'I came here back in '67, I was just a 20-year-old kid,' he said. 'I'm proud to be a Canadian. I'm told I cannot fly my country's flag, and I cannot believe it.' As a symbol that some have died for, McLeman is shocked he's being told to remove it. 'I'm not a troublemaker, nobody's said anything about it or told me I can't do that,' he said. 'But if there was a good reason, nobody has given me anything.' Erin Berney, a partner with Field Law in Edmonton, said condo boards have the authority to pass bylaws pursuant to the Condominium Property Act in Alberta. 'So, when you think bylaws, think almost like regulations,' Berney said. 'That's how they're treated, interpreted, and that's how they're enforced by the courts. The Condominium Property Act actually gives the (condo) board the authority and the mandate to enforce their bylaws for their particular condo corporation.' Since each condo corporation is unique, bylaws vary from one property to the next. Regardless, Berney said prohibitions on flying flags or hanging flags and signs in windows are fairly common bylaw prohibitions. In the end, it all goes back to the condominium's bylaws. 'Does the board give any discretion at all to allow the owner to fly a flag or post a flag somewhere, anywhere?' Berney said. 'If it doesn't give the board any discretion, then there's not much he can do. 'That said, if there is discretion under the bylaws, then we want to look at whether the board has been exercising that reasonably and consistently with its past decisions on similar issues.' Although the National Flag Act of Canada exists, it's not very mandating. 'All it says really is that individuals who are in control of apartment buildings or condominium buildings should be encouraged to allow the national flag of Canada to be displayed,' she said. 'I could conceivably see somebody, an owner or a resident in a condo trying to invoke this legislation to challenge a condo bylaw, prohibiting flags from being displayed. 'I'm just not sure if it would succeed, given that this legislation just encourages. It doesn't mandate anybody to do anything.'
Yahoo
9 hours ago
- Yahoo
Trump tariffs live updates: Trump does not expect to extend July 9 tariffs deadline: 'I don't think I'll need to'
President Donald Trump said Sunday he did not plan to extend the July 9 tariff deadline he set for countries to broker deals with the US. "I don't think I'll need to," he told Fox News's Maria Bartiromo. He added, however, "I could, no big deal.' During a White House press conference on Friday, Trump said the July 9 deadline to raise "reciprocal" tariffs was not set. "We can do whatever we want," said at the press conference. "We could extend it, we could make it shorter," adding that his preference was to make it shorter. Also on Friday, Trump said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country's goods within the next week. Trump said the move was in response to Canada's move to implement a digital services tax on technology companies, calling it a "direct and blatant attack on our country." "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period," Trump wrote on Truth Social. The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May. US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%. The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg. Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day. "I think we could have trade wrapped up by Labor Day," Bessent said in a Fox Business interview. The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating "in good faith." So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. In a wide-ranging interview during which he also said he had a buyer for TikTok (whom he did not name), President Donald Trump said Sunday he did not think he would need to extend a July 9 tariffs deadline, Bloomberg reports: Read more here As the Independence Day holiday approaches, the fireworks used in displays across the US likely won't be affected by President Trump's tariffs, at least, not yet. A 90-day pause on the levies slated for imports from China is in effect, but such tariffs would hit the fireworks industry hard. Nearly all the fireworks used in the US are imported from China, the Associated Press reports. The price tag on future fireworks displays, however, are up in the air: Read more here The market's task of planning for how tariff developments will play out this summer got more complicated Friday as President Trump and his team offered a host of options for what to expect in the months ahead. First, Treasury Secretary Scott Bessent raised eyebrows when he suggested that his focus could be on an end-of-summer deadline, saying, "I think we could have trade wrapped up by Labor Day." But any hopes for a summer lull between now and then were short-lived when, just a few hours later, Trump offered multiple other scenarios during a wide-ranging press conference. At one point, the president reiterated his plan to send letters to dictate tariff rates for at least some countries, perhaps as soon as next week, saying, "It's going to go very quickly." Minutes later, he said that a July 9 deadline to raise "reciprocal" tariffs is not set and perhaps could move, but in an unpredictable direction. "We can do whatever we want," he told reporters of that deadline. "We could extend it, we could make it shorter," adding that his preference was to make it shorter. Read more here President Trump on Friday said he is cutting off all trade talks with Canada, threatening to set a new tariff rate on goods imported from the country within the next week. The reason, according to Trump: Canada's plan to implement a digital services tax, which could affect US tech companies. Trump's about-face throws a potential wrench in weeks of trade progress. Just hours earlier, the US and China cemented the trade truce first agreed to last month in Geneva. Here's Trump's Truth Social post on Canada, in full: On Friday afternoon, President Trump touted tariff revenue and an influx of domestic manufacturing but offered few details on the state of tariff negotiations ahead of the July 9 deadline, when the tariff pause expires. The president acknowledged that the administration won't be able to reach deals with 200-plus countries over the next week and a half. But he did not definitively say whether tariff rates would jump back up to "Liberation Day" levels. "We can do whatever we want," Trump told reporters in a press briefing, referring to the tariff pause. "We could extend it. We could make it shorter — I'd like to make it shorter. I'd like to just send letters out to everybody: 'Congratulations, you're paying 25%'" So far, the Trump administration has confirmed preliminary trade agreements with China (as of today) and the UK. Trump noted that officials are in the process of negotiating other deals, which he said are "going to go very quickly." In particular, Trump again teased a potential deal with India, which has faced roadblocks in recent weeks over some of the country's protectionist policies for certain sectors. "Some of the bigger countries, India, I think we're going to reach a deal where we have the right to go in and trade," Trump said. "Right now, it's restricted. ... We're looking to get a full trade barrier dropping, which is unthinkable, and I'm not sure that that's going to happen, but as of this moment, we've agreed to go into Indian trade." US and EU officials are confident of clinching a trade deal before a July 9 deadline, Bloomberg reported Friday. Amid continued progress on China, the US-EU talks have come in high focus ahead of that deadline, with US tariffs of up to 50% looming on EU imports. From the report: Read more here. Treasury Secretary Scott Bessent said on Friday that the US could wrap up its most important trade deals by Labor Day. "Secretary Lutnick said yesterday that he expects 10 more deals," Bessent told Fox Business Network in an interview. "So if we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day." Bessent's comments come after the US and China signed an interim trade agreement on Friday that would reduce tariffs while the two sides work toward a formal deal. Trump administration officials have softened their stance toward the July 9 deadline they set for themselves to hammer out trade pacts. On Thursday, White House press secretary Karoline Leavitt said the early July deadline "is not critical" while Trump's top economic adviser said he expected the US to extend the pause for countries negotiating "in good faith." The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides. Bloomberg reports: Read more here. Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year! How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business. Keep that risk in mind as the big premarket move excites you. We'll dive more into Nike's quarter on Opening Bid live at 9:30 a.m ET. President Trump has said the US could sign a 'very big' trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues. Bloomberg reports: Read more here. President Trump said Thursday that the US and China have "signed" a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon. 'We just signed with China yesterday,' Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May. In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China's rare earth exports. Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement 'They're going to deliver rare earths to us,' Lutnick said in an interview with Bloomberg. "We'll take down our countermeasures", he added. The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind," he said. Bloomberg reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. After pausing his steepest tariffs in April, President Trump and his administration said the goal was "90 deals in 90 days." So far, the only agreement they have to show is with the United Kingdom. Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply. From the report: In fact, the report said the UK deal provides a "cautionary tale": Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance's Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration's self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of "Liberation Day" tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? "My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense," Miran said on Yahoo Finance's Opening Bid. "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it." Sozzi adds: Read more here. Associated British Foods may become the first casualty of Britain's tariff deal with the US and have said it may have to close the UK's largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here. Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That's left an interim trade deal in jeopardy ahead of President Trump's July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here. Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It's one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here. The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here. In a wide-ranging interview during which he also said he had a buyer for TikTok (whom he did not name), President Donald Trump said Sunday he did not think he would need to extend a July 9 tariffs deadline, Bloomberg reports: Read more here As the Independence Day holiday approaches, the fireworks used in displays across the US likely won't be affected by President Trump's tariffs, at least, not yet. A 90-day pause on the levies slated for imports from China is in effect, but such tariffs would hit the fireworks industry hard. Nearly all the fireworks used in the US are imported from China, the Associated Press reports. The price tag on future fireworks displays, however, are up in the air: Read more here The market's task of planning for how tariff developments will play out this summer got more complicated Friday as President Trump and his team offered a host of options for what to expect in the months ahead. First, Treasury Secretary Scott Bessent raised eyebrows when he suggested that his focus could be on an end-of-summer deadline, saying, "I think we could have trade wrapped up by Labor Day." But any hopes for a summer lull between now and then were short-lived when, just a few hours later, Trump offered multiple other scenarios during a wide-ranging press conference. At one point, the president reiterated his plan to send letters to dictate tariff rates for at least some countries, perhaps as soon as next week, saying, "It's going to go very quickly." Minutes later, he said that a July 9 deadline to raise "reciprocal" tariffs is not set and perhaps could move, but in an unpredictable direction. "We can do whatever we want," he told reporters of that deadline. "We could extend it, we could make it shorter," adding that his preference was to make it shorter. Read more here President Trump on Friday said he is cutting off all trade talks with Canada, threatening to set a new tariff rate on goods imported from the country within the next week. The reason, according to Trump: Canada's plan to implement a digital services tax, which could affect US tech companies. Trump's about-face throws a potential wrench in weeks of trade progress. Just hours earlier, the US and China cemented the trade truce first agreed to last month in Geneva. Here's Trump's Truth Social post on Canada, in full: On Friday afternoon, President Trump touted tariff revenue and an influx of domestic manufacturing but offered few details on the state of tariff negotiations ahead of the July 9 deadline, when the tariff pause expires. The president acknowledged that the administration won't be able to reach deals with 200-plus countries over the next week and a half. But he did not definitively say whether tariff rates would jump back up to "Liberation Day" levels. "We can do whatever we want," Trump told reporters in a press briefing, referring to the tariff pause. "We could extend it. We could make it shorter — I'd like to make it shorter. I'd like to just send letters out to everybody: 'Congratulations, you're paying 25%'" So far, the Trump administration has confirmed preliminary trade agreements with China (as of today) and the UK. Trump noted that officials are in the process of negotiating other deals, which he said are "going to go very quickly." In particular, Trump again teased a potential deal with India, which has faced roadblocks in recent weeks over some of the country's protectionist policies for certain sectors. "Some of the bigger countries, India, I think we're going to reach a deal where we have the right to go in and trade," Trump said. "Right now, it's restricted. ... We're looking to get a full trade barrier dropping, which is unthinkable, and I'm not sure that that's going to happen, but as of this moment, we've agreed to go into Indian trade." US and EU officials are confident of clinching a trade deal before a July 9 deadline, Bloomberg reported Friday. Amid continued progress on China, the US-EU talks have come in high focus ahead of that deadline, with US tariffs of up to 50% looming on EU imports. From the report: Read more here. Treasury Secretary Scott Bessent said on Friday that the US could wrap up its most important trade deals by Labor Day. "Secretary Lutnick said yesterday that he expects 10 more deals," Bessent told Fox Business Network in an interview. "So if we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day." Bessent's comments come after the US and China signed an interim trade agreement on Friday that would reduce tariffs while the two sides work toward a formal deal. Trump administration officials have softened their stance toward the July 9 deadline they set for themselves to hammer out trade pacts. On Thursday, White House press secretary Karoline Leavitt said the early July deadline "is not critical" while Trump's top economic adviser said he expected the US to extend the pause for countries negotiating "in good faith." The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides. Bloomberg reports: Read more here. Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year! How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business. Keep that risk in mind as the big premarket move excites you. We'll dive more into Nike's quarter on Opening Bid live at 9:30 a.m ET. President Trump has said the US could sign a 'very big' trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues. Bloomberg reports: Read more here. President Trump said Thursday that the US and China have "signed" a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon. 'We just signed with China yesterday,' Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May. In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China's rare earth exports. Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement 'They're going to deliver rare earths to us,' Lutnick said in an interview with Bloomberg. "We'll take down our countermeasures", he added. The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind," he said. Bloomberg reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. After pausing his steepest tariffs in April, President Trump and his administration said the goal was "90 deals in 90 days." So far, the only agreement they have to show is with the United Kingdom. Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply. From the report: In fact, the report said the UK deal provides a "cautionary tale": Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance's Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration's self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of "Liberation Day" tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? "My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense," Miran said on Yahoo Finance's Opening Bid. "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it." Sozzi adds: Read more here. Associated British Foods may become the first casualty of Britain's tariff deal with the US and have said it may have to close the UK's largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here. Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That's left an interim trade deal in jeopardy ahead of President Trump's July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here. Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It's one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here. The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
