Canada's Former Finance Minister on Trump, Trade, China Ties
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
A raw deal but the best they could get with Trump: Europe dismayed and relieved at the same time
FRANKFURT, Germany (AP) — The European Union's trade agreement with the Trump administration is getting mixed reviews. EU officials say they warded off a total economic disaster. But French officials in particular say the EU punched below its weight while economists say the deal is dangerously vague. The deal leaves Europe with a 15% tariff on most goods imported into the U.S., with some goods categories tariff-free but no agreement on rates for key areas such as pharmaceuticals and steel. Here is what they're saying: The European Commission Failing to reach a deal by the Aug. 1 deadline would have meant a 30% tariff threatened by Trump, said Maroš Šefčovič, the EU's chief trade negotiator. The chief aim of European officials was a negotiated deal, rather than a tit-for-tat escalation that could have included retaliatory EU tariffs on 93 billion euros ($108 billion) worth of goods including US agricultural goods, steel and chemicals. 'A trade war may seem appealing to some, but it comes with serious consequences, with at least a 30% tariff," said Šefčovič. 'Our transatlantic trade would effectively come to a halt, putting close to 5 million of jobs, including those in SMEs (small and medium sized enterprises) in Europe, at grave risk. "Our businesses have sent us a unanimous message: avoid escalation and work towards a solution that delivers immediate relief.' France: 'A dark day' Senior French officials on Monday criticized the accord, with Foreign Trade Minister Laurent Saint-Martin urging a European response in the services sector, and Strategy Commissioner Clément Beaune warning it underplayed the bloc's economic strength. 'The good news is that there is an agreement — our companies now have visibility and stability in the transatlantic trade relationship,' said Saint-Martin on France Inter radio. 'But this agreement is not balanced, and we will need to keep working." He pointed to digital services as a key front in the trade imbalance. 'Donald Trump spent months saying he wanted to rebalance a trade relationship that disadvantages the United States, but he was only talking about goods. If we look at services, it's the opposite. So it's up to us now to carry out the work of force and rebalancing,' he said. 'The United States decided to use force to impose a new law of the jungle that no longer respects the rules of international trade that we had for decades,' Saint-Martin added. Beaune, France's High Commissioner for Strategy and Planning, said on franceinfo radio: 'This is an unequal and unbalanced agreement.' He warned: 'Europe did not wield its strength. We are the world's leading trading power.' 'When you look at it, the glass is a quarter full and three-quarters empty,' Beaune said. Prime Minister François Bayrou was even more scathing, posting on X: 'It is a dark day when an alliance of free peoples, united to uphold their values and defend their interests, resigns itself to submission.' Germany: 'Avoided unnecessary escalation' German Chancellor Friedrich Merz said the deal would give companies a more predictable environment to plan and invest — a key EU goal after weeks of back-and-forth threats in tense talks with Trump administration officials. 'It is good that Europe and the U.S.A. have agreed and thus avoided an unnecessary escalation in transatlantic trade relations' he said. "We have been able to preserve our core interests, even if I would have very much wished for further relief in transatlantic trade.' Italy: 'Positive outcome' Italian Premier Giorgia Meloni, who has positioned herself as a 'bridge' between the Trump administration and Europe, welcomed news of the tariff agreement as a 'positive' outcome that avoided an 'unpredictable and potentially devastating' trade war. But in comments to reporters on the sidelines of a U.N. food security conference in Addis Ababa, Ethiopia she said details still needed to be worked out and that she still is unclear what exemptions are carved out for particular industries. 'I always thought, I continue to think that a trade escalation between Europe and the United States would have unpredictable, potentially devastating consequences,' she said. She said she needed to understand what the exemptions might be, including on agricultural products which are of concern to Italy, given its wine exports in particular. 'So there are a number of elements that are missing as well as I don't know exactly what we are referring to when we talk about investments, gas purchases." She noted that the deal in its current form is legally non-binding in principle, 'so there is still, let's say, room to fight.' Hungary: Trump 'ate EU for breakfast' Hungarian Prime Minister Viktor Orbán, an ally of President Donald Trump who has gained a following within the MAGA movement, blasted the agreement on Monday as a failure on the part of Europe's leadership. 'Even at first glance, it is obvious to me that this is not an agreement,' Orbán said in a video discussion with his party's spokesman. 'Donald Trump ate (European Commission President) Ursula von der Leyen for breakfast, that's what happened.' Orbán, a frequent critic of the European Union, has been careful not to criticize Trump's administration for its trade policy, instead faulting the EU for being unable to conclude a comprehensive tariff agreement with Washington. Orbán said a trade deal between the US and the UK which imposed a blanket 10% tariff on U.K. exports, was more favorable than that concluded with the EU. 'The American president is a heavyweight negotiator, and (von der Leyen) is a featherweight,' Orbán said. 'The European agreement is worse than the British one, so portraying it as a success will be difficult.' Economists: Less growth, many blank spots Jon Harrison at TS Lombard: 'It is no surprise to find that trade deals agreed under duress in weeks rather than the usual years of careful negotiation leave a mass of detail incomplete and open to interpretation.' Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics: 'We think this will reduce EU GDP by about 0.5%, which is worse than we had previously assumed.' 'While the deal has avoided a much worse outcome for now, it remains to be seen whether it will last.' Julian Hinz, trade expert at the Kiel Institute for the World Economy: 'The deal agreed yesterday is not a good deal — it is appeasement. "While the EU may avert a trade war in the short term, it is paying a high price in the long term by abandoning the principles of the multilateral, rules-based world trade system of the World Trade Organization." —- McNeil contributed from Brussels, Adamson from Paris, and Winfield from Rome. Justin Spike in Budapest, Hungary, also contributed. David Mchugh, Sam Mcneil, Thomas Adamson And Nicole Winfield, The Associated Press
Yahoo
22 minutes ago
- Yahoo
Ottawa cuts Confederation Bridge tolls, ferry fares in Atlantic Canada
ALBANY, PRINCE EDWARD ISLAND — Tolls on the Confederation Bridge linking Prince Edward Island to Canada's mainland will drop sharply starting Aug. 1, along with several other Atlantic travel fees, the prime minister said Monday. Fulfilling a promise the Liberals made during the April election campaign, Mark Carney said the toll for an average vehicle will drop to $20 from $50.25 to cross the bridge. "We're doing this to bring … Canadians closer together," Carney told reporters. He made the announcement in Albany, P.E.I., with a view of the curved, 12.9- kilometre structure stretching off into the distance behind him. About one million vehicles a year drive over the crossing, which opened in 1997, connecting the Island to New Brunswick. A lease agreement with the bridge operator extends to 2032. The government is also cutting fares in half for passengers, vehicles and commercial traffic on federally supported Eastern Canada ferry services. Carney says the fee reductions are meant to boost interprovincial mobility — part of the government's plan to reduce internal trade barriers in response to the U.S. trade war. He noted the cumulative annual cost of the various reductions in fares and tolls to the public treasury will be about $100 million, but predicted the changes would generate increased traffic and lower the cost of living. Marine Atlantic, a constitutionally mandated ferry service connecting Nova Scotia and Newfoundland, will reduce traveller fares by 50 per cent and freeze commercial freight rates. The Marine Atlantic service is responsible for carrying 65 per cent of the goods that travel to and from Newfoundland. Carney said the Eastern Ferry services and Marine Atlantic carry an average of 2,500 people and 1,200 vehicles daily. "If we're going to build a stronger, more united economy … we're going to need to make it more affordable to travel around this country, for people and for businesses and that's what we're doing today," he said. Carney said the reduction to the Marine Atlantic fares for the crossings to Newfoundland and Labrador are expected to bring $28 million into that province's economy and boost out-of-province tourism. The ferry service carries medical supplies, fresh fruit and home heating fuel to the island, and the lower transport costs are expected to help reduce prices. The prime minister acknowledged during the announcement that Canadians are anxious about trade talks with U.S. president Donald Trump's administration. 'Canadians … don't deserve the uncertainty thrust among them,' he said. However, he said that while his officials are engaged in the "intense phase' of talks, his government remains focused on reducing internal trade barriers and improving national infrastructure. 'What we're doing is building our country, bringing it closer together. This is one tangible example,' he said. The visit to P.E.I. came after Carney took a tour of some of the oldest Acadian houses in New Brunswick Sunday afternoon. The prime minister visited a historic village in Bertrand, N.B., to highlight Acadian culture ahead of the Fête nationale de l'Acadie on Aug. 15. This report by The Canadian Press was first published July 28, 2025. — With files from Michael Tutton in Halifax and Hina Alam in Bertrand, N.B. Keith Doucette, The Canadian Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
22 minutes ago
- Yahoo
Why PagerDuty (PD) Stock Is Up Today
What Happened? Shares of IT incident response platform PagerDuty (NYSE:PD) jumped 8.8% in the morning session after reports surfaced that the company was exploring a potential sale, prompting an upgrade from a Wall Street firm. Investment bank TD Cowen upgraded the stock to 'Buy' from 'Hold' and raised its price target to $22. Analysts at the firm cited a 'high likelihood' that PagerDuty would be acquired, noting the company was reportedly working with Qatalyst Partners, a firm with a strong track record in software mergers and acquisitions. While takeover interest had surfaced in the past, reports indicated that the hiring of advisors made this situation more concrete for investors, signaling a more serious process was underway. Is now the time to buy PagerDuty? Access our full analysis report here, it's free. What Is The Market Telling Us PagerDuty's shares are somewhat volatile and have had 13 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 17 days ago when the stock dropped 5.2% on the news that the Trump administration announced intentions to impose a 35% tariff on many goods imported from Canada. This move is far more than a typical trade dispute; it targets the United States' largest and most deeply integrated trading partner. Canada is not merely a neighbor but a critical component of North American supply chains, particularly in sectors like automotive, energy, and critical minerals. This move has sparked concerns about potential retaliatory actions and a wider impact on the North American economy, leading to a risk-off sentiment among investors. The S&P 500, Dow Jones Industrial Average, and Nasdaq all opened lower, pulling back from recent record highs and heading for their first weekly loss in three weeks. PagerDuty is down 6.9% since the beginning of the year, and at $16.75 per share, it is trading 23.4% below its 52-week high of $21.87 from July 2024. Investors who bought $1,000 worth of PagerDuty's shares 5 years ago would now be looking at an investment worth $594.39. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.
