Trump signs tax and spending bill at White House picnic in photos
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CBC
an hour ago
- CBC
Trump's global tariff pause is supposed to expire Wednesday. What's at stake for Canada?
U.S. President Donald Trump's three-month pause on his sweeping global tariffs is set to expire in just a few days. Ahead of the deadline, some trade experts say Canada still faces big risks, despite avoiding that round of levies back in April. "What the president needs is a bunch of wins by July 9 because he needs to show that his strategy is working," said Inu Manak, a fellow for trade policy at the Council on Foreign Relations, during an interview with CBC's The House that aired Saturday. On April 2, Trump held up a list in the Rose Garden of the White House and announced what he called "reciprocal tariffs" on more than 150 countries, including China and the European Union. The rates for individual countries on the list varied from 10 per cent to more than 40 per cent. Canada wasn't on that list, though other tariffs Trump had previously imposed on Canadian goods remained. One week after he unveiled the list, the president backed down and said he would freeze the global tariffs for 90 days to allow each country to negotiate deals with his administration. The problem for Canada is Trump hasn't closed many deals in those 90 days, Manak said. So far, the U.S. has reached agreements with Britain and Vietnam. Negotiations with other top markets like China, India, the European Union and Japan are ongoing. "If we don't see a lot of deals coming out of this, what we're likely to see is [Trump] to get more agitated and ask for more concessions from the countries that he knows he can push a little harder," Manak said. "So I think for Canada, that would be a very bad situation." Carlo Dade, international policy director at the University of Calgary's School of Public Policy, told CBC News "there's a risk every day of the week that [Trump] decides to come after Canada. That is not an exaggeration." "We're open to this potential as long as the president has unrestrained power to implement tariffs whenever, wherever, however he wants," he said. Trump used a law called the International Emergency Economic Powers Act (IEEPA) to apply the worldwide tariffs and his earlier fentanyl tariffs on Canada and Mexico. The law is intended to address "unusual and extraordinary" threats during national emergencies. In late May, the New York-based U.S. Court of International Trade ruled Trump exceeded his authority by invoking IEEPA. The White House swiftly appealed and a federal appeals court allowed IEEPA tariffs to remain in effect while it reviewed the decision. WATCH | Europe gets a reprieve on tariffs: Trump delays tariff threat on EU to July 1 month ago Duration 2:52 U.S. President Donald Trump says he will delay his 50 per cent tariff on imports from the European Union until July 9 after a weekend phone call between Trump and European Commission President Ursula von der Leyen. Manak said another challenge is Trump isn't facing political consequences for his tariffs right now — and no major economic fallout, either. "Right now, he's kind of sitting at a point where he feels he can kind of get away with maintaining the pressure that exists. And that pressure is enough to get other countries to the table," she said. At a White House news conference at the end of June, Trump told reporters the U.S. "can do whatever we want. We could extend [the July 9 deadline]. We could make it shorter. I'd like to make it shorter." On Sunday, U.S. Treasury Secretary Scott Bessent suggested the July 9 deadline is being pushed back by about a month. He said on CNN's State of the Union the Trump administration would send letters to trading partners "saying that if you don't move things along, then on Aug. 1 you will boomerang back to your April 2 tariff level." "So I think we're going to see a lot of deals very quickly," Bessent told host Dana Bash. Is there opportunity for Canada? Fen Osler Hampson, co-chair of the Expert Group on Canada-U.S. Relations at Carleton University, said Canada could leverage the economic uncertainty from Trump's tariffs and "put the pedal to the metal" to expand trade with European and Asian allies. Hampson added that Canada already has good trading relationships with those regions through the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). With U.S. tariffs, Hampson said those countries are "going to be looking for other market opportunities, both to sell and buy. I think our challenge is to get serious and to realize the real dividends that can come from those two major regional trading agreements." WATCH | Trump isn't pleased with taunts of 'chickening out' on trade: Does Trump 'always chicken out' on tariffs? 1 month ago Duration 5:34 Investors are poking fun at U.S. President Donald Trump's on-again, off-again tariff threats, calling it 'TACO' trade — which stands for 'Trump Always Chickens Out.' When asked about the term, Trump called it a 'nasty question.' CBC's Katie Simpson reports. Diversifying Canada's trading partners is one of Prime Minister Mark Carney's top goals — and a key objective for International Trade Minister Maninder Sidhu. "I think Canada has a lot to offer and we should be screaming that at the top of our lungs," Sidhu told CBC's The House in an interview that aired Saturday. Canada has already deepened its trade relationships with countries such as Ecuador and the United Arab Emirates since Carney and Sidhu came into office. But key markets that could make a big dent in easing Canada's reliance on U.S. trade — like the U.K., India and China — are thornier due to fraught diplomatic relationships and other irritants. Colin Robertson, a former Canadian diplomat and vice-president at the Canadian Global Affairs Institute, agreed that Canada can do more trade with other countries, but added a note of caution: businesses, not governments, are the only ones who can decide which companies they trade with. "Ultimately, business has to see a business opportunity," Robertson said, adding that the U.S. continues to be the market with the easiest access for Canadian businesses. On The House, Sidhu told guest host Janyce McGregor that Canadian businesses were indeed comfortable dealing with the U.S., but now they're asking him to help facilitate access to more countries. Canada-U.S. trade talks Carney and Trump continue to negotiate a Canada-U.S. trade deal, after setting a deadline of July 21. Hampson said the deadline helps Canada hold the Americans' attention as the Trump administration negotiates with other countries. Canada and U.S. restarted negotiations Monday morning, Carney says 6 days ago Duration 1:15 Prime Minister Mark Carney says he had a 'good' conversation with U.S. President Donald Trump on Sunday, and that the two leaders will keep working to reach a deal by July 21. The federal government scrapped the digital services tax over the weekend after Trump paused all trade talks. The Americans also have an interest in getting a deal done soon, Robertson said. "If [the Americans] can't do it with Canada, their ally and their partner, it's much harder to do with Mexico, much harder with China," he said. "We should be the lowest of the hanging fruit from the American perspective." Trade discussions hit a roadblock in late June when Trump announced he would walk away from the negotiating table over Canada's digital services tax. The federal government scrapped the tax a few days later and discussions got back on track. Robertson said he's a bit skeptical about how far Canada will get with the U.S. by July 21, but adds that Trump enjoys declaring victory even if the agreement is "only 80 per cent of the way there." "Would we settle for 80 per cent? Be basically there and leave the rest to be cleaned up? I think so," he said. "Because if Trump's taken his eye off it and says it's basically there, then that's sufficient from where we're coming from."
Global News
2 hours ago
- Global News
U.S. ramps up pressure on countries ahead of deadline for trade deals
The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1. That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more push off imposing the rates. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS' 'Face the Nation' on Sunday that Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Story continues below advertisement Stephen Miran, the chair of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled.' The steeper tariffs that President Donald Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the U.S., and a 10 per cent baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50 per cent tariffs on steel and aluminum and a 25 per cent tariff on autos. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. 2:15 Trump delays 50% tariff on EU, trader says to and fro 'drives markets mad' Trump told reporters early Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the U.S. would not start collecting those taxes until Aug. 1. On Friday night, he said he would 'probably send out 10 or 12' letters on Monday, each reflecting 'different amounts of money, different amounts of tariffs and somewhat different statements.' Story continues below advertisement He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that Aug. 1 was a new deadline and declined to say what might happen Wednesday. 'We'll see,' Bessent said on CNN's State of the Union. 'I'm not going to give away the playbook.' He said the U.S. was 'close to several deals,' and predicted several big announcements over the next few days. He gave no details. 'I think we're going to see a lot of deals very quickly,' Bessent said. Trump has announced a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20 per cent levy. 4:07 Trump pauses 'reciprocal' tariffs higher than 10%, China faces 125% rate That was a decline from the 46 per cent tax on Vietnamese imports he proposed in April — one of his so-called reciprocal tariffs targeting dozens of countries with which the U.S. runs a trade deficit. Story continues below advertisement Asked if he expected to reach deals with the European Union or India, Trump said Friday that 'letters are better for us' because there are so many countries involved. 'We have India coming up and with Vietnam, we did it, but much easier to send a letter saying, 'Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you're going to have to pay if you want to do business in the United States.' Canada, however, will not be one of the countries receiving letters, Trump's ambassador, Pete Hoekstra, said Friday after trade talks between the two countries recently resumed. 'Canada is one of our biggest trading partners,' Hoekstra told CTV News in an interview in Ottawa. 'We're going to have a deal that's articulated.' Canadian Prime Minister Mark Carney has said he wants a new deal in place by July 21 or Canada will increase trade countermeasures. Hoekstra would not commit to a date for a trade agreement and said even with a deal, Canada could still face some tariffs. But 'we're not going to send Canada just a letter,' he said. –Price reported from Bridgewater, New Jersey. AP Business Writer Matt O'Brien in Providence, Rhode Island, contributed to this report.
Toronto Sun
2 hours ago
- Toronto Sun
Pressure from Trump for trade deals before Wednesday deadline
Published Jul 06, 2025 • 4 minute read President Donald Trump speaks to reporters in the Oval Office of the White House, May 23, 2025, in Washington. Photo by Evan Vucci / AP WASHINGTON (AP) — The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more push off imposing the rates. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS' 'Face the Nation' on Sunday that Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Stephen Miran, the chair of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled.' The steeper tariffs that President Donald Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the U.S., and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminum and a 25% tariff on autos. This advertisement has not loaded yet, but your article continues below. Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. Trump told reporters early Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the U.S. would not start collecting those taxes until Aug. 1. On Friday night, he said he would 'probably send out 10 or 12' letters on Monday, each reflecting 'different amounts of money, different amounts of tariffs and somewhat different statements.' He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that Aug. 1 was a new deadline and declined to say what might happen Wednesday. This advertisement has not loaded yet, but your article continues below. 'We'll see,' Bessent said on CNN's State of the Union. 'I'm not going to give away the playbook.' He said the U.S. was 'close to several deals,' and predicted several big announcements over the next few days. He gave no details. 'I think we're going to see a lot of deals very quickly,' Bessent said. Trump has announced a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decline from the 46% tax on Vietnamese imports he proposed in April — one of his so-called reciprocal tariffs targeting dozens of countries with which the U.S. runs a trade deficit. Asked if he expected to reach deals with the European Union or India, Trump said Friday that 'letters are better for us' because there are so many countries involved. This advertisement has not loaded yet, but your article continues below. 'We have India coming up and with Vietnam, we did it, but much easier to send a letter saying, 'Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you're going to have to pay if you want to do business in the United States.' Canada, however, will not be one of the countries receiving letters, Trump's ambassador, Pete Hoekstra, said Friday after trade talks between the two countries recently resumed. 'Canada is one of our biggest trading partners,' Hoekstra told CTV News in an interview in Ottawa. 'We're going to have a deal that's articulated.' Canadian Prime Minister Mark Carney has said he wants a new deal in place by July 21 or Canada will increase trade countermeasures. Hoekstra would not commit to a date for a trade agreement and said even with a deal, Canada could still face some tariffs. But 'we're not going to send Canada just a letter,' he said. ___ Price reported from Bridgewater, New Jersey. AP Business Writer Matt O'Brien in Providence, Rhode Island, contributed to this report. Toronto & GTA Toronto Maple Leafs Toronto Raptors Sunshine Girls World
