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South China Morning Post
2 hours ago
- South China Morning Post
Trump says Canada may ‘just pay tariffs' as trade talks stall
US President Donald Trump said trade talks with Canada are not a focus for his administration right now, and instead of negotiating a deal, he may decide to just leave existing import taxes in place. Advertisement 'We haven't really had a lot of luck with Canada,' Trump told reporters on Friday morning. 'I think Canada could be one where they'll just pay tariffs, not really a negotiation,' he added. 'We don't have a deal with Canada. We haven't been focused on that.' The Canadian dollar had a muted reaction to the remarks, which were similar to previous comments by the president. The Canadian dollar was trading at C$1.3695 per US dollar as of 10.27am in New York. The president's statements come a day after Canadian officials held a series of meetings in Washington with Republican senators. Commerce Secretary Howard Lutnick also met on Wednesday night with Dominic LeBlanc, the Canadian minister in charge of US trade. Advertisement Prime Minister Mark Carney has also lowered expectations recently of reaching a deal with Trump by August 1, saying Canada won't sign a bad agreement just to get one done.
South China Morning Post
4 hours ago
- South China Morning Post
Trump's copper tariffs fail to stop US metal being shipped to China
Aaron Forkash, a scrap metal dealer based in California, plans to continue exporting copper to Asia even after US President Donald Trump's new 50 per cent tariff on the metal comes into force on August 1. The Trump administration has said the import duty will help revive the US copper industry by making it more profitable to produce the metal at home. But the truth is that it is actually cheaper and easier for American scrap dealers to ship copper to China and other Asian economies than to another part of the United States – and that is unlikely to change after the tariff kicks in, dealers said. 'I don't know how tariffs are going to work,' Forkash said. 'All I can do is compare (prices) on a day-to-day basis.' Many other American scrap dealers are also expected to continue exporting to copper-hungry China , analysts said, as the tariffs are unlikely to resolve fundamental issues in the US metals industry such as a lack of processing capacity.
South China Morning Post
6 hours ago
- South China Morning Post
Trump's Arctic strategy stirs debate over China's polar shipping ambitions
, particularly by developing shipping routes. As US President Donald Trump reiterates his desire to acquire Greenland – part of a broader push to assert influence in the Arctic – Chinese scholars are debating whether the world's second-largest economy should become more involved in the regionparticularly by developing shipping routes. The Northern Sea Route (NSR) – the shortest passage between the Asia-Pacific region and western Eurasia – has drawn growing attention as global warming makes its icy waters navigable for longer periods each year. Trump, who has pledged to buy or annex Greenland, views the Arctic as vital to advancing US commercial and strategic interests – from securing natural resources to countering Chinese and Russian influence. His ambition, outlined in the One Big Beautiful Bill Act signed into law on July 4, allocates nearly US$9 billion for icebreakers – a 'historic investment in US Arctic security' aimed at putting 'America back in charge of the frozen frontier', according to the White House. As Washington increases its focus on the region, China – a 'Near-Arctic State' and observer of the Arctic Council – must seize new shipping opportunities, according to Zhang Cheng and Su Anqi, scholars at Wuhan University. 'Arctic shipping routes offer advantages in terms of cost and efficiency over traditional routes, making them a potential new pathway to counter US geopolitical containment,' they wrote in the June issue of China Review.
