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Yahoo
30 minutes ago
- Yahoo
Canada wants new trade partners. But markets like India and China come with major obstacles
International Trade Minister Maninder Sidhu says Canada has a chance to build new partnerships as U.S. tariffs continue to pummel world economies. But landing deeper ties with major markets like the U.K., India and China means overcoming irritants and fraught diplomatic relationships. "There's an appetite with partners and allies all around the world to do more with Canada," Sidhu said in an interview with CBC's The House. "There is an opportune window that we have to jump on." Sidhu told guest host Janyce McGregor that success to him is "getting businesses more comfortable dealing with overseas markets." He said Canada "should be screaming at the top of our lungs" about what it can offer the world. Since becoming minister of international trade, Sidhu has helped Canada deepen its trade relationship with countries like Ecuador and the United Arab Emirates. But larger markets like the United Kingdom, India and China that could play a big role in easing Canada's reliance on the U.S. are much more complicated. Canada has tried to deepen its economic ties with these countries before, but trade discussions either fizzled out or diplomatic tensions stymied discussions. In January 2024, the British government walked away from trade negotiations. A major sticking point was how much tariff-free access U.K. producers should have to the Canadian cheese market. Sidhu said the U.K. "is an important partner for Canada" and he met with his counterpart, British Secretary for Businesses and Trade Jonathan Reynolds, to discuss how to build up Canada-U.K. relations. When asked whether Canada's new law to protect supply management is blocking the U.K. from returning to trade discussions, Sidhu said Canada "has always remained at the negotiating table," the Liberal government will "never dismantle supply management" and that he wants to focus on trade "opportunities." There are signs of progress. In May, British High Commissioner Rob Tinline said the U.K. wants Canada to put forward a bill ratifying its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Weeks later, Ottawa announced plans to do so this fall, allowing the British to enjoy trade with Canada under the terms of that agreement. During the G7 summit, Carney and Indian Prime Minister Narendra Modi agreed to designate new high commissioners. Both countries expelled top diplomats after the RCMP accused agents of the Indian government of playing a role in "widespread violence" in Canada, including homicides. When asked whether he sees a path for trade talks to resume between Canada and India, Sidhu said his constituents and Canadians at large are asking for "more connectivity between Canada and India." Sidhu also said trade and other business-to-business dealings have "been continuing over the last number of years on an upward trajectory." He said the government is taking a "step-by-step approach," and that restoring diplomats is an important step. Canada has also been making trade moves with China. Sidhu said the two countries have agreed to convene the Joint Economic and Trade Commission "to work through some of these issues and problems." In March, China announced it would apply tariffs on Canadian agricultural and food products as retaliation against levies Ottawa introduced last year on Chinese-made electric vehicles, steel and aluminum. China applied a 100 per cent tariff on Canadian canola oil, oil cakes and pea imports, and a 25 per cent duty on Canadian aquatic products and pork. Sidhu said he sees an openness to addressing Canada-China trade issues "and so we'll continue building on that. But the first part is to have those conversations being started… "Diplomacy can do wonders and we need to make sure that we're able to have those conversations with countries around the world. And that's exactly what I'll be doing."
Yahoo
33 minutes ago
- Yahoo
Trump Admin Insider Blows Lid Off Tariffs: ‘It's All Fake'
A source deeply embedded in the Trump administration's ongoing trade talks accused the Republican president of waging a tariff war for TV ratings. '[Donald] Trump knows the most interesting part of his presidency is the tariff conversation,' the White House insider, who chose to remain anonymous out of fear of reprisal, told Politico. 'It's all fake. There's no deadline. It's a self-imposed landmark in this theatrical show, and that's where we are.' In April, the MAGA figurehead paused his sweeping 'Liberation Day' tariffs to announce a three-month window for the world to negotiate new trade agreements with the United States—or face the full fury of his levies. In a subsequent interview with Time magazine, Trump claimed to have in principle already 'made all the deals' with more than 200 foreign partners, before later suggesting the real number would likely be closer to just a few dozen. Yet ahead of a self-imposed July 9 deadline, only the UK and China have inked relatively limited arrangements, with less than four days now left to go. As global markets brace for the Wednesday deadline, Trump has lately appeared full of tough talk in his public appearances, telling reporters Friday he'd already signed more than 12 'take it or leave it' letters to various countries reminding them of the levies they'll face if a deal is not soon reached, Reuters reported. On other occasions, Truymp appeared to revel in the uncertainty that his tariff regime has created. 'We can do whatever we want,' he said of the deadline during a White House press conference Tuesday, CNBC reported. 'We could extend it, we could make it shorter. I'd like to make it shorter.' That ambivalence apparently has some of the president's allies questioning just how far he's willing to go to net new trade opportunities for the country. 'You have wins. Take them,' as the White House insider put it to Politico. 'You only have to assume he doesn't want to take them because he likes the game too much.' In a statement to the Daily Beast, White House spokesman Kush Desai said 'the hollowing out of American Main Streets and industries by unfair foreign trade practices is not a theatrical show.' Desai added, 'President Trump pledged to use tariffs to level the playing field and restore American Greatness, and the Administration is committed to delivering on this pledge.'
Yahoo
an hour ago
- Yahoo
'Jota was with me' - Trent's tribute after Real Madrid win
Trent Alexander-Arnold says former Liverpool team-mate Diogo Jota "was there with me" after helping Real Madrid reach the Club World Cup semi-finals. Alexander-Arnold and Jota spent five years together at Liverpool before the England full-back left for Madrid in June. Advertisement Jota, aged 28, died in a car crash on Thursday along with his 25-year-old brother Andre Silva. Their joint funeral was held on Saturday in Portugal. Alexander-Arnold has been featuring for Real Madrid at the Club World Cup in the United States and assisted Fran Garcia's goal in their 3-2 win against Borussia Dortmund in the quarter-final in New Jersey. He said the news of Jota's death had been "extremely difficult" to take in. "I had to try to perform for the team and help them win the game, no matter how difficult it was," Alexander-Arnold told DAZN after the game. "As hard as it was to do it, I had to push myself to focus on what my job and role was. I tried to do it as best as I could, but it was difficult and I am not going to lie about that. Advertisement "[Jota] was one of my close friends - and I am sure that's what he would have wanted me to do. I'm sure we would have had a laugh and joke about the assist as well. He was there with me, I am sure." Alexander-Arnold said the Portuguese forward was "someone who lit up the room when he was in it". "I shared the dressing room with him for five years - amazing memories on and off the pitch," he added. "It goes without saying he will never be forgotten by anyone. He will live long in all our memories for the amazing man and the player he was." Alexander-Arnold said it had been "very emotional and heartwarming to see the footballing world come together to show their love and support for [Jota], his brother and their family". Advertisement "I've been around him, his brother, his family, his amazing wife, his amazing parents and his amazing children. It's truly, truly heartbreaking to wake up to news like that," added the England international. "It's something you never expect." Real Madrid's Kylian Mbappe was among the players who paid tribute to Jota on Saturday, with the France forward indicating number 20 after scoring an acrobatic late goal, in recognition of Jota's Liverpool shirt number. Frenchman Ousmane Dembele also paid a tribute to the Portuguese by copying his Fifa gaming celebration after sealing a 2-0 win for Paris St-Germain against Bayern Munich, which set up a last-four meeting with Real Madrid. Advertisement
