China urges Canada to drop steel import curbs and threatens countermeasures
Ottawa this week introduced a tariff rate quota for countries with which it has free trade agreements, excluding the U.S., and imposed additional tariffs on steel imports from all countries containing steel melted and poured in China before the end of July.
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Reuters
30 minutes ago
- Reuters
Most Gulf markets fall on weak earnings, US economic worries
Aug 3 (Reuters) - Most stock markets in the Gulf ended lower on Sunday hit by lacklustre earnings, while a cooling U.S. labor market clouded the Federal Reserve's policy outlook as investors scrutinized recent U.S. tariff decisions. U.S. President Donald Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries that failed to reach trade deals with Washington by his August 1 deadline. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, hit by a 1.2% decline by oil behemoth Saudi Aramco ( opens new tab ahead of its earnings announcement on Tuesday. Jabal Omar Development ( opens new tab slid 5.4%, after posting a second-quarter loss. The developer - which runs the Jabal Omar complex of hotels and property near Mecca's Grand Mosque - was hit by reduced hotel revenues and a 106 million riyal ($28.26 million) property impairment charge, which lowered gross profit. Among other losers, Saudi Basic Industries Corp ( opens new tab - 70% owned by Saudi Aramco - retreated 1.2%, after reporting a second-quarter loss. The chemical firm attributed its losses to 3.78 billion riyals in impairment charges and provisions related to a cracker closure in the UK in line with a portfolio review to reduce costs and improve profitability. Oil prices - a catalyst for the Gulf's financial markets - fell $2 a barrel on Friday due to jitters over a potential production hike by OPEC and its allies, while a weaker-than-expected U.S. jobs report fed worries about demand. Eight OPEC+ countries meeting on Sunday have agreed to raise oil output in September by 548,000 barrels per day, Reuters reported citing two OPEC+ sources while the meeting was still under way. Elsewhere, Saudi Aramco Base Oil Co ( opens new tab plunged 10% - its biggest intraday fall since its listing in December 2022 - following an 18% drop in quarterly profit. In Qatar, the index (.QSI), opens new tab fell 0.8%, with Qatar Islamic Bank ( opens new tab losing 1.8%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.2%, helped by a 3.2% rise in tobacco monopoly Eastern Company ( opens new tab. ($1 = 3.7511 riyals)
BreakingNews.ie
2 hours ago
- BreakingNews.ie
Trump, Carney to speak in coming days, Canadian official says
US President Donald Trump and Canadian Prime Minister Mark Carney will likely talk "over the next number of days" after the U.S. imposed a 35 per cent tariff on goods not covered by the US-Mexico-Canada trade agreement, a Canadian official said on Sunday. Dominic LeBlanc, the federal cabinet minister in charge of U.S.-Canada trade, also told CBS News' "Face the Nation" that he was "encouraged" by recent discussions and believed a deal to bring down tariffs remained an option. Advertisement "We're encouraged by the conversations with Secretary Lutnick and Ambassador Greer, but we're not yet where we need to go to get the deal that's in the best interest of the two economies," LeBlanc said, referring to U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. The trade minister said he expected Carney and Trump to speak "over the next number of days." "We think there is an option of striking a deal that will bring down some of these tariffs provide greater certainty to investment," LeBlanc said. Washington linked Friday's tariff announcement in part to what it said was Canada's failure to stop fentanyl smuggling. It was the latest blow in a months-long tariff war which Trump initiated shortly after returning to power this year. Carney says Canada accounts for just 1 per cent of U.S. fentanyl imports and has been working intensively to further reduce the volumes.
Auto Blog
3 hours ago
- Auto Blog
Ford Revises Tariff Hit Estimate Again – And It's Not Pretty
Ford reports its first quarterly loss since 2023 Ford has updated its financial guidance again for 2025, noting that tariffs will dent profits by a $3 billion gross amount, up from $2.5 billion. The automaker incurred $800 million in tariff-related expenses last quarter, and its 2025 earnings before interest and tax (EBIT) are now $6.5 billion to $7.5 billion, down from February's forecast of $7 billion and $8.5 billion. This rise in anticipated tariff costs stems from Ford's imports of vehicle parts, steel, and aluminum, along with levies on Mexico and Canada remaining higher for longer than expected. Ford's tariff bill from Q2 eliminated its net profit, resulting in the company's first quarterly loss since 2023. Ford F-150 Lightning — Source: Getty Images How Ford's responding to its tariff burden Ford Chief Financial Officer (CFO) Sherry House said that the manufacturer is in near-daily contact with Washington discussing ways to reduce tariff expenses. House described the interactions as 'constructive conversations' centered around steel and aluminum tariffs, according to NBC4 Los Angeles. The Ford CFO added: 'They've [Trump administration] made it clear that Ford, as the most American automaker, should not be disadvantaged,' The Wall Street Journal reports. Ford's extensive network of domestic production facilities is helping the company fare slightly better than General Motors (GM), which reported that it lost $1.1 billion in Q2 due to tariffs, with a predicted $4 billion to $5 billion hit for the year. GM expects to offset 30% of its 2025 gross tariff losses, and Ford said it can offset $1 billion. Stellantis shared on Tuesday that import levies will reduce its earnings this year by about $1.7 billion, but while this amount is lower than Ford's and GM's, it posted a $2.65 billion net loss in the first half of 2025 alone. A closer look at Ford's tariff troubles—and what could happen next Around 80% of the vehicles that Ford sells in the U.S. are produced domestically, about 25% more than GM and Stellantis. Still, Ford relies heavily on imported components for segments such as electric vehicles (EVs) and hybrids. President Trump set an August 1 deadline for most countries to finalize trade deals with the U.S. or face elevated tariffs. While the European Union, South Korea, and Japan reached a 15% import agreement with the US, Ford continues to face steeper tariffs on many parts. Trump's administration doubled steel and aluminum tariffs to 50%, raising costs for material suppliers and causing consumers to absorb the additional expenses. Ford recently finished extending its employee discount to all customers on most of its inventory, and the automaker may raise prices on EVs and hybrids shortly to recoup some profit losses from tariffs. Consumers may also see Ford cut back on incentives and discounts for fleet and commercial purchases. Ford dealership in Richmond, California — Source: Getty Final thoughts Ford's tariff bill is better than GM's thanks to its strong domestic manufacturing presence, but the outlook could be better. GM's Q2 tariff bill was $300 million more than Ford's—an amount that seems like it should be higher given that Ford produces about 25% more domestic vehicles than GM. However, Ford's reliance on imported components for segments like EVs is costing the company significantly, underscoring the importance of timely White House negotiations as other countries strike trade deals and reduce tariff rates. About the Author Cody Carlson View Profile
