Trump orders a 35% tariff for goods from Canada, citing a lack of cooperation on illicit drugs
The announcement from the White House late Thursday said Canada had failed to 'do more to arrest, seize, traffickers, criminals at large, and illicit drugs.'
Trump earlier had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries.
Canada was not included in Trump's updated list of tariff rates on other countries announced late Thursday. Those import duties are due to take effect on Aug. 7.
Prime Minister Mark Carney had tempered expectations, saying Ottawa will only agree to a deal 'if there's one on the table that is in the best interests of Canadians.'
In a subsequent statement, released just after midnight, he said he was disappointed by the actions and that 'Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes.'
He added that some industries — including lumber, steel, aluminum and automobiles — will be harder hit, but that the government will try to minimize the impact and protect Canadian jobs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
Why the market is shrugging off Trump's firing of the BLS chief
Trump fired the head of the BLS on Friday, but so far, markets have looked past the shock decision. Sources say there are a variety of other sources investors can use to assess the employment picture. Strong earnings and higher rate-cut odds are powering stocks higher on Monday. August kicked off with a shocker, with Donald Trump firing the head of the Bureau of Labor Statistics after a less-than-rosy July employment report. The move sparked prognostications about untrustworthy government data going forward and comparisons to China, which some believe is uninvestable due to issues with data quality. Then why is the market unfazed as trading kicks off on Monday? Stocks rallied to start the week, with the Dow up almost 500 points at midday and the Nasdaq Composite jumping as much as 2%. For now, markets are focused on other things, like the higher odds of a September rate cut after the employment picture suddenly soured. "Obviously, the firing was unconventional. That's pretty much everything with this administration compared to previous administrations, but at this point, there is so much private data that the market can look at other sources," Paul Hickey, cofounder of Bespoke Investment Group, told Business Insider. Apart from the BLS statistics that investors already parse, there's a patchwork of private and public data, including ADP data, hiring and firing data from a range of consulting firms, and labor market sentiment indicators from sources like the Conference Board. "There are private sources of data, and if they are moving in the opposite direction from the government data, then it becomes an indicator that something is off with the statistics,"Aleksandar Tomic, Associate Dean, Strategy, Innovation, & Technology at Boston College, told Business Insider. Trump said Erika McEntarfer's firing was justified and that the July data had been manipulated to make the administration look bad. He did not offer evidence for this claim, though White House economic advisor Kevin Hassett said the revisions in the data are "hard evidence." The July revisions were substantial, showing that the US added nearly 260,000 fewer jobs in May and June than had been initially reported. Trump and Republicans have also criticized earlier revisions, including last year's that showed over 800,000 fewer jobs added in the 12 months leading up to March 2024. The irony of Trump's anger over the July jobs numbers is that the weak report has pushed up the odds of the September rate cut to nearly 90%, getting the president closer to seeing the Fed loosen monetary policy as he's been demanding all year. But for investors, things like the robust GDP report for the second quarter and solid corporate earnings, particularly among mega-cap tech giants, are boosting the outlook for the market even as Trump's move stirs some uncertainty. For Sergio Altomare, a former senior enterprise architect at the Fed, the next big question is who will replace McEntarfer at the helm of the BLS. "I think the ultimate impact is going to take time to sort itself out, but I think really the immediate thing is, who gets appointed? What is their background? What does the data show? Is it dramatically different from what we're seeing?" Altomare said that it will be difficult to properly assess the impact of Trump's decision on financial markets until these questions have clear answers. Luckily for markets, some answers could come soon. Trump has said that in the coming days, he'll nominate a new BLS chief, as well as a replacement for Fed Gov. Adriana Kugler, who resigned on Friday. Both positions require confirmation by the Senate. It is also worth noting that some agree with the president's decision. For his part, investing legend Ray Dalio said on Monday that he, too, would probably fire the BLS chief. In a post on X, he described the agency's process for making key economic estimates as "obsolete and error-prone," with no plan to fix it. "The revisions brought the numbers toward private estimates that were in fact much better," Dalio said. Read the original article on Business Insider
Yahoo
8 minutes ago
- Yahoo
Alaska Sen. Murkowski toys with bid for governor, defends vote supporting Trump's tax breaks package
JUNEAU, Alaska (AP) — Republican U.S. Sen. Lisa Murkowski, speaking with Alaska reporters Monday, toyed with the idea of running for governor and defended her recent high-profile decision to vote in support of President Donald Trump's tax breaks and spending cuts bill. Murkowski, speaking from Anchorage, said 'sure' when asked if she has considered or is considering a run for governor. She later said her response was 'a little bit flippant' because she gets asked that question so often. 'Would I love to come home? I have to tell you, of course I would love to come home,' she said. 'I am not making any decisions about anything, because my responsibility to Alaskans is my job in the Senate right now.' Several Republicans already have announced plans to run in next year's governor's race, including Lt. Gov. Nancy Dahlstrom. Republican Gov. Mike Dunleavy is not eligible to seek a third consecutive term. Alaska has an open primary system and ranked choice voting in general elections. Murkowski is not up for reelection until 2028. A centrist, Murkowski has become a closely watched figure in a sharply divided Congress. She has at times been at odds with her party in her criticism of Trump and blasted by some GOP voters as a 'Republican in name only.' But her decision to support Trump's signature bill last month also frustrated others in a state where independents comprise the largest number of registered voters. She previously described her decision-making process around the bill as 'agonizing.' On Monday, she said it was clear to her the bill was not only a priority of Trump's but also that it was going to pass, so it became important to her to help make it as advantageous to the state as she could. 'So I did everything within my power — as one lawmaker from Alaska — to try to make sure that the most vulnerable in our state would not be negatively impacted,' she said. 'And I had a hard choice to make, and I think I made the right choice for Alaskans.'
Yahoo
8 minutes ago
- Yahoo
Here's What Key Metrics Tell Us About Agilon (AGL) Q2 Earnings
Agilon Health (AGL) reported $1.39 billion in revenue for the quarter ended June 2025, representing a year-over-year decline of 5.9%. EPS of -$0.25 for the same period compares to -$0.07 a year ago. The reported revenue represents a surprise of -4.98% over the Zacks Consensus Estimate of $1.47 billion. With the consensus EPS estimate being -$0.11, the EPS surprise was -127.27%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Agilon performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Avg. Medicare Advantage Members: 498,000 compared to the 493,100 average estimate based on two analysts. Revenues- Other operating: $2.94 million versus $3.16 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -7.4% change. Revenues- Medical services: $1.39 billion compared to the $1.46 billion average estimate based on five analysts. The reported number represents a change of -5.9% year over year. View all Key Company Metrics for Agilon here>>> Shares of Agilon have returned -30% over the past month versus the Zacks S&P 500 composite's +0.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Agilon Health, Inc. (AGL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
