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National Observer
4 days ago
- Business
- National Observer
Little evidence to suggest a U.S. trade deal can be reached without tariffs: Carney
A trade deal with the United States will likely include some tariffs, Prime Minister Mark Carney indicated on Tuesday ahead of a meeting with his cabinet. Carney told reporters he expects the trade talks with the U.S. to "intensify" ahead of the Aug. 1 deadline to secure a new agreement, but then in French he said the evidence suggests President Donald Trump will not make any tariff-free deals. "We need to recognize that the commercial landscape globally has changed. It's changed in a fundamental manner," Carney said. "We will continue to focus on what we can most control, which is building a strong Canadian economy, and that's part of what we'll be discussing in cabinet today." Carney singled out work to make "stronger" auto, aluminum and copper sectors — all industries specifically targeted by American tariffs. Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually. Industry Minister Melanie Joly, who was in Halifax giving a speech, told reporters following the meeting that cabinet had "good and thorough" conversations on Canada-U.S. relations following the cabinet meeting at a press conference in Halifax. "The goal is to ensure at the end of the day that we are protecting Canadian workers and we are making sure that Canada and Canadian's interest are protected," Joly said. Joly did not take questions from reporters before she entered another meeting. The prime minister is also set to meet with Canada's premiers next week. Jean Simard, CEO of the Aluminum Association of Canada, said in an interview with The Canadian Press that it seems "more and more evident" that countries will have to pay some sort of tariff to deal with the U.S. "I think the hope for Canada is because we have a very strong and well-established agreement with the U.S. called the USMCA, that at the end of the day USMCA compliance access will remain," Simard said in reference to the Canada-U.S.-Mexico Agreement on trade. Trump outlined his 35 per cent tariff plan to Carney in a letter sent on July 10. A White House official later said that new tariff won't apply to goods that are compliant with the Canada-U.S.-Mexico Agreement on trade. Canada typically refers to that agreement as CUSMA, while the U.S. tends to call it the USMCA. That same official added that formal paperwork had not been produced to establish the new tariff level and Trump had not yet made a final decision about how it would be applied and things could still change. About 38 per cent of Canada's exports to the U.S. claimed preferential treatment under CUSMA, though the number that could apply for the exemption is much higher. Canada has yet to respond formally to the latest threat, or to Trump's recent moves to impose lofty tariffs on copper imports and double existing levies on steel and aluminum. Carney and Trump agreed last month to work toward a new trade and security pact by July 21, but the U.S. president unilaterally pushed back the timeline to secure a deal. Carney has said he would wait until the deadline before adjusting Canada's counter tariffs on U.S. goods, based on where the U.S. tariffs were at then. Simard said the industry needs to see more short-term support "very soon". "Markets have already reacted to a 50 per cent tariff on aluminum. It's not good. It's very destructive. It is very bad for the U.S. aluminum downstream industry and it's not good for us," Simard said. Canada is the largest supplier of steel and aluminum to the U.S. The metals sector has seen job losses and decreased orders since Trump imposed tariffs. Trade deals the U.S. has announced since Trump returned to office all include some level of tariff. The trade deal with the U.K. includes a 10 per cent tariff on most goods, while the deal with Vietnam includes a 20 per cent tariff on Vietnamese goods and a 40 per cent levy on goods being shipped through the South Asian nation. Before boarding Marine One to head to Pennsylvania Tuesday afternoon, Trump said that a new trade deal with Indonesia will include 19 per cent tariffs, and no levy for the U.S. 'They are going to pay 19 per cent and we are going to pay nothing,' he said. 'I think it's a good deal for both parties." Trump said a few more deals will be announced. 'India basically is working along that same line — we are going to have access to India,' Trump said. Trump said Monday that he saw the letters he sent to Canada, the European Union and Mexico about increased tariffs rates as "the deals." "I watched a show this morning and they were talking about, 'Well when's he going to make the deal?' The deals are already made. The letters are the deals. The deals are made. There are no deals to make," Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte. Trump repeated Tuesday that he saw his letter to the European Union threatening 30 per cent tariffs as the deal, but added the two sides are still in talks. The Trump administration may begin to face increased domestic pressure because of rising costs on consumer goods because of the global tariff campaign. U.S. inflation rose to its highest level since February as Trump's sweeping tariffs push up the cost of a range of goods including furniture, clothing and large appliances. American consumer prices rose 2.7 per cent in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month In Canada the annual pace of inflation accelerated to 1.9 per cent in June as consumers were paying more at car dealerships, Statistics Canada said Tuesday. The June price hike is up from 1.7 per cent in May and was largely in line with economists' expectations
Vancouver Sun
5 days ago
- Business
- Vancouver Sun
Carney says any trade deal with U.S. will likely include tariffs
OTTAWA — A trade deal with the United States will likely include some tariffs, Prime Minister Mark Carney indicated on Tuesday ahead of a meeting with his cabinet. Carney told reporters he expects the trade talks with the U.S. to 'intensify' ahead of the Aug. 1 deadline to secure a new agreement, but then in French he said the evidence suggests Donald Trump will not make any tariff-free deals. 'We need to recognize that the commercial landscape globally has changed. It's changed in a fundamental manner,' Carney said. 'We will continue to focus on what we can most control, which is building a strong Canadian economy, and that's part of what we'll be discussing in cabinet today.' Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Carney singled out work to make 'stronger' auto, aluminum and copper sectors — all industries specifically targeted by American tariffs. Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually. Industry Minister Melanie Joly, who was in Halifax giving a speech, told reporters following the meeting that cabinet had 'good and thorough' conversations on Canada-U.S. relations following the cabinet meeting at a press conference in Halifax. 'The goal is to ensure at the end of the day that we are protecting Canadian workers and we are making sure that Canada and Canadian's interest are protected,' Joly said. Joly did not take questions from reporters before she entered another meeting. The prime minister is also set to meet with Canada's premiers next week. Jean Simard, CEO of the Aluminum Association of Canada, said in an interview with The Canadian Press that it seems 'more and more evident' that countries will have to pay some sort of tariff to deal with the U.S. 'I think the hope for Canada is because we have a very strong and well-established agreement with the U.S. called the USMCA, that at the end of the day USMCA compliance access will remain,' Simard said in reference to the Canada-U.S.-Mexico Agreement on trade. Trump outlined his 35 per cent tariff plan to Carney in a letter sent on July 10. A White House official later said that new tariff won't apply to goods that are compliant with the Canada-U.S.-Mexico Agreement on trade. Canada typically refers to that agreement as CUSMA, while the U.S. tends to call it the USMCA. That same official added that formal paperwork had not been produced to establish the new tariff level and that Trump had not yet made a final decision about how it would be applied and things could still change. About 38 per cent of Canada's exports to the U.S. claimed preferential treatment under CUSMA, though the number that could apply for the exemption is much higher. Canada has yet to respond formally to the latest threat, or to Trump's recent moves to impose lofty tariffs on copper imports and double existing levies on steel and aluminum. Carney and Trump agreed last month to work toward a new trade and security pact by July 21, but the U.S. president unilaterally pushed back the timeline to secure a deal. Carney has said he would wait until the deadline before adjusting Canada's counter-tariffs on U.S. goods, based on where the U.S. tariffs were at then. Simard said the industry needs to see more short-term support 'very soon.' 'Markets have already reacted to a 50 per cent tariff on aluminum. It's not good. It's very destructive. It is very bad for the U.S. aluminum downstream industry and it's not good for us,' Simard said. Canada is the largest supplier of steel and aluminum to the U.S. The metals sector has seen job losses and decreased orders since Trump imposed tariffs. Trade deals the U.S. has announced since Trump returned to office all include some level of tariff. The trade deal with the U.K. includes a 10 per cent tariff on most goods, while the deal with Vietnam includes a 20 per cent tariff on Vietnamese goods and a 40 per cent levy on goods being shipped through the South Asian nation. Before boarding Marine One to head to Pennsylvania Tuesday afternoon, Trump said that a new trade deal with Indonesia will include 19 per cent tariffs, and no levy for the U.S. 'They are going to pay 19 per cent and we are going to pay nothing,' he said. 'I think it's a good deal for both parties.' Trump said a few more deals will be announced. 'India basically is working along that same line — we are going to have access to India,' Trump said. Trump said Monday that he saw the letters he sent to Canada, the European Union and Mexico about increased tariffs rates as 'the deals.' 'I watched a show this morning and they were talking about, 'Well when's he going to make the deal?' The deals are already made. The letters are the deals. The deals are made. There are no deals to make,' Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte. Trump repeated Tuesday that he saw his letter to the European Union threatening 30 per cent tariffs as the deal, but added the two sides are still in talks. The Trump administration may begin to face increased domestic pressure because of rising costs on consumer goods because of the global tariff campaign. U.S. inflation rose to its highest level since February as Trump's sweeping tariffs push up the cost of a range of goods including furniture, clothing and large appliances. American consumer prices rose 2.7 per cent in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month In Canada the annual pace of inflation accelerated to 1.9 per cent in June as consumers were paying more at car dealerships, Statistics Canada said Tuesday. The June price hike is up from 1.7 per cent in May and was largely in line with economists' expectations -With files from Keith Doucette in Halifax, Craig Lord in Ottawa and The Associated Press Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Edmonton Journal
5 days ago
- Business
- Edmonton Journal
Carney says any trade deal with U.S. will likely include tariffs
OTTAWA — A trade deal with the United States will likely include some tariffs, Prime Minister Mark Carney indicated on Tuesday ahead of a meeting with his cabinet. Article content Carney told reporters he expects the trade talks with the U.S. to 'intensify' ahead of the Aug. 1 deadline to secure a new agreement, but then in French he said the evidence suggests Donald Trump will not make any tariff-free deals. Article content Article content 'We need to recognize that the commercial landscape globally has changed. It's changed in a fundamental manner,' Carney said. 'We will continue to focus on what we can most control, which is building a strong Canadian economy, and that's part of what we'll be discussing in cabinet today.' Article content Article content Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually. Article content Industry Minister Melanie Joly, who was in Halifax giving a speech, told reporters following the meeting that cabinet had 'good and thorough' conversations on Canada-U.S. relations following the cabinet meeting at a press conference in Halifax. Article content Article content 'The goal is to ensure at the end of the day that we are protecting Canadian workers and we are making sure that Canada and Canadian's interest are protected,' Joly said. Article content Article content Joly did not take questions from reporters before she entered another meeting. Article content The prime minister is also set to meet with Canada's premiers next week. Article content Jean Simard, CEO of the Aluminum Association of Canada, said in an interview with The Canadian Press that it seems 'more and more evident' that countries will have to pay some sort of tariff to deal with the U.S. Article content 'I think the hope for Canada is because we have a very strong and well-established agreement with the U.S. called the USMCA, that at the end of the day USMCA compliance access will remain,' Simard said in reference to the Canada-U.S.-Mexico Agreement on trade. Article content Trump outlined his 35 per cent tariff plan to Carney in a letter sent on July 10. A White House official later said that new tariff won't apply to goods that are compliant with the Canada-U.S.-Mexico Agreement on trade. Canada typically refers to that agreement as CUSMA, while the U.S. tends to call it the USMCA.
Hamilton Spectator
5 days ago
- Business
- Hamilton Spectator
Little evidence to suggest a U.S. trade deal can be reached without tariffs: Carney
OTTAWA - A trade deal with the United States will likely include some tariffs, Prime Minister Mark Carney indicated on Tuesday ahead of a meeting with his cabinet. Carney told reporters he expects the trade talks with the U.S. to 'intensify' ahead of the Aug. 1 deadline to secure a new agreement, but then in French he said the evidence suggests President Donald Trump will not make any tariff-free deals. 'We need to recognize that the commercial landscape globally has changed. It's changed in a fundamental manner,' Carney said. 'We will continue to focus on what we can most control, which is building a strong Canadian economy, and that's part of what we'll be discussing in cabinet today.' Carney singled out work to make 'stronger' auto, aluminum and copper sectors — all industries specifically targeted by American tariffs. Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually. Industry Minister Melanie Joly, who was in Halifax giving a speech, told reporters following the meeting that cabinet had 'good and thorough' conversations on Canada-U.S. relations following the cabinet meeting at a press conference in Halifax. 'The goal is to ensure at the end of the day that we are protecting Canadian workers and we are making sure that Canada and Canadian's interest are protected,' Joly said. Joly did not take questions from reporters before she entered another meeting. The prime minister is also set to meet with Canada's premiers next week. Jean Simard, CEO of the Aluminum Association of Canada, said in an interview with The Canadian Press that it seems 'more and more evident' that countries will have to pay some sort of tariff to deal with the U.S. 'I think the hope for Canada is because we have a very strong and well-established agreement with the U.S. called the USMCA, that at the end of the day USMCA compliance access will remain,' Simard said in reference to the Canada-U.S.-Mexico Agreement on trade. Trump outlined his 35 per cent tariff plan to Carney in a letter sent on July 10. A White House official later said that new tariff won't apply to goods that are compliant with the Canada-U.S.-Mexico Agreement on trade. Canada typically refers to that agreement as CUSMA, while the U.S. tends to call it the USMCA. That same official added that formal paperwork had not been produced to establish the new tariff level and Trump had not yet made a final decision about how it would be applied and things could still change. About 38 per cent of Canada's exports to the U.S. claimed preferential treatment under CUSMA, though the number that could apply for the exemption is much higher. Canada has yet to respond formally to the latest threat, or to Trump's recent moves to impose lofty tariffs on copper imports and double existing levies on steel and aluminum. Carney and Trump agreed last month to work toward a new trade and security pact by July 21, but the U.S. president unilaterally pushed back the timeline to secure a deal. Carney has said he would wait until the deadline before adjusting Canada's counter tariffs on U.S. goods, based on where the U.S. tariffs were at then. Simard said the industry needs to see more short-term support 'very soon'. 'Markets have already reacted to a 50 per cent tariff on aluminum. It's not good. It's very destructive. It is very bad for the U.S. aluminum downstream industry and it's not good for us,' Simard said. Canada is the largest supplier of steel and aluminum to the U.S. The metals sector has seen job losses and decreased orders since Trump imposed tariffs. Trade deals the U.S. has announced since Trump returned to office all include some level of tariff. The trade deal with the U.K. includes a 10 per cent tariff on most goods, while the deal with Vietnam includes a 20 per cent tariff on Vietnamese goods and a 40 per cent levy on goods being shipped through the South Asian nation. Trump said Monday that he saw the letters he sent to Canada, the European Union and Mexico about increased tariffs rates as 'the deals.' 'I watched a show this morning and they were talking about, 'Well when's he going to make the deal?' The deals are already made. The letters are the deals. The deals are made. There are no deals to make,' Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte. The Trump administration may begin to face increased domestic pressure because of rising costs on consumer goods because of the global tariff campaign. U.S. inflation rose to its highest level since February as Trump's sweeping tariffs push up the cost of a range of goods including furniture, clothing and large appliances. American consumer prices rose 2.7 per cent in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month In Canada the annual pace of inflation accelerated to 1.9 per cent in June as consumers were paying more at car dealerships, Statistics Canada said Tuesday. The June price hike is up from 1.7 per cent in May and was largely in line with economists' expectations -With files from Keith Doucette in Halifax, Craig Lord in Ottawa and The Associated Press This report by The Canadian Press was first published July 15, 2025.
Global News
04-06-2025
- Business
- Global News
Trump's 50% tariff on steel, aluminum now in effect
U.S. President Donald Trump's doubling of tariffs on foreign steel and aluminum is now in effect, duties that Canada's industries say will create 'mass disruption.' The order laid out plans to increase the duties from their previous rate of 25 per cent, saying it was necessary for national security reasons and to bolster those industries in the U.S., but added that the original tariffs imposed in March didn't have the desired effect. There were no exemptions for Canada, but the U.K., which signed a new trade framework last month, will see its tariff rate remain at 25 per cent. Canada's steel and aluminum industries have warned that doubling the rate would have damaging impacts for producers and the North American supply chains. About a quarter of all steel used in the U.S. is imported and Canada is its largest supplier. Story continues below advertisement 'The steel and aluminum tariffs will apply only to the steel and aluminum contents of imported products, whereas the non-steel and non-aluminum contents of imported products will be subject to other applicable tariffs,' the White House said in reference to other countries. The doubling comes slightly less than three months after Trump imposed the original rate, duties that were last seen during his first term in office on the same industries. 0:34 LeBlanc says trade meeting with U.S. was 'positive' amid looming steel, aluminum tariff increase The initial impacts of those tariffs have led to cost increases for Canadian metals producers, with the industry saying the North American sector could face 'unrecoverable consequences' if the doubling occurs. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Steel tariffs at this level will create mass disruption and negative consequences across our highly integrated steel supply chains and customers on both sides of the border,' the Canadian Steel Producers Association said in a weekend statement. Story continues below advertisement The Aluminum Association of Canada has called the situation 'unprecedented.' Industry Minister Melanie Joly said Sunday the federal government plans to prioritize Canadian steel and aluminum for federal contracts and the domestic defence manufacturing industry, which it plans to bolster with new investments. 2:07 'Can't be kicked around any longer': Doug Ford suggests slapping US with 25% retaliatory tariffs 'We are in a trade war and we know that our steel and aluminum workers are worried — we're standing up for them,' Joly said during question period in the House of Commons on Tuesday. Dominic LeBlanc, the minister responsible for Canada-U.S. trade, was in Washington, D.C., on Tuesday and spoke with Commerce Secretary Howard Lutnick in what he called a 'positive conversation.' 'Every time we sit down … we deepen our understanding in terms of the concerns they have around so many of these issues,' he told reporters. Story continues below advertisement 'It's an opportunity for us to also explain to them our firm position in terms of these tariffs being negative for the Canadian economy and Canadian workers, but also for the United States.' LeBlanc did not, however, say if a possible exemption would be provided for Canada. — with files from Global News' Sean Boynton and The Canadian Press
