Latest news with #KANANASKIS
Eyewitness News
18-06-2025
- Business
- Eyewitness News
G7 summit minus Trump rallies behind Ukraine
KANANASKIS - Group of Seven leaders on Tuesday vowed greater support for Ukraine but stopped short of joint condemnation of Russia for its growing attacks, at a summit missing Donald Trump. The US president had been due to speak at the G7 summit with his Ukrainian counterpart Volodymyr Zelensky, with whom he has had a volatile relationship, but flew back Monday over the Israel-Iran conflict. Zelensky met the remaining leaders at a remote lodge in the Canadian Rockies hours after Russia hit Kyiv with one of the worst bombardments since it invaded in February 2022, killing at least 10 people in the capital. Canadian Prime Minister Mark Carney welcomed Zelensky and announced Can$2 billion ($1.47bn) of military support, including drones and helicopters, for Ukraine. But the G7 summit stopped short of issuing a joint statement, unlike in past years under Trump's predecessor Joe Biden when the club of major industrial democracies denounced Russian "aggression." A Canadian official, backtracking on an earlier account of the United States trying to water down a proposed statement, said there was never an attempt to issue one due to Trump's continued hopes of mediating with Russian President Vladimir Putin. "It was clear that it would not have been feasible to find detailed language that all G7 partners could agree to in that context," the official said on condition of anonymity. Carney dismissed suggestions of friction, saying that all G7 leaders agreed to be "resolute in exploring all options to maximize pressure on Russia, including financial sanctions." But he admitted that some G7 leaders "would say above and beyond" what was in the chair's summary he issued instead of a formal statement signed by all leaders. G7 leaders, however, managed unity Monday on a joint statement on the Iran conflict that backed Israel but also called broadly for de-escalation, despite Trump contemplating greater US military involvement. US WAITS ON PRESSURE Carney earlier joined Britain in tightening sanctions on Russia's so-called shadow fleet of ships used to circumvent international sanctions on its oil sales. "These sanctions strike right at the heart of Putin's war machine, choking off his ability to continue his barbaric war in Ukraine," Prime Minister Keir Starmer said in a statement. US lawmakers have drafted a package of new sanctions on Russia but Trump has been hesitant to give his support and isolate Putin, to whom he spoke by telephone on the eve of the G7 summit. Trump infamously berated Zelensky in the Oval Office on February 28, saying he was ungrateful for US aid, but has since voiced disappointment that Putin has rebuffed a US proposal for at least a temporary ceasefire. Zelensky told Carney the latest Russian attack showed the need for allies' support and pressure on Moscow - while making clear that he still backed Trump-led calls for negotiations. "It's important for our soldiers to be strong in the battlefield, to stay strong until Russia will be ready for the peace negotiations," said Zelensky, who cut short meetings in Canada scheduled after the summit. French President Emmanuel Macron accused his Russian counterpart of exploiting global focus on the Middle East to carry out the deadly attack. "It shows the complete cynicism of President Putin," Macron told reporters at the summit. In Washington, the State Department also condemned the Russian strikes and offered condolences to the victims' families. TOUGH TRADE TALKS The G7 - Britain, Canada, France, Germany, Italy, Japan and the United States - was holding its first summit since the re-election of Trump, who openly questions longstanding US alliances. Treasury Secretary Scott Bessent remained to represent the United States at the summit, where discussions have also concentrated on Trump's attempts to radically overhaul the world's trading system. Trump has vowed to slap sweeping tariffs on friends and foes alike on July 9, although he has postponed them once. The US president, speaking to reporters on his way back from the summit, complained that the European Union was not yet offering a "fair deal" on trade. "We're either going to make a good deal or they'll just pay whatever we say they will pay," he said. European Commission President Ursula von der Leyen said she still hoped for a negotiated solution and talks were "intense and demanding." Trump's negotiators have already sealed a deal with Britain and, outside of the G7, reached an agreement to lower tariffs with rival China.
Zawya
18-06-2025
- Automotive
- Zawya
Japan's Ishiba departs G7 with US trade deal and political future in doubt
KANANASKIS, Canada - Japanese premier Shigeru Ishiba's bid to get U.S. President Donald Trump to relax tariffs imperiling his country's economy and his political future fell flat this week, underlining the gulf between the allies as more levies are set to kick in. Ishiba traveled to the G7 summit in Canada hoping a direct appeal might get talks back on track after Japanese negotiators struggled to secure respite on a 25% tariff imposed on imported cars, according to two officials with knowledge of the matter. While the sun beamed down as Ishiba and Trump reclined in lounge chairs in the foothills of the Canadian Rockies, Monday's brief encounter did little to alter the grim forecast for Japanese industry girding for broader 24% levies due on July 9. The lack of progress could knock confidence in Ishiba's diplomacy just as he prepares to contest a dicey upper house election next month that some political analysts say could result in his ouster. "Despite our persistent efforts to find common ground through serious discussions, yesterday's meeting with President Trump confirmed that we still have discrepancies in our understanding," Ishiba told reporters on Tuesday before his departure from Canada. Trump earlier told reporters aboard Air Force One that "there was a chance of a deal" but appeared in little mood to cede ground. "Ultimately you have to understand we're just going to send a letter saying this is what you're going to pay otherwise you don't have to do business with us," he said. CAR TROUBLE The most pressing issue for Japan has been the impact of Trump's tariffs on its auto sector, which employs nearly one in 10 of the country's workers and accounts for a fifth of exports. Japan's overall exports fell in May for the first time in eight months, piling pressure on its fragile economy, the world's fourth largest. Toyota Motor Corp, Japan's leading car company, has already flagged that tariffs have likely sliced off 180 billion yen ($1.2 billion) from its profit in April and May alone. Honda has said it expects a 650 billion yen ($4.5 billion) hit to its earnings this year from tariffs in the U.S. and elsewhere, while Mazda Motor declined to issue a full-year profit forecast, citing uncertainty due to tariffs. Publicly, Ishiba's government has said it aims to win total exemption from Trump's auto tariffs, but behind the scenes its negotiators had been trying to convince Washington to knock them down to around 10%, the sources said, requesting anonymity due to the sensitivity of the matter. Trump's trade deal with Britain, where he agreed to allow a quota of cars to be subject to a lower 10% levy has provided somewhat of a template, although Japan is a far larger exporter of cars to the United States. In exchange for relief on the autos sector, Tokyo had pledged to step up purchases of U.S. gas and other items to rebalance a trade deficit that has long irked Trump. But just days before Ishiba was due to arrive in Kananaskis, Canada for the G7 summit, it became clear to Japan's negotiators that Washington was unwilling to budge, said one of the sources. DIPLOMATIC SKILL Ishiba likely miscalculated by raising expectation of an agreement with Trump, said Kenji Minemura, a senior researcher at the Canon Institute for Global Studies. He will now have put a trade deal aside and focus on convincing Trump to extend the pause on the broader reciprocal levies, a senior lawmaker close to the premier said. Otherwise, Ishiba faces the prospect of contesting elections next month with the full force of Trump's tariffs in effect. The combined tariffs could shave nearly 1% off Japan's gross domestic product, Mizuho Research & Technologies has estimated. "The fact that nothing was agreed at the summit could raise doubts about the diplomatic skills of the Ishiba administration," said Hiroshi Shiratori, professor of contemporary political analysis at Hosei University. His ruling coalition may struggle to hold on to its majority in the upper house vote, a repeat of the result in the more powerful lower house election in October, which could potentially trigger his ouster, political analysts say. Even if the LDP limps on in minority rule, there is around a 70% chance the party would replace its leader, said Michael Cucek, a political science professor at Temple University in Tokyo. "If they do have a significant loss then Ishiba has to go. You can't lose two elections in a row," he said. Ishiba may get another chance to make progress with Trump later this month with the two leaders due to attend the two-day NATO summit in the Hague from June 24. ($1 = 145.2500 yen)
Reuters
18-06-2025
- Automotive
- Reuters
Japan's Ishiba departs G7 with US trade deal and political future in doubt
KANANASKIS, Canada, June 18 (Reuters) - Japanese premier Shigeru Ishiba's bid to get U.S. President Donald Trump to relax tariffs imperiling his country's economy and his political future fell flat this week, underlining the gulf between the allies as more levies are set to kick in. Ishiba traveled to the G7 summit in Canada hoping a direct appeal might get talks back on track after Japanese negotiators struggled to secure respite on a 25% tariff imposed on imported cars, according to two officials with knowledge of the matter. While the sun beamed down as Ishiba and Trump reclined in lounge chairs in the foothills of the Canadian Rockies, Monday's brief encounter did little to alter the grim forecast for Japanese industry girding for broader 24% levies due on July 9. The lack of progress could knock confidence in Ishiba's diplomacy just as he prepares to contest a dicey upper house election next month that some political analysts say could result in his ouster. "Despite our persistent efforts to find common ground through serious discussions, yesterday's meeting with President Trump confirmed that we still have discrepancies in our understanding," Ishiba told reporters on Tuesday before his departure from Canada. Trump earlier told reporters aboard Air Force One that "there was a chance of a deal" but appeared in little mood to cede ground. "Ultimately you have to understand we're just going to send a letter saying this is what you're going to pay otherwise you don't have to do business with us," he said. The most pressing issue for Japan has been the impact of Trump's tariffs on its auto sector, which employs nearly one in 10 of the country's workers and accounts for a fifth of exports. Japan's overall exports fell in May for the first time in eight months, piling pressure on its fragile economy, the world's fourth largest. Toyota Motor Corp (7203.T), opens new tab, Japan's leading car company, has already flagged that tariffs have likely sliced off 180 billion yen ($1.2 billion) from its profit in April and May alone. Honda (7267.T), opens new tab has said it expects a 650 billion yen ($4.5 billion) hit to its earnings this year from tariffs in the U.S. and elsewhere, while Mazda Motor (7261.T), opens new tab declined to issue a full-year profit forecast, citing uncertainty due to tariffs. Publicly, Ishiba's government has said it aims to win total exemption from Trump's auto tariffs, but behind the scenes its negotiators had been trying to convince Washington to knock them down to around 10%, the sources said, requesting anonymity due to the sensitivity of the matter. Trump's trade deal with Britain, where he agreed to allow a quota of cars to be subject to a lower 10% levy has provided somewhat of a template, although Japan is a far larger exporter of cars to the United States. In exchange for relief on the autos sector, Tokyo had pledged to step up purchases of U.S. gas and other items to rebalance a trade deficit that has long irked Trump. But just days before Ishiba was due to arrive in Kananaskis, Canada for the G7 summit, it became clear to Japan's negotiators that Washington was unwilling to budge, said one of the sources. Ishiba likely miscalculated by raising expectation of an agreement with Trump, said Kenji Minemura, a senior researcher at the Canon Institute for Global Studies. He will now have put a trade deal aside and focus on convincing Trump to extend the pause on the broader reciprocal levies, a senior lawmaker close to the premier said. Otherwise, Ishiba faces the prospect of contesting elections next month with the full force of Trump's tariffs in effect. The combined tariffs could shave nearly 1% off Japan's gross domestic product, Mizuho Research & Technologies has estimated. "The fact that nothing was agreed at the summit could raise doubts about the diplomatic skills of the Ishiba administration," said Hiroshi Shiratori, professor of contemporary political analysis at Hosei University. His ruling coalition may struggle to hold on to its majority in the upper house vote, a repeat of the result in the more powerful lower house election in October, which could potentially trigger his ouster, political analysts say. Even if the LDP limps on in minority rule, there is around a 70% chance the party would replace its leader, said Michael Cucek, a political science professor at Temple University in Tokyo. "If they do have a significant loss then Ishiba has to go. You can't lose two elections in a row," he said. Ishiba may get another chance to make progress with Trump later this month with the two leaders due to attend the two-day NATO summit in the Hague from June 24. ($1 = 145.2500 yen)
The Sun
18-06-2025
- Business
- The Sun
EU chief says pressure off for lower Russia oil price cap
KANANASKIS: EU Commission Chief Ursula von der Leyen on Tuesday said surging energy prices have reduced the urgency to slash the price cap on Russia's global oil exports. The European Commission, the EU's executive arm, had suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine. The measure would have been a major component of a fresh wave of sanctions against Russia planned by the EU, with hopes that the United States would also commit. The EU had said it would make its case at the G7 summit being held at a wooded resort in Alberta, Canada, but the gathering was overshadowed by the conflict between Israel and Iran that sent US President Donald Trump home early to handle the crisis. The current $60 cap 'had little effect, but in the last days, we have seen that the oil price has risen [and] the cap in place does serve its function,' von der Leyen told reporters on the sidelines of the G7 meeting. 'So for the moment, there's little pressure on lowering the oil price cap,' she added. The existing cap was a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world. It was designed to limit the price Moscow can get for oil by banning shipping firms and insurance companies from dealing with Russia to export above that amount. Under the leadership of the previous Biden administration, it was set at $60 by the G7 in late 2022, months after the invasion of Ukraine. To have the most impact, the EU and other G7 partners need to get the United States to follow suit and agree to the price cut. But Trump so far has frustrated Western allies by refusing to impose new sanctions on Russia despite President Vladimir Putin's failure to agree to a Ukraine ceasefire. Von der Leyen said the G7 leaders, with Trump still present, on Monday discussed coordinating on sanctions against Russia 'to put more pressure' on Russian President Vladimir Putin. The EU's latest proposal for an 18th round of sanctions since Russia's invasion also includes measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online. 'The fact that we have just put another hardened, biting package of sanctions on Russia is proof' of the EU's continued support for Ukraine, von der Leyen said.
Toronto Star
18-06-2025
- Politics
- Toronto Star
G7 summit ends without joint communiqué, but Canada, India reach diplomatic truce
KANANASKIS - Canada failed to rally the U.S. to voice the same support for Ukraine as European and Japanese allies, but ended the G7 summit in Alberta on Tuesday with an agreement with India to restore top diplomats in both countries. The G7 summit came to a close after the group's leaders issued a series of joint statements on key priorities. As expected, the leaders did not issue a joint communiqué, the lengthy statement outlining shared views that typically ends G7 summits.
