Latest news with #US-produced
Time of India
11 hours ago
- Business
- Time of India
Canada Steel Industry: Canada's steel producers tell government its tariff protection measures aren't enough, ET Infra
Advt Advt Canadian steel industry representatives told government officials in a meeting this week that their measures to protect the industry from the consequences of US tariffs are insufficient, two of the representatives who attended the meeting told Thursday, steel producers met with Patrick Haley, assistant deputy minister for trade and finance, and other officials from the ministry, telling them the measures announced earlier this month do not protect the industry from steel dumping and could cause mass layoffs, the representatives President Donald Trump increased import duties on steel and aluminum to 50 per cent from 25 per cent earlier this month. Canada is the top seller of metals to the United response, Canada announced a raft of measures, including establishing new tariff-rate quotas of 100 per cent of 2024 levels on imports of steel products from non-free trade agreement partners. Industry representatives at the meeting asked the government to extend tariff quotas to all countries with unfair trade practices, even if they have free trade and Asia have started diverting their products to Canada to avoid US tariffs, making domestic steel uncompetitive, they said. "We don't think the measures announced meet our needs under this dire time," Catherine Cobden, President and CEO of the Canadian Steel Producers Association , told attended the meeting with finance ministry officials on Thursday. The Canadian Steel Producers Association said in a separate statement on Thursday that, in its current form, the tariff-rate quota will do little to support its steel industry has laid off 1,000 workers since the first US tariffs in March, and more layoffs could be coming, the association said. Keanin Loomis, president of the Canadian Institute of Steel Construction, which includes steel manufacturers, fabricators, and constructors, said that Thursday's government meeting was heavily steel producers-focused, noting that finished steel products imported to Canada have no tariff protection Loomis also attended the meeting. In a text response to Reuters, the Canadian Finance Ministry said that the measures it announced represent a comprehensive and strategic package to defend producers and workers, and were a first Minister Mark Carney has threatened to increase counter-tariffs on US-produced steel and aluminum if Canada does not reach a broader trade deal with Trump by July 21. Trump on Friday abruptly cut off trade talks with Canada over its new tax targeting US technology firms."These are temporary and calibrated measures that could be expanded depending on the outcome of ongoing discussions with the United States. We are prepared to adjust our response as needed," a spokesperson for the finance minister said.
Perth Now
2 days ago
- Perth Now
The Denmark tinnie that's as fresh as the ocean
Southern Ocean IPA Ocean Beach Brewing Denmark is hands down one of the most beautiful places within a day's drive of Perth. The beaches are incredible and in winter, the lush green bushland that surrounds the coastal town is picture-perfect. The tinnie pours a golden hue with a medium haziness and a white, frothy head. Credit: PerthNow Turns out, they make some pretty good beer down that way too. Ocean Beach Brewing's Southern Ocean IPA is one that's making a name for itself after winning a silver medal at the Perth Royal Beer awards for 2025. On the nose you'll get a light amount of citrus and tropical flavours with some toasted malty notes. The tinnie pours a golden hue with a medium haziness and a white, frothy head. The palate is light and refreshing, like a summer beer should be — but at the same time it manages to pack in enough bitterness (IBU 50) and alcohol (6.2 per cent ABV) to give it some real guts. The hop profile is derived from a combination of US-produced strata hops and the locally-grown Beedelup hops — from fellow locals Great Southern Hops. It's a cracker of a tinnie that can be enjoyed in both cold weather and warm weather, and it feels like the brewers have managed to combine the best of both worlds from the beautiful Great Southern region. Enjoy it with mates, whether you're on the beach in the summer or in front of a campfire on a cold winter night. The choice is yours. $27 for a four-pack.
Time of India
20-06-2025
- Business
- Time of India
Canada may raise counter-tariffs on US metals as trade talks continue
Canada could increase its counter-tariffs on US-produced steel and aluminium if it does not reach a broader trade agreement with the United States within 30 days, Prime Minister Mark Carney said on Thursday. Earlier this month, US President Donald Trump raised import duties on steel and aluminium from 25 per cent to 50 per cent, leading to calls from the metals industry in Canada for a formal response. Canada is the largest exporter of steel and aluminium to the US. Carney said he and Trump had agreed to aim for a new economic and security agreement by 21 July, according to Reuters. 'Canada will adjust its existing counter-tariffs on US steel and aluminium products on 21 July to levels consistent with progress made in the broader trading agreement with the United States,' Carney told a press conference. Procurement rules, market stabilisation measures announced Rather than immediately matching the US tariff hike, Carney said he would wait to see how the ongoing discussions progressed. Canada had earlier imposed 25 per cent retaliatory tariffs on steel products worth C$12.6 billion and aluminium products worth C$3 billion on 13 March. Carney also announced new procurement rules. Under these, Canadian producers and trading partners with reciprocal tariff-free access will be eligible to compete for federal steel and aluminium contracts. Canada will introduce tariff-rate quotas equivalent to 100 per cent of 2024 import levels on steel products from countries without free trade agreements. Carney said this was to 'stabilise the domestic market and prevent harmful trade diversion.' According to the Royal Bank of Canada, Canada exports over 90 per cent of its steel and aluminium to the US, while it imports around 20 per cent of US steel exports and 50 per cent of its aluminium exports. Carney said the federal government would prioritise the use of Canadian steel and aluminium in public projects, including defence, pipelines and housing. 'We are united in working on all forms of support for the industry... that starts with buying Canadian steel and aluminium for federal projects,' Carney said. The government also plans to support the use of Canadian metals in domestically manufactured products and will establish a task force to monitor developments in the steel and aluminium markets under the current tariff regime.
New Straits Times
20-06-2025
- Business
- New Straits Times
Canada could slap more duties on US steel and aluminium, says Carney
OTTAWA: Canada could increase counter-tariffs on US-produced steel and aluminium if it does not reach a broader trade deal with President Donald Trump within 30 days, Prime Minister Mark Carney said on Thursday. Trump increased import duties on steel and aluminium to 50 per cent from 25 per cent earlier this month, prompting industry calls for an official response. Trump's move could hurt Canada, which is the largest seller of the metals to the US. Carney said on Monday he had agreed with Trump that the two nations should try to wrap up a new economic and security deal by July 21. "Canada will adjust its existing counter-tariffs on US steel and aluminium products on July 21 to levels consistent with progress made in the broader trading agreement with the United States," Carney told a press conference. Carney refrained from immediately matching Trump's June tariff hike, saying he wanted to see progress on talks to create a new economic and security relationship. On March 13, Canada imposed 25 per cent retaliatory tariffs on a list of steel products worth C$12.6 billion and aluminium products worth C$3 billion. As part of Thursday's announcement, Canada will implement new procurement rules, under which Canadian producers and trading partners who have tariff-free reciprocal access can compete for federal procurements of steel and aluminium. Carney said Canada would establish new tariff-rate quotas of 100 per cent of 2024 levels on imports of steel products from non-free trade agreement partners "to stabilise the domestic market and prevent harmful trade diversion." Canada ships over 90 per cent of its total steel and aluminium exports to the US and consumes about one-fifth of US exports of steel and 50 per cent of its aluminium exports, according to the Royal Bank of Canada, highlighting the critical metals trade between the two countries. Under Carney, Canada has also lined up an array of projects to build infrastructure, starting from defence, oil and gas pipelines to doubling housing capacity – all of which will require tonnes of steel and aluminium. "We are united in working on all forms of support for the industry... that starts with buying Canadian steel and aluminium for federal projects," Carney said while addressing questions from the media. As part of the new measures, the government will also favour the use of Canadian steel and aluminium in Canadian-made products and will create a task force to monitor how the steel and aluminium markets are evolving under the tariff regime.
Express Tribune
11-06-2025
- Business
- Express Tribune
US China trade deal: Chinese stocks surge as Hang Seng Index rises after US-China trade deal announced
Chinese stocks rose on June 11, bolstered by signs of easing trade tensions between the United States and China after a two-day meeting in London. The meeting saw both countries agree on a preliminary framework to de-escalate trade conflicts, which helped restore investor confidence. As reported by Bloomberg, the onshore CSI 300 Index, which tracks the largest companies on the Shanghai and Shenzhen stock exchanges, gained 1%, marking its most significant rise in nearly a month. Meanwhile, a measure of Chinese stocks listed in Hong Kong advanced by 0.9%, reaching its highest point since March. The market rally followed the announcement of an agreement between the US and China, which focused on the implementation of consensus reached earlier in Geneva. Progress made in the trade talks, coupled with positive rhetoric from both sides, has raised hopes that the dispute between the two largest economies in the world could be heading towards resolution. The agreement also addresses China's export restrictions on rare earth minerals and magnets, which have been a point of contention between the two nations. US Commerce Secretary Howard Lutnick confirmed the framework at the conclusion of the London talks, highlighting its potential to put the trade truce back on track. US and Chinese officials agreed on a framework to put their trade truce back on track and resolve China's export restrictions on rare earth minerals and magnets, US Commerce Secretary Howard Lutnick said — Reuters (@Reuters) June 11, 2025 However, market reactions were largely muted, with S&P 500 futures showing little movement, and only modest fluctuations in the offshore yuan. Chris Weston, head of research at Pepperstone, noted that the lack of significant market reaction suggested that the outcome of the talks had already been priced in. The Daily Fix – Big trading levels in full view US-China talks continue to progress well – superficially, at least – with talks set to spill over for a third day - a factor that keeps the bid in risk and the sellers feeling they may be able to execute orders at higher/better… — Chris Weston (@ChrisWeston_PS) June 10, 2025 'The devil will be in the details,' Weston said, emphasising the importance of how rare earths exports to the US are handled and the subsequent access for US-produced chips to China. Despite the limited immediate impact on market movements, the outlook for a resolution in the trade conflict has provided Chinese and Hong Kong stocks with a positive boost ahead of further details from the ongoing trade talks.
