Latest news with #multilateral
National Post
5 days ago
- Business
- National Post
Michael Taube: Mark Carney leans European, but needs to buy American again
Article content It will also 'promote multilateral dialogue and co-operation with like-minded countries in relevant areas of security and defence where considered mutually beneficial.' Some of the matters mentioned in the agreement include support to Ukraine, peacekeeping operations, military mobility, maritime security, sharing information on defence initiatives and cybersecurity. Article content And it doesn't stop there. Businesses will be encouraged to 'grow and diversify markets by fully and effectively implementing' the Canada-European Union Comprehensive Economic and Trade Agreement. The parties also agreed to work towards a 'digital trade agreement,' 'identify trends and risks of mutual concern that could affect our economic security,' 'reduce barriers and strengthen agriculture and agrifood trade' and focus on shared energy needs. Article content What about the future of Canada-U.S. relations? While there have been issues between our two countries due to U.S. President Donald Trump's tariffs and leadership style, it's vitally important for Carney to rebuild ties with the U.S. There have been political, economic and military disagreements between Canada and the U.S. before. We fought one another during the War of 1812. Nevertheless, we always found ways to agree to disagree and move forward like good friends and allies do. Article content Article content Things looked promising at one point. Carney said earlier this month that his government was 'in intensive negotiations with the Americans' to end the tariffs on aluminum and steel that chilled relations between our two countries. Carney and Trump also agreed to work towards an economic and security pact within the next 30 days during last week's G7 summit in Kananaskis, Alta. Article content Alas, Carney's determined tone has noticeably shifted. He's now hemming and hawing about the path forward. 'We'll do what's right for Canada,' he told reporters in Brussels. 'We're working hard to get a deal, but we'll only accept the right deal with the United States. The right deal is possible, but nothing's assured.' Article content Trump then announced on Friday through his Truth Social account that he was 'terminating ALL discussions on Trade with Canada, effective immediately.' Why? This was due to Canada's decision to introduce a 'Digital Services Tax on our American Technology Companies.' Trump believed the Carney Liberal government was 'obviously copying the European Union' with this tax, and felt it was a 'direct and blatant attack' on the U.S. Article content Article content No one is suggesting that Carney is obligated to bend to Trump's every whim and desire during these crucial negotiations. At the same time, this is hardly the sort of descriptive language and rhetorical tone he should be using in public before the July 21 deadline. Article content If there have been issues between the two sides, fine. All Carney had to do was take a more neutral position for the bulk of the 30-day process and crescendo accordingly. This would have shown that he recognized the importance of preserving Canada-U.S. relations and was taking things seriously. It would have been hard to argue against such logic. Article content It appears that Carney's infatuation with the EU has further strained our friendship with the U.S. for the foreseeable future. While some will claim that Trump is the main reason, it's a false narrative. He'll be out of office in a number of years, as will Carney. The devastating political and economic effects of a fractured Canada-U.S. relationship will last long past then. Article content Article content Article content
CNA
13-06-2025
- Politics
- CNA
Poland following Middle East situation with calm: Polish president
CNA's Yasmin Jonkers speaks to Polish President Andrzej Duda in an exclusive interview. He calls for cool heads and a multilateral approach to managing the escalating tensions in the Middle East.
LBCI
05-06-2025
- Business
- LBCI
Lebanon elected to UN Economic and Social Council for 2026–2028 term
Lebanon has secured a seat on the United Nations Economic and Social Council (ECOSOC) for the 2026–2028 term, the Ministry of Foreign Affairs and Emigrants announced. The election follows Lebanon's recent selection as one of the Vice Presidents of the 80th session of the U.N. General Assembly, chaired by Germany's Annalena Baerbock. In a statement, the ministry credited the win to diplomatic efforts led by Lebanon's Permanent Mission to the U.N. in New York. It emphasized that this achievement strengthens Lebanon's role within the U.N. and highlights its commitment to multilateral engagement. The ministry added that the victory reflects international confidence in Lebanon and its standing as a founding and active member of the United Nations.
Reuters
04-06-2025
- Business
- Reuters
Fitch downgrades Afreximbank to one notch above 'junk'
LONDON, June 4 (Reuters) - Fitch downgraded Afreximbank's credit rating to one notch above junk on Wednesday, with a negative outlook, citing high credit risks and weak risk-management policies. The one-notch downgrade to BBB- comes as the African lender battles to protect its loans from restructuring in Ghana, Zambia and Malawi, claiming that as a multilateral lender it has preferred creditor status. Fitch pegged Afreximbank's non-performing loans at above 6%, while the bank itself reported an NPL ratio of 2.44% in the first half. "The revision of risk management to 'weak' reflects low transparency in the recent reporting of loan performance relative to multilateral development bank peers and that Fitch's definition of NPLs differs from the bank's approach, which makes use of flexibilities offered by IFRS 9," Fitch said. A lower credit rating can increase the borrowing cost for an issuer, which can in turn impact how much they can lend and at what rates. Fitch attributed the negative outlook, which effectively puts the bank on downgrade watch, to the risk that some of its debt to sovereign borrowers might be included in restructuring. "This would put pressure on our assessment of the bank's policy importance and heighten the risk associated with its strategy," Fitch said. Afreximbank did not immediately comment on the downgrade.
Washington Post
30-05-2025
- Business
- Washington Post
Japan's Ishiba warns against tension over tariffs and vows to expand Asia-Pacific trade group
TOKYO — Japanese Prime Minister Shigeru Ishiba expressed determination Thursday to defend rules-based, free and multilateral trade systems and work on expanding the main Asia-Pacific trade group at a time of tension over U.S. tariffs. 'High tariffs will not bring economic prosperity,' Ishiba told a global forum in Tokyo. 'A prosperity built on sacrifices by someone or another country will not make a strong economy.' Japan seeks to work with the U.S. on investment , job creation and manufacturing high quality products for the prosperity of America and the rest of the world, he said.
