Trump to Announce New Trade Deals and Warnings Today
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Carney heads to Hamilton to meet steelworkers as U.S. trade talks continue
OTTAWA — Prime Minister Mark Carney is scheduled to be in Hamilton today to make an announcement related to the steel industry. It has been more than a month since U.S. President Donald Trump doubled tariffs on steel and aluminum from 25 to 50 per cent, adding further economic insult to the two industries in Canada. Carney met with his cabinet virtually on Tuesday and told reporters before that meeting he doesn't think Trump will agree to any trade deals without including some tariffs. Carney will tour a steel company in the city and meet with workers during his visit to Hamilton. Carney and Trump have been negotiating a new economic and security pact since early May and last week Trump unilaterally pushed the deadline for reaching that from July 21 to Aug. 1. He told Carney in a letter on July 10 Canada will be hit with 35 per cent tariffs that day, with the White House saying the current plan is for that to apply only to those Canadian imports not covered under the existing Canada-U.S.-Mexico Agreement. Carney says negotiations with the U.S. are likely to intensify as that Aug. 1 deadline approaches. This report by The Canadian Press was first published July 16, 2025. David Baxter, The Canadian Press Sign in to access your portfolio
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Democracies around world must form new alliance to counter China, says Sunak
Democracies must band together with closer security, trade and technology ties to counter the rise of China, Rishi Sunak said. In his first major intervention on global affairs since leaving 10 Downing Street, he said existing alliances such as Nato and traditional free-trade arrangements were not sufficient to respond to Beijing. He suggested a grouping of democratic market economies could work together to reduce reliance on China for manufacturing and technology and have the combined industrial might to rival the Asian superpower's capacity to build military equipment. 'In an era of full-spectrum competition, we can't trade with rivals the same way we do with friends,' he said. Writing in the Wall Street Journal, he said democracies should band together or risk letting 'an authoritarian axis shape a new world order where might makes right, where technology bolsters authoritarianism and curtails individual liberty, and where trade is a weapon of coercion'. The former prime minister said: 'The next decade will be one of the most dangerous yet most transformational periods the world has ever seen. Democratic market states must seize this moment and shape it. 'If they don't, it will be the axis of authoritarian states — China, Russia, Iran and North Korea — that takes advantage of this opportunity.' He said 'old-fashioned great power competition' is returning in the form of China presenting the US with a 'credible economic, technological and military rival for the first time in 40 years'. In a message to Donald Trump, he said: 'The US must realise that no country on its own can face down the axis of authoritarian states. 'But together, democratic market economies can outcompete any rival coalition and deliver peace and prosperity for their people.' He said a broader alliance than Nato was needed, spanning the Indo-Pacific as well as the the Euro-Atlantic. Mr Sunak said Jiangnan in China has more capacity than 'every US shipyard put together', but a combined allied production strategy with South Korea and Japan would allow competition with China on building up naval fleets. The economic strength of a democratic alliance could also persuade 'key global swing states' to back the US and its allies rather than China and Russia. Greater trade among allies would also reduce the 'economic pain' from breaking away from China in strategically important areas. Countries that fail to restrict technology transfer to China or leave themselves dependent on Chinese technology 'should be excluded from reciprocal free trade'. 'If China overtakes us in artificial intelligence, it will gain not only economic but strategic primacy, given its potential military applications,' he warned.
Yahoo
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Rio Says Trump Tariffs Added $300 Million in Aluminum Costs
(Bloomberg) — Mining giant Rio Tinto Group (RIO) said US tariffs on its Canada-made aluminum (ALI=F) generated gross costs of more than $300 million in the first half, in another sign of how President Donald Trump's trade agenda is shaking up metals supply chains. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The world's second-biggest miner is also Canada's largest aluminum producer, and sells the vast bulk of the metal in the US. Rio said Wednesday it incurred gross costs of $321 million associated with US tariffs on aluminum, but added that a 'substantial part' has been clawed back from higher premiums on US sales. Metals industries are adjusting to the trade tumult unleashed by Trump this year. He slapped blanket 25% import fees on steel and aluminum in March, before raising those to 50% in June. A planned 50% tariff on copper triggered market mayhem, and the administration is probing potential measures on other metals. Rio said premiums in the US market — paid on top of exchange prices — rapidly adapted to the initial 25% tariff, but were not fully compensating for the 50% level by the end of the second quarter. The company shipped about 723,000 tons of aluminum to the US in the first half — equivalent to about three-quarters of its output from Canada. Futures tracking aluminum prices in the US have pointed to higher costs for American buyers, and industry executives have warned the tariffs risk crushing American demand. Earlier this month, beverage maker Constellation Brands Inc. said it expects aluminum tariffs to cost the company about $20 million over the remainder of its fiscal year. Contracts linked to the premium on the metal delivered to the Midwest have almost tripled this year to reach a record near 66 cents a pound. 'The impact of tariffs is still feeding through to inflation and sentiment,' Rio said in an overview of the US economy in its first-half production report. —With assistance from Paul-Alain Hunt. Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P.
