‘I have a tariff concept. Mark has a different concept': Trump and Carney meet face to face
KANANASKIS—U.S. President Donald Trump stood next to G7 host Prime Minister Mark Carney and suggested his idea of any new trade deal with Canada would include tariffs after the two leaders met for about 30 minutes without officials behind closed doors.
When the Star asked what is holding up a trade deal with Canada, Trump said nothing in particular is the source of delay, rather that they fundamentally have 'different concepts' about what an agreement should look like.
'I have a tariff concept,' Trump told reporters. 'Mark has a different concept, which is something that some people like, but we're going to see if we can get to the bottom of it today. I'm a tariff person I've always been a tariff (person) — it's simple, it's easy, it's precise, and it just goes very quickly.
'And I think Mark has a more complex idea, but also very good. So we're going to look at both, and we're going to see what we're going to come out with,' the president said.
In his opening remarks, Trump had said, 'I think our primary focus will be trade and trade with Canada, and I'm sure we can work something out.'
Asked by reporters if he thinks a deal with Canada is achievable within days or weeks, Trump said 'sure,' adding 'both parties have to agree.'
Trump and Carney then sat down to an expanded meeting with several of their key officials closely involved in the talks.
Their public comments after the one-on-one meeting began on a friendly note, with Carney, the G7 host, wishing Trump belated birthday greetings, noting the weekend military parade, all coinciding with the G7's 50th anniversary.
'The G7 is nothing without U.S. leadership,' Carney said, acknowledging the power the American leader brings to the table.
Yet there were clear notes of lingering Canada-U.S. tensions as the two leaders attempt to hammer out a deal that Canada insists must lift all tariffs on Canadian products and respect the free trade deal Trump signed in 2018 with Canada.
Trump, who said last week he is negotiating his imposition of global tariffs with some 15 countries with which he wants to reach agreements in the next few weeks, has long suggested tariffs are the new normal, with exemptions available for those that want to sign new deals for greater U.S. access to their markets.
In Canada's case Trump has publicly stated and written on social media that Ottawa should sign up to spend up to $61 billion on participating in America's 'Golden Dome' missile defence system he envisages, or become a 51st state and have to spend nothing.
Mark Carney said Wednesday evening that Canada faces missile risks 'in the not too distant
Trump, nevertheless, noted he and Carney have 'developed a very good relationship. And we're going to be talking about trade and many other things.'
Carney has repeatedly said he is not interested in simply striking out one particular tariff or another — and several U.S. tariffs apply to Canada right now, including 50 per cent steel and aluminum tariffs, and 25 per cent auto tariffs with exemptions for U.S.-made content.
Rather Carney wants to settle on a new comprehensive economic and security agreement to frame how Canada and the U.S. will move forward on defence co-operation, energy security, and trade issues, as he seeks to diversify Canada's alliances with other international partners.
Hundreds of protesters and dozens of groups protest at Calgary City Hall as world leaders arrive for the start of a three-day summit in Kananaskis, Alta. Some said they were there to take a stand against the policies of U.S. President Donald Trump. (June 15, 2025 / The Canadian Press)
Dominic LeBlanc, his Canada-U.S. relations minister, told the Star that Canada is willing to enter an earlier review of the Canada-U.S.-Mexico trade deal than the 2026 scheduled review, and even to open deeper re-negotiation talks on a trilateral deal, but he said that the U.S. side has not demanded that.
As he did when Carney visited the White House in May, Trump grumbled about Carney's predecessor Justin Trudeau.
On Monday, the president again erroneously suggested that Trudeau led the G7 members to evict Russia from the G8. 'This was a big mistake.' In fact, it was Stephen Harper who was in power when all other members voted to oust Russia, following Russia President Vladimir Putin's 2014 invasion of Ukraine and annexation of Crimea.
Trump said pushing Russia out 'makes life more complicated, but you wouldn't have the war' in Ukraine, as he has often argued.
Carney quickly moved to end the reporter questions and answers once American media began asking about Trump's domestic moves on immigration that have sparked protests in L.A. that have spread to other U.S. cities.
Leaders of the G7 countries attend an official welcome ceremony as the G7 Leaders' Summit gets underway in Kananaskis, Alta.
An expanded meeting of the two leaders with their cadre of cabinet, ambassadorial and other top officials then spanned another 40 minutes. In total, a PMO official said later, Carney and Trump had about 70 minutes of facetime together.
It is unclear if the meetings and ongoing talks will produce an agreement here, and Canadian officials had been downplaying the prospects of it ahead of the meeting, however always with a caveat, that things could change quickly.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
A Unique Event for the S&P 500 Just Occurred -- Its 6th Time in 75 Years -- and It Has a 100% Success Rate of Forecasting Future Stock Returns
Though no asset class can match the average annual return of stocks over the long run, getting from Point A to B can be a wild ride. Stock market volatility is unlikely to taper anytime soon. An exceptionally rare outperformance for the broad-based S&P 500 should put a big smile on the faces of optimistic long-term investors. 10 stocks we like better than S&P 500 Index › Investors have a lot of ways to grow their wealth, including acquiring real estate, purchasing Treasury or corporate bonds, and buying commodities like gold, silver, and oil. While all of these investment channels have increased the nominal wealth of investors over the long run, none has held a candle to the annualized return of stocks over the last century. Although Wall Street's major stocks indexes -- the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) -- have a knack for increasing in value over long periods, they can deliver roller-coaster volatility over shorter timelines. For example, shortly after the benchmark S&P 500 hit its record-closing high on Feb. 19, the Dow Jones and S&P 500 would fall into correction territory within a matter of weeks. Volatility was even more pronounced in the growth-fueled Nasdaq Composite, which officially fell into a bear market in April. But volatility tends to beget opportunity on Wall Street. While the S&P 500 was enduring its fifth-steepest two-day percentage decline in early April, it was, in hindsight, setting up for a unique event that's historically had an exemplary track record of forecasting future stock returns. Although the stock market's premier measure of volatility, the CBOE Volatility Index, has plummeted from its recent high at the fastest pace in history, there's little reason to believe the catalysts that whipsawed Wall Street in March and April are going away anytime soon. For example, the aforementioned two-day swoon in the S&P 500 that cost the index 10.5% of its value was precipitated by President Donald Trump introducing his tariff and trade policy. Following the close of trading on April 2, the president announced a 10% sweeping global tariff along with higher "reciprocal tariff rates" for a few dozen countries that have historically maintained adverse trade imbalances with America. To be upfront, the terms of this initial unveiling have changed quite a bit. On April 9, Trump placed a 90-day pause of all reciprocal tariffs save for China. Roughly a month later, the U.S. and China agreed to reduce many of their reciprocal tariffs for a period of 90 days. Nevertheless, Wall Street craves consistency and predictability, and it's getting nothing of the sort from the current administration. The bigger concern is what might happen if Trump's tariff and trade policy sticks over a longer period (e.g., during a majority of his four-year term). Tariffs run the risk of worsening trade relations (even with allies), as well as increasing the prevailing rate of inflation domestically. While some businesses may choose to eat some or all of the tariff costs, these expenses can also get passed along to consumers. There's also been concern about how the bond market has responded in recent months. Although the Federal Reserve is currently in a drawn-out rate-easing cycle, and that would normally lead to Treasury bond yields declining or flattening out, the closely watched 10-year Treasury yield has been climbing. The 10-year Treasury yield is typically viewed as the benchmark for long-term interest rates. If the 10-year yield is climbing, it means mortgage rates are likely to rise, as well. Further, it signals an expectation that the prevailing rate of inflation is going to pick back up, which is a worrisome scenario with the Fed still early in its rate-easing cycle. Long story short, there are some clear concerns about the health of the U.S. economy. The other troublesome factor that isn't going away anytime soon is Wall Street's nosebleed valuation premium. Even taking into consideration that "value" is a subjective term that's going to be different for every investor, the S&P 500's Shiller price-to-earnings (P/E) Ratio (also known as the cyclically adjusted P/E Ratio, or CAPE Ratio) leaves no wiggle room -- we're witnessing one of the most-expensive stock markets in history. In December, the Shiller P/E Ratio closed at a peak of 38.89, which represents the third-highest multiple in a continuous bull market dating back to January 1871. With the Shiller P/E recently topping 37, the historic priciness of stocks is likely to keep things volatile. But a little over one week ago, Wall Street's benchmark stock index, the S&P 500, did something that's only been recorded six times over the last 75 years. Historically speaking, when this event has occurred, it's been a surefire bull signal for investors. As you've probably noticed, stocks have bounced back in a meaningful way since the initial tariff-related swoon that took the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite to their lows for the year on April 8. However, you might not realize just how strong this rally in equities has been. Over a two-month period, ended June 9, 2025, the S&P 500 gained 20.8%. This tied for the fifth-biggest two-month percentage gain in the S&P 500 since 1950 and marked only the sixth time in 75 years that the index had gained at least 20% over a two-month time frame. What's worthwhile is examining how the S&P 500 performed in various periods following these extremely rare instances where it logged a 20%-plus percentage gain over two months. Based on data compiled by Carson Group's Chief Market Strategist Ryan Detrick, the S&P 500 was higher at every single time interval (one, three, six, and 12 months) following a two-month advance of at least 20%. What's even more impressive than this correlation (thus far) having a 100% success rate of forecasting future upside is just how far outside the historical norm the benchmark index climbed over the next 12 months following these unique events. Whereas the S&P 500 has averaged a 9.2% annual return since 1950, it's delivered an average (I repeat, average) return of 30.8% following the five prior instances where it achieved a 20%-plus two-month return. Based solely on this correlation, it would appear stocks are being given a green light to skyrocket higher. This is a good time to mention that just because something has worked in the past via a correlation, it doesn't guarantee it'll work in the future. Nevertheless, a 100% correlation rate with an average 12-month return of 30.8% would appear to offer a better than 50-50 chance of the bulls being right. What Ryan Detrick's data set also demonstrates is that emotion-driven volatility and fear tend to offer great investment opportunities on Wall Street. Even though we're never going to know ahead of time precisely when these elevator-down moves will begin, how long they'll last, or how steep the ultimate decline will be, we do have copious statistical data that shows just how disproportionate bull and bear markets actually are. Two years ago, the researchers at Bespoke Investment Group published a data set on X that openly compared and calculated the calendar-day length of every bull and bear market for the S&P 500 dating back to the start of the Great Depression in September 1929. Whereas the typical bear market resolved in 286 calendar days (about 9.5 months), the average bull market stuck around for 1,011 calendar days (approximately two years and nine months). Wagering on the stock market to bounce back after emotion-driven moves lower has historically been a genius move. Before you buy stock in S&P 500 Index, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and S&P 500 Index wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,702!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $870,207!* Now, it's worth noting Stock Advisor's total average return is 988% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Sean Williams has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. A Unique Event for the S&P 500 Just Occurred -- Its 6th Time in 75 Years -- and It Has a 100% Success Rate of Forecasting Future Stock Returns was originally published by The Motley Fool
Yahoo
5 minutes ago
- Yahoo
More Central Banks Than Ever Plan to Build Up Their Gold Hoards
(Bloomberg) -- A record share of the world's central banks plans to accumulate more gold over the next 12 months, drawn by bullion's performance during times of crisis and protection against inflation. As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space Security Concerns Hit Some of the World's 'Most Livable Cities' As American Architects Gather in Boston, Retrofits Are All the Rage How E-Scooters Conquered (Most of) Europe In a survey of 72 monetary authorities, 43% said they expected their gold reserves to increase, up from 29% a year earlier and the highest figure in eight years of data collected by the World Gold Council and YouGov. None anticipated a decline. Central banks have been one of the most important drivers of a long-running gold rally that has seen prices double since late-2022. The pace of buying doubled after the invasion of Ukraine, when the freezing of much of Russia's foreign currency holdings highlighted the appeal of bullion as a reserve asset. 'There are some pretty big moves in some of these numbers,' said Shaokai Fan, global head of central banks for the WGC, a trade body representing gold miners. 'Western countries have stopped selling and emerging market countries have started buying, they're catching up and building more gold reserves.' The overwhelming majority of respondents said they thought central bank gold reserves would increase globally over the next 12 months. The most commonly cited relevant factors for holding gold were its performance during crises, its role as a portfolio diversifier and a store of value. Central banks have been mopping up more than 1,000 tons for each of the last three years, and are set to continue that pace of buying this year, according to consultancy Metals Focus. They have been net buyers for the last 15 years, reversing net sales that drove a decade-long bear market in the 1990s. The buying helped gold overtake the euro as the second-largest asset in the reserves of the world's central banks late last year. US dollar assets, mostly Treasuries, extended a steady decline to reach 46% of global reserves. Among the factors that threaten to accelerate the decline of the US dollar's share of global reserves are the country's yawning fiscal deficits, confiscation risk and speculation that foreign creditors may be treated less favorably. All that stands to benefit gold. More than half of the central banks from emerging economies in the survey said that gold's lack of political risk was a relevant factor behind their decision to hold gold, while 78% cited its lack of default risk. But the US dollar is not in danger of losing its status as the dominant reserve asset anytime soon. 'Central banks are looking at the dollar and the Treasury market with a little bit more care than they would earlier on,' Fan said. 'But I don't think that this is a sort of mad rush for the doors.' Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros American Mid: Hampton Inn's Good-Enough Formula for World Domination How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants The Spying Scandal Rocking the World of HR Software US Allies and Adversaries Are Dodging Trump's Tariff Threats ©2025 Bloomberg L.P.
CNBC
7 minutes ago
- CNBC
U.S. Treasury yields fall as investors weigh state of Israel-Iran tensions
U.S. Treasury yields fell on Tuesday after U.S. President Donald Trump departed early from the Group of Seven summit, signaling an escalation in Israel-Iran tensions. The yield on the benchmark 10-year Treasury was over 2 basis points lower at 4.432% at 3.58 a.m. ET. The 2-year Treasury yield slipped 2 basis points to 3.95%. One basis point is equivalent to 0.01%. Bond yields and prices have an inverse relationship. Trump noted that his early exit from the summit was due to "much bigger" things than negotiating a ceasefire between Tel Aviv and Tehran, while calling on Iranians to "immediately evacuate Tehran." "Indeed, there have been no signs of de-escalation in the aerial war, with reports of explosions against in Tehran overnight, while Iran launched more missiles into Israel," Deutsche Bank wrote in a note published Tuesday. The Group of Seven summit concluded in Canada on Tuesday, with no joint communique expected at the end of the gathering. "There are still big questions as to whether Israel would be receptive to a ceasefire, given that it is seeking to destroy Iran's nuclear program," said Deutsche Bank's analysts. The conflict between Israel and Iran has yet to show any concrete signs of abating after Israel conducted military strikes on Iran last Friday. Both regional powers issued new evacuation orders as missiles continue to be launched at each other for a fourth straight day. Investors will also be keeping an eye out on May retail sales data coming out later in the day.
