‘Canadians will be our own best customer': Carney hits back on new Trump tariffs
'While we will continue to negotiate with the United States on our trading relationship, the Canadian government is laser focused on what we can control: building Canada strong,' Carney wrote in a statement posted to X on Friday morning.
'Canadians will be our own best customer, creating more well-paying careers at home, as we strengthen and diversify our trading partnerships throughout the world. We can give ourselves more than any foreign government can ever take away.'
The prime minister's comments come following Trump's Aug. 1 deadline for Canada and other U.S. partners to reach new trade agreements, under threat of yet another round of sweeping import tariffs.
Trump signed an executive order activating tariffs against 68 countries and the European Union Thursday evening. New tariffs of 35 per cent on Canadian exports, effective Friday, exclude products under the Canada-U.S.-Mexico trade agreement (CUSMA), the White House has said.
'The U.S. application of CUSMA means that the U.S. average tariff rate on Canadian goods remains one of its lowest for all of its trading partners,' Carney noted in his Friday statement.
Among the justifications Trump has offered in recent months for tariffs on Canada are trade deficits, supply management in Canada's dairy industry, Canada's recent announcement of intentions to recognize a sovereign Palestinian state and alleged flows of illicit fentanyl across the Canada-U.S. border.
Data from U.S. Customs and Border Protection and other agencies show that only a fraction of U.S. fentanyl imports come from the northern border; a proportion described by one U.S. think tank as 'not an important part of this story.'
'Canada's government is making historic investments in border security to arrest drug traffickers, take down transnational gangs, and end migrant smuggling,' Carney wrote. 'We will continue working with the United States to stop the scourge of fentanyl and save lives in both our countries.'
This is a developing story. More details to come.
With files from The Associated Press
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
12 minutes ago
- CTV News
‘It only works if Trump is tough on Russia': Former Ambassador Kinsman on Ukraine peace talks
Former Canadian Ambassador to Russia Jeremy Kinsman weighs in on U.S.-Russia meet, as European leaders rally behind Ukraine in new joint statement.
CBC
13 minutes ago
- CBC
Americans, Canadians meet at International Peace Garden for 'handshake across the border'
Canadians and Americans came together on Saturday to shake hands, share perspectives and attempt to show that the two nations remain good neighbours and friends despite political tensions. "What we see in the news doesn't reflect what we see on the ground," Jeoffrey Smith of Santa Rosa, California said on Saturday. "We really are peace-loving people, and we love our neighbours, we love Canadians." Smith was one of the more than one hundred Canadians and Americans who showed up on both sides of the border at the International Peace Garden on Saturday, for what was dubbed 'Handshake Across the Border.' The event gave Canadians and Americans the chance to shake hands directly across the border at the Peace Garden, located adjacent to the International Peace Garden Border Crossing between Manitoba and North Dakota, south of Boissevain. According to their website, the garden, which was established in 1932 is a "celebration of peace, and a "living monument to the ideals of friendship and cooperation among nations." Smith, who was crossing the border this week back to the U.S. after spending time with family in Winnipeg, said for him the handshake symbolized the love that he said many Americans have for Canadians, even as U.S. president Donald Trump continues to impose tariffs on Canadian goods and make comments about Canada becoming a 51st state. "There's so much animosity going on between our two countries, we want to demonstrate we love our neighbours, and we're all together on this planet," Smith said. Tim Chapman, CEO of the International Peace Garden, said the handshake was organized as part of the garden's annual Summer Floral Celebration on Saturday, because they wanted to find a way to show Canadians and Americans meeting and embracing. "We're just trying to get as many Americans and Canadians here today as possible, get some awesome drone shots and photography of Americans and Canadians doing what the garden stands for," Chapman said. "Coming together and appreciating each other, and really showing that this cross border friendship is as important as ever." He added he hopes the event can show the importance of people meeting face-to-face, rather than simply debating or arguing online. "It's one thing to see what we do on TV and in social media, it's another thing to get in front of people and remember how valuable interpersonal, in-person relationships are." Alison Bjornseth, who lives on a farm in Bottineau County in North Dakota, not far from the border, said she came to Wednesday's handshake because she values the friendships she has made with Canadians over the years. "We have a lot of friends in Canada, and they've been very discouraged lately, and so we're trying to do what we can to support, and to show that we are friends," she said. "We're going to continue to be friends with our Canadian buddies.
Globe and Mail
42 minutes ago
- Globe and Mail
Rivian Investors Face a Real Setback
Key Points Rivian's net loss narrowed, but tariff impacts weighed on results. Losing regulatory credit sales is a big loss for Rivian. The company's future increasingly relies on the upcoming R2 EV. 10 stocks we like better than Rivian Automotive › It's been a bumpy ride so far this year for Rivian (NASDAQ: RIVN). With the much-hyped R2 not launching until 2026, the company's sales have been sluggish and the addition of tariffs on imported auto parts threw a curveball few, if any, were ready for. Let's take a quick look at Rivian's second quarter and one very real setback investors may not have prepared for. Brief Q2 recap Rivian's second-quarter revenue rose 13% from the prior year to $1.3 billion, and its second quarter checked in with a net loss of $1.1 billion. The net loss was an improvement over the prior year's $1.5 billion net loss. Rivian's adjusted earnings per share checked in at a loss of $0.97, much worse than analysts expected at a loss of $0.80 per share, per Factset. Rivian did reaffirm its 2025 delivery guidance of 40,000 to 46,000 vehicles -- though it's going to take a strong second-half performance to reach. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Another important metric for investors to follow is Rivian's gross loss, which checked in at a $206 million loss during the second quarter, still better than the prior year's loss of $451 million. But it's still a slight disappointment considering investors hoped Rivian would be gross-profit positive for the full year after posting gross profits during both the fourth and first quarters. Rivian also lowered its adjusted EBITDA loss forecast for the full year, expecting it to check in between $2 billion and $2.5 billion, compared to the previous forecast of between $1.7 billion and $1.9 billion. But there was one big glaring hurdle facing Rivian and its investors. Goodbye gravy-train? Rivian investors should be well aware the company manufactures and sells an electric SUV, truck, and delivery van, but they might not be aware that the company also generates a significant chunk of its business from selling zero-emissions credits. This is how it works in a simplified explanation. Manufacturers such as Tesla, Rivian, and Lucid that produce and sell electric vehicles receive credits for those vehicles meeting emissions standards. On the flip side, automakers were previously penalized for missing those emissions targets, and one way to meet the requirements was to simply purchase zero-emission credits from automakers that didn't have to worry about offsetting an internal combustion vehicle lineup. But the administration's removal of the emissions penalty did one huge thing -- it completely removed the incentive for automakers to purchase zero-emission credits since they are no longer penalized for missing targets. It's the equivalent of shutting off a hose that was flowing cash. "We do not expect to earn revenue from these programs for the remainder of 2025. We expect total 2025 regulatory credit sales to be approximately $160 million as compared to our prior outlook of $300 million," Rivian CFO Claire McDonough said. What it all means It's not a stretch to say even Tesla may have shuttered its doors in the early days without sales of these credits. They're incredibly important to young EV makers. This is a big loss for Rivian, and without sales of zero-emission credits the company will almost certainly fall short of gross profits during 2025. The silver lining is that Rivian already completed its task of two consecutive quarters of gross profits, which secured $1 billion of direct equity from Volkswagen as a part of their joint venture. Losing revenue from zero-emission credits is certainly a setback, and a letdown investors likely didn't anticipate when initially investing in the automaker. But it's not a death sentence either. The company's future still largely remains in the hands of its upcoming and highly anticipated R2 electric SUV, R3, and R3X, with the first R2 rolling out of production in the first half of 2026. If the R2 is a success, investors will forget about lost revenue and profits from zero-emission credits. Should you invest $1,000 in Rivian Automotive right now? Before you buy stock in Rivian Automotive, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rivian Automotive 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 $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025
