Liberal Party Retains Power In Canadian Election
Stuart Benson, Press Gallery Reporter for the Hill Times newspaper in Ottawa, discusses the result of the Canadian federal election.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
2 days ago
- Irish Examiner
EU prepared to retaliate to Trump's steel and aluminum tariff hikes
Europe is prepared to retaliate against US president Donald Trump's plan to double tariffs on imported steel and aluminum, the European Commission, raising the prospect of an escalating trade fight between two of the world's largest economic powers. Mr Trump's announcement on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, intensifies his global trade war and came just hours after he accused China of violating an agreement with the U.S. to mutually roll back levies and trade restrictions for critical minerals. The European Commission said it "strongly" regrets Trump's plan to increase tariffs, adding it "undermines ongoing efforts to reach a negotiated solution." "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," a European Commission spokesperson said, adding that "the (European Union) is prepared to impose countermeasures." The spokesperson noted that the European Union had paused its countermeasures to create space for continued negotiations. "The European Commission is currently finalising consultations on expanded countermeasures. If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July — or earlier, if circumstances require," the spokesperson added. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $14.9bn (€13.1bn) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on Wednesday. The planned move ratchets up pressure on global steel producers, and has sparked protests from trading partners around the world. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Canada's United Steelworkers union called the move a direct attack on Canadian industries and workers. Australia's centre-left government also condemned the tariff increase, with Australia's trade minister Don Farrell calling it "unjustified and not the act of a friend." The US is the world's largest steel importer, excluding the European Union, with a total of 26.2m tons of imported steel in 2024, according to the US Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminum tariffs were among the earliest put into effect by Mr Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Reuters
Irish Examiner
3 days ago
- Irish Examiner
Trump to increase steel tariffs from 25% to 50%
US president Donald Trump plans to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania. Mr Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Mr Trump claimed the $14.9bn (€13.1bn) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs surged 26% after the market close as investors bet the new levies will help its profits. The doubling of steel and aluminum levies intensifies Mr Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's centre-left government also condemned the tariff increase as "unjustified and not the act of a friend." "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," Trade Minister Don Farrell said in a statement. Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs," Mr Farrell said. Mr Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolizes both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2m tons of imported steel in 2024, according to the US Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminum tariffs were among the earliest put into effect by Mr Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $147.3bn with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the U.S. International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled $50bn in annual import value.
RTÉ News
3 days ago
- RTÉ News
Trump plans to double steel, aluminium tariffs to 50%
US President Donald Trump has said he planned to increase tariffs on imported steel and aluminium to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania. Mr Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. President Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26% after the market closed as investors bet the new levies will help its profits. The doubling of steel and aluminium levies intensifies Mr Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's centre-left government also condemned the tariff increase as "unjustified and not the act of a friend". "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," Trade Minister Don Farrell said in a statement. Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs," Mr Farrell said. President Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminium tariffs were among the earliest put into effect by President Trump when he returned to office in January. The tariffs of 25% on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Mr Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $50 billion in annual import value.
