Trump tariff war: Mexico, Canada plan stronger trade collaboration
Donald Trump
's proposed tariffs, set to take effect on August 1.
Speaking at a daily morning press briefing, Sheinbaum said, "We both agreed that the (US-Canada-Mexico) trade agreement needed to be respected, and we shared our experiences about the letter than we received from President Trump."
Sheinbaum revealed that both leaders discussed their respective strategies for negotiating with the Trump administration before the deadline.
She added that Carney is expected to visit Mexico soon, although no date has been confirmed, according to Reuters.
Sheinbaum also held meetings with top Mexican business leaders, including billionaire Carlos Slim and executives from firms such as Bimbo and steel companies, to discuss how to respond to Trump's proposed trade measures.
"
One of the things I asked them was, 'Why don't we lay out, in black and white, the investments that they have planned in the United States?' so they can take part in these negotiations," she added.
This comes after Trump announced a 30% tariff on imports from Mexico and the European Union, citing failed trade talks and the need to cut the US trade deficit. The proposed rate for Mexico is 30%, slightly below the 35% planned for Canada.
Trump has issued a series of letters recently, threatening to impose tariffs on various US trade partners, including Canada, Japan, Brazil, and others. The move, part of a renewed aggressive trade stance, also includes a 50% duty on copper imports.
Despite international criticism, Trump appears firm on his position, backed by a strong US economy and soaring stock market.
Both Mexico and the EU have denounced the proposed tariffs as unjust and disruptive but remain open to dialogue in hopes of reaching an agreement before the August 1 deadline.
The Mexican President had earlier said that, "We're also clear on what we can work with the United States government on, and we're clear on what we can't.
And there's something that's never negotiable: the sovereignty of our country.'
European Commission President Ursula von der Leyen warned that the 30% tariffs would disrupt key transatlantic supply chains, harming businesses, consumers, and patients on both sides.
"The European Union will allow complete, open Market Access to the United States, with no Tariff being charged to us, in an attempt to reduce the large Trade Deficit," Ursula added.
So far, Trump has only secured basic trade agreements with a few countries like the UK, Indonesia, and Vietnam, while talks with other major partners are still underway.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
22 minutes ago
- Economic Times
Trump orders NASA to kill 2 satellites that can function for many more years - the reason will shock all
Trump NASA satellite shutdown: The White House has directed NASA to shut down two carbon-tracking satellites. These satellites monitor carbon dioxide levels. The satellites provide crucial data for understanding climate change. Scientists, farmers, and energy companies use this data. One satellite is on the International Space Station. The other will burn up in the atmosphere if shut down. Tired of too many ads? Remove Ads Satellites Tracking Carbon Emissions To Face Early Shutdown What Are the Orbiting Carbon Observatories? Tired of too many ads? Remove Ads Former NASA Scientist Raises Concerns What Are the Orbiting Carbon Observatories? Lawmakers Push Back, Call Cuts 'Catastrophic' Tired of too many ads? Remove Ads FAQs A decision that has left many scientists and space lovers scratching their heads is that the White House has ordered NASA to shut down two important satellites that are still working perfectly and could keep doing so for years, as per a report. These satellites track carbon dioxide levels in Earth's atmosphere, which helps to understand climate change and how it affects everything from farming to energy industries, as per a Futurism Trump administration's officials have reached out to NASA to draw up plans for terminating the two missions, called the Orbiting Carbon Observatories , as reported by Futurism. Both of them have been used to collect widely used data, which provide information to oil and gas companies and farmers about the distribution of carbon dioxide and how it can affect crop health, according to the READ: When is Labor Day 2025 in US and what should you know before celebrating? One of the satellites is attached to the International Space Station, and the other is collecting data as a stand-alone satellite, as reported by Futurism. The latter would see its permanent demise after burning up in the atmosphere if the mission gets terminated, according to the Trump administration's move to end the missions comes at a time when the two observatories had been expected to function for many more years, and a 2023 review by NASA found that the data they'd been providing had been "of exceptionally high quality," as reported by review also found that the observatories give detailed carbon dioxide measurements across various locations, which let scientists get a detailed glimpse of how human activity is affecting greenhouse gas emissions, according to the READ: Another Indian-American shakes up Silicon Valley - Meet Shyam Sankar, Palantir's CTO powering company's meteoric rise An ex-NASA employee, David Crisp, who worked on the Orbiting Carbon Observatories' instruments, revealed that current staffers reached out to him, saying, "They were asking me very sharp questions," adding, "The only thing that would have motivated those questions was [that] somebody told them to come up with a termination plan," as quoted by explained that it "makes no economic sense to terminate NASA missions that are returning incredibly valuable data," pointing out that it costs just $15 million per year to maintain both observatories, which is a small fraction of the agency's $25.4 billion budget, as reported by other scientists who have used data from the missions have also been asked questions about terminating the missions, as per the the two observatories are just two of dozens of space missions that are currently facing existential threats due to the Trump administration's proposed 2026 fiscal year budget, according to the reasons for terminating these missions are not known yet, but there is only speculation given US president Donald Trump's staunch climate change denial and his administration's efforts to deal the agency's science directorate a potentially existential blow, as per the has led many scientists to argue that the move could precipitate an end to the United States' leadership in space, according to the Futurism report. Many lawmakers have also drawn up a counteroffer that would keep NASA's budget almost in line with this year's budget, as per the and top appropriator Chris Van Hollen (D-MD) had siad in a July, "We rejected cuts that would have devastated NASA science by 47 percent and would have terminated 55 operating and planned missions," as quoted in the representative and Committee on Science, Space and Technology ranking member Zoe Lofgren (D-CA) said thar, "Eliminating funds or scaling down the operations of Earth-observing satellites would be catastrophic and would severely impair our ability to forecast, manage, and respond to severe weather and climate disasters," adding, "The Trump administration is forcing the proposed cuts in its FY26 budget request on already appropriated FY25 funds. This is illegal," as quoted in the Futurism farmers, environmentalists, energy companies, anyone needing detailed carbon emission will burn up in the atmosphere, and the other will stop collecting data, ending their missions prematurely.
Economic Times
22 minutes ago
- Economic Times
Tesla, Elon Musk sued by shareholders over Robotaxi claims
Reuters Elon Musk and Tesla were sued by shareholders who accused them of securities fraud for concealing the significant risk that the company's self-driving vehicles, including the Robotaxi, were dangerous. The proposed class action was filed on Monday night, following Tesla's first public test of its robotaxis in late June in the company's Austin, Texas, hometown. That test showed the vehicles speeding, braking suddenly, driving over a curb, entering the wrong lane, and dropping off passengers in the middle of multilane roads. Tesla's share price fell 6.1% over two trading days after the test began, wiping out about $68 billion of market value. Musk and his electric vehicle maker were accused of repeatedly overstating the effectiveness of and prospects for their autonomous driving technology, inflating Tesla's financial prospects and stock price. Shareholders said this included Musk's assurance on an April 22 conference call that Tesla was "laser-focused on bringing robotaxi to Austin in June," and Tesla's claim the same day that its approach to autonomous driving would deliver "scalable and safe deployment across diverse geographies and use cases." Tesla did not immediately respond on Tuesday to requests for comment. Chief Financial Officer Viabhav Taneja and his predecessor Zachary Kirkhorn are also defendants. Expanding robotaxis is crucial for Tesla as the company faces falling demand for its aging electric vehicles and a backlash over Musk's politics. Musk, the world's richest person, wants to offer the service to half the U.S. population by year end, but must convince regulators and assure the public his technology is safe. Monday's lawsuit in Austin federal court is led by Tesla shareholder Denise Morand, and seeks damages for shareholders between April 19, 2023 and June 22, 2025. A Florida jury on August 1 found Tesla 33% responsible for a 2019 crash involving its self-driving software, which killed a 22-year-old woman and injured her boyfriend, and ordered it to pay about $243 million in damages to victims. Tesla blamed the driver and plans to appeal. The case is Morand v Tesla Inc et al, U.S. District Court, Western District of Texas, No. 25-01213. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality? BlackRock returns, this time with Ambani. Will it be lucky second time? Amazon is making stealthy moves in healthcare, here's why! The trader who blew the whistle on Jane Street Stock Radar: Globus Spirits breaks out from 9-month consolidation; check target & stop loss for long positions Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus These large-caps have 'strong buy' & 'buy' recos and an upside potential of more than 25% Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 36% in 1 year
Scroll.in
25 minutes ago
- Scroll.in
Trump's revised tariffs will reduce GDP of several countries, including the US
The global rollercoaster ride of United States trade tariffs has now entered its latest phase. President Donald Trump's April 2 'Liberation Day' announcement placed reciprocal tariffs on all countries. A week later, amid financial market turmoil, these tariffs were paused and replaced by a 10% baseline tariff on most goods. On July 31, however, the Trump Administration reinstated and expanded the reciprocal tariff policy. Most of these updated tariffs are scheduled to take effect on August 7. To evaluate the impact of these latest tariffs, we also need to take into account recently negotiated free trade agreements (such as the US-European Union deal), the 50% tariffs imposed on steel and aluminium imports, and tariff exemptions for imports of smartphones, computers and other electronics. For selected countries, the reciprocal tariffs announced on April 2 and the revised values of these tariffs are shown in the table below. The revised additional tariffs are highest for Brazil (50%) and Switzerland (39%), and lowest for Australia and the United Kingdom (10%). For most countries, the revised tariffs are lower than the original ones. But Brazil, Switzerland and New Zealand are subject to higher tariffs than those announced in April. In addition to the tariffs displayed above, Canadian and Mexican goods not registered as compliant with the US-Mexico-Canada Agreement are subject to tariffs of 35% and 25% respectively. Economic impacts The economic impacts of the revised tariffs are examined using a global model of goods and services markets, covering production, trade and consumption. A similar model was used to assess the impacts of the original reciprocal tariffs and the outcome of a US-China trade war. GDP impacts of the tariffs are displayed in the table below. The impacts of the additional tariffs are evaluated relative to trade measures in place before Trump's second term. Retaliatory tariffs are not considered in the analysis. An economic own goal The tariffs reduce US annual GDP by 0.36%. This equates to US$108.2 billion or $861 per household per year (all amounts in this article are in US dollars). The change in US GDP is an aggregate of impacts involving several factors. The tariffs will compel foreign producers to lower their prices. But these price decreases only partially offset the cost of the tariffs, so US consumers pay higher prices. Businesses also pay more for parts and materials. Ultimately, these higher prices hurt the US economy. The tariffs decrease US merchandise imports by $486.7 billion. But as they drive up the cost of US supply chains and shift more workers and resources into industries that compete with imports, away from other parts of the economy, they also decrease US merchandise exports by $451.1 billion. Global impacts For most other countries, the additional tariffs reduce GDP. Switzerland's GDP decreases by 0.47%, equivalent to $1,215 per household per year. Proportional GDP decreases are also relatively large for Thailand (0.44%) and Taiwan (0.38%). In dollar terms, GDP decreases are relatively large for China ($66.9 billion) and the European Union ($26.6 billion). Australia and the United Kingdom gain from the tariffs ($0.1 billion and $0.07 billion respectively), primarily due to the relatively low tariffs levied on these countries. Despite facing relatively low additional tariffs, New Zealand's GDP decreases by 0.15% ($204 per household) as many of its agricultural exports compete with Australian commodities, which are subject to an even lower tariff. Although the revised reciprocal tariffs are, on average, lower than those announced on April 2, they are still a substantial shock to the global trading system. Financial markets have been buoyant since Trump paused reciprocal tariffs on April 9, partly on the hope that the tariffs would never be imposed. US tariffs of at least 10% to 15% now appear to be the new norm. As US warehouses run down inventories and stockpiles, there could be a rocky road ahead.
