Carney concedes any deal with Trump will include tariffs
The precise terms of Canada's negotiating position are unclear, but Trump acknowledged at the G7 leaders' summit in Alberta last month that Carney's offer differed from the president's pro-tariff preference.
'We're gonna 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,' Trump said before a bilateral meeting with the Canadians.
'I think Mark has a more complex idea but it's still very good,' he added.
Carney was elected in April after a polarized campaign dominated by Trump, tariffs and trade policy. 'President Trump is trying to break us so that America can own us,' the prime minister said in his election night victory speech. 'That will never ever happen.'
'America wants our land, our resources, our water, our country,' Carney warned more than once. 'These are not idle threats.'
The prime minister has since changed his messaging, and his working relationship with the president is said to be cordial.
Still, in a letter addressed to Carney last week, Trump advised that Canadian goods imported into the U.S. could face a blanket 35 percent tariff starting next month. A White House official, granted anonymity to discuss the negotiations, told POLITICO the administration plans to impose the tariff only on goods that do not comply with the USMCA.
Canada had been preparing to double its countertariffs on U.S. metals on July 21 — to 50 percent from 25 percent — but announced last week it was pausing that plan as negotiations continue. Carney's government had previously announced plans to drop its Digital Services Tax.
Negotiations toward an Aug. 1 deadline set by Trump 'will intensify,' Carney said Tuesday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Experts advise caution in adding private assets like crypto to 401(k)s
President Trump is expected to sign an executive order Thursday that will open the doors for 401(k) retirement investors to stash their savings in private assets. The directive instructs the Department of Labor and the Securities and Exchange Commission to draft guidance for defined-contribution plans to incorporate private-market investments, including private equity, venture capital, hedge funds, real estate, and possibly gold and crypto. Backers say the shift offers diversification from plain vanilla stocks and bonds and potential juiced-up returns over time. All well and good, but they come with red flags for retirement savers. Read more: Bitcoin, crypto stocks rally ahead of Trump order opening 401(k) plans to alternative assets What savers should think about Private assets come in a panoply of flavors. 'They all have different returns and risks, and you need to understand those differences,' Lisa A.K. Kirchenbauer, senior adviser and founder of Omega Wealth Management in Arlington, Va., told Yahoo Finance. If you don't, don't invest, Kirchenbauer said: 'Peter Lynch, the famous fund manager at Fidelity Magellan, used to talk about 'own what you know.' If you don't know and understand what you are investing in, stick with traditional investments.' Unlike stocks and bonds, these private assets are less liquid and can't be easily sold if cash is needed, making them less suitable if you have a shorter time horizon. For example, you will need to start pulling funds from your account in the next few years as Required Minimum Distributions (RMDs) kick in, or you roll over your 401(k) to an IRA when you change jobs. 'You need to understand the liquidity rules, or don't invest,' Kirchenbauer said. 'For someone planning to keep their assets in the same plan for a while, even in retirement, it may make more sense.' She added that if you decide to invest in private assets, you should consider keeping your allocation to a maximum of 5-10% to start. Private assets vs. target date funds BlackRock Chief Executive Officer Larry Fink has taken that idea even further. Instead of a traditional 60/40 split between stocks and bonds, the future standard retirement portfolio may look more like 50/30/20 — stocks, bonds, and private assets like real estate, infrastructure, and private credit, Fink wrote in his annual letter to clients in April. Fink points out that pension funds have invested in them for decades, but 401(k)s haven't. 'It's one reason why pensions typically outperform 401(k)s by about 0.5% each year. Half a percent doesn't sound huge, but it adds up over time,' he wrote. Private assets are already legal in retirement accounts, Fink wrote, but 401(k) providers who select the investments offered in workplace plans aren't widely familiar with them. That's where the president's directive comes in, pushing regulators to show them how it's done. Even so, it's a bewildering proposition for many Americans saving for their future. Many workers these days are in the dark about precisely what they are investing in when they enroll in their employer-provided 401(k) plan and are defaulted into a diversified target-date fund based on their anticipated number of years to retirement. At Vanguard, for instance, last year more than 8 in 10 of participants in its 401(k) accounts used target-date funds. About two-thirds of all 2024 contributions from the 5 million plan participants went into these funds — an all-time high. With a target-date retirement fund, you choose the year you'd like to retire and buy a mutual fund with that year in its name (like Target 2044). The fund manager then allocates your investment between stocks and bonds, typically made up of index funds, tweaking that to a more conservative mix as the target date nears. Many people simply pick the year they'll reach their full Social Security retirement age as the target-date year. For most of us, that's 67. If you have a higher risk tolerance, you might go with a later date for a more aggressive mix, meaning a higher exposure to stocks, or an earlier one if you lean conservative. Read more: What is the retirement age for Social Security, 401(k), and IRA withdrawals? Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Condiciones and Política de privacidad Plan options are coming, but experts advise caution Fink's BlackRock (BLK) has already jumped into the arena, recently announcing that it's launching a target-date fund that will consist of private credit, private equity, and other investments, aiming to increase the annual return by an extra 0.5% — translating to roughly 15% more money in your 401(k) over 40 years. The fund will be offered by Great Gray Trust, which offers retirement investment options and manages over $210 billion in assets. Empower, the second-largest retirement services provider in the US, has aligned with top-tier private investment fund managers and custodians, including Apollo Global Management (APO) and Goldman Sachs (GS). (Disclosure: Yahoo Finance is owned by Apollo Global Management.) Empower also plans to offer private equity, credit, and real estate in some of its retirement portfolios later this year, and Voya Financial and alternative asset manager Blue Owl Capital are partnering to create private markets products for defined contribution plans.'Historically, private assets have been reserved for ultra-high-net-worth individuals and institutions. 401(k) access democratizes investment in alternatives,' said Cary Carbonaro, a certified financial planner and the author of the new book "Women and Wealth." But she stressed caution: 'While they may offer higher long-term returns compared to public markets, and some real estate and infrastructure assets may offer better protection against inflation, I am still not sure they are appropriate for regular lay people.' Private assets can be 'locked up for years with limited or no ability to sell early — conflicting with the need for participant flexibility,' she added. Meanwhile, participants may struggle to understand what they're investing in or how performance is generated, she said. 'There is no requirement to share financial information. It is essentially a black box investment.' One last caveat: Private equity's arrival in retirement accounts could potentially push costs higher for investors. That's after fees in 401(k) plans have come down sharply in recent decades, thanks in large measure to more savers investing in lower-cost index funds. 'Private funds often carry performance fees and other layers of costs, reducing net returns, Carbonaro said. Most lay people don't even know about the stocks or bonds they are investing in, and these assets are generally reserved for more sophisticated investors, she said. 'It will be interesting to see if the employer or plan fiduciary will take the risk to put these as an option.' Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work," and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter
Yahoo
12 minutes ago
- Yahoo
Has Apple Cracked the Code on How to Avoid More Trump Tariffs?
If there's a playbook companies can follow to avoid more tariffs, Apple (AAPL) may have found it. President Donald Trump said yesterday that the iPhone maker and other companies like it could be exempt from future semiconductor tariffs, based on its recent investments in U.S. manufacturing, in a major win for Apple after a tough start to the year dogged by worries about tariffs and its progress in AI. 'The good news for companies like Apple is if you're building in the United States or have committed to build—without question committed to build in the United States, there will be no charge,' Trump said yesterday, after Apple CEO Tim Cook joined the president at the White House to announce a $100 billion pledge to invest in U.S. manufacturing, adding to a $500 billion investment announced in February. The move will see Apple making more of its components domestically, though it stopped short of promising full-fledged production stateside, suggesting companies don't actually need to move all of their operation to the U.S. to win similar exemptions. Cook also isn't the only major tech CEO who's managed to score some concessions from the Trump administration after a high-profile visit to the White House. Nvidia (NVDA) CEO Jensen Huang, who reportedly met with Trump yesterday as well, has made a number of visits to the White House in the past few months, with some signs of success in winning Trump's favor. The chipmaker said last month that it's looking forward to obtaining approvals to resume sales of key AI chips to China, after Trump tightened export restrictions earlier this year, citing national security concerns. Shares of Apple climbed about 2% to more than $218 in recent trading, extending yesterday's 5% gain ahead of the company's announcement. Wall Street analysts widely cheered the move by Apple, with Bank of America analysts raising their target to $250 from $240, while JPMorgan analysts called Cook's moves a 'masterclass in managing geo-political uncertainty,' and reiterated their price target at $255. Wedbush analysts led by longtime Apple bull Dan Ives said it was a 'strategic poker move for Cook,' and maintained their Street-high target of $270. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
12 minutes ago
- Yahoo
ICE detained 2 as kids walked to a Phoenix school. This is not OK
Imagine it with me: you're a student attending elementary school in south Phoenix. Walking to school on your second day, you feel the butterflies in your belly from the excitement of a new school year. You're holding your mom's hand as you walk down the sidewalk, looking down proudly at the new tennis shoes you are wearing. Suddenly, a cluster of brown and black work boots surrounds you and your mom. You look up quickly, seeing masked men encircling you both. The happy butterflies instantly take flight, replaced with what feels like bricks in your stomach, the heaviness turning to outright terror as your mom's hand is wrenched away from yours by the masked men who are forcing your mom's hands behind her back. Worst fears are now reality for Roosevelt school kids We no longer have to imagine what this feels like for children. It happened on Aug. 5 just outside an elementary school in Roosevelt School District in south Phoenix. 'Community members reported observing two individuals being detained by ICE directly in front of one of our school fence lines,' the district said in a news release. 'One of the agents involved in the incident was observed escorting a student to the property's entry gate.' Welcome to the 2025-26 school year in Trump's America. This school year is brought to you by the letter 'K' for kidnapping parents in front of schools as their children watch. By the letter 'D' for due process, of which there is none in this current climate of racial profiling and intimidation. By the letters 'G' and 'T' — no, not the drink, although it's certainly warranted — but generational trauma, of which our youngest students are now learning right in front of their own schools. And by the letter 'C' for complicity on the part of voters who elected the Tyrant-In-Chief, and a complicit Republican Congress that is doing nothing to protect the people they are supposed to serve. The message is sent again: It's not safe at school Think I'm overreacting? Think again. 'This is a traumatic event for the community,' Marisol Garcia, president of the Arizona Education Association, said in a video about the incident. 'This is a traumatic event for that student. This is a traumatic event moving forward to how students may feel safe at school.' It's a trauma Arizona knows all too well from the Senate Bill 1070 'Show Me Your Papers' days of 2010. Teens who lived through those dark days experienced real and lasting fallout, academically, socially and emotionally. Many of them are now parents of today's young children. Under current immigration practices, these families seem destined to relive the fears of those SB 1070 days, only on a much larger scale. Immigration raids worsen absentee rates In homes throughout Arizona and the country, families are wrestling with whether to send their children to school because of their fears of immigration enforcement actions at or near schools. 'I've heard so many people ask what to do, whether to take them or not, because of all these fears,' Oreana, a mother of four children enrolled in schools in Phoenix, told Noticias Telemundo, as reported by NBC News. Those fears are translating into real impacts when it comes to school attendance. Opinion: Expect payback from Trump over Arizona's immigrants in 5, 4, 3 ... Thomas S. Dee, a specialist in the School of Education at Stanford University, studied the impacts of immigration raids on schools this past spring. His research shows raids resulting in a 22% increase in daily student absences. Preschool and younger elementary school-aged children were disproportionately affected, as they are more likely to be taken to school by a parent. We can learn from history or repeat it Even if you don't care about the emotional impacts of Trump's current immigration tactics on children and families, you likely care about the economic outcomes. For that, we have only to look at Arizona's SB 1070 aftermath, in which tourism alone took a $141 million hit. Terrorizing 'others' in our country isn't merely a bad economic strategy. It's a stain on our collective conscience. Allowing it to happen to — and in front of — children at their schools is egregious. What lessons do we want our children learning this school year? 'C' for complicity, or 'C' for community? It's time to decide, because 'S' for silence no longer works. Rhonda Cagle is founder of Leverage Consulting Agency, serving schools and school systems. She is a member of the Board of Contributors for The Arizona Republic. Follow her on Threads: @rhondacagle. Like this column? Get more opinions in your email inbox by signing up for our free opinions newsletter, which publishes Monday through Friday. This article originally appeared on Arizona Republic: ICE presence outside Roosevelt school only traumatizes kids | Opinion Solve the daily Crossword
