Canada-U.S. trade negotiations 'may not conclude' by Aug. 1, Carney says
"It is possible that [negotiations] may not conclude by the first of August," Carney said at a news conference on Wednesday. "But we'll see with the teams there. We're working hard."
Trump set an Aug. 1 deadline for Canada to reach a trade deal and has threatened to impose a 35 per cent tariff on goods that don't comply with the Canada-U.S.-Mexico Agreement (CUSMA).
That rate would apply to Canadian exports currently being tariffed at 25 per cent, under Trump's emergency powers, citing what he says is a national security threat from fentanyl trafficking.
"The president has been very clear … that there are certain sectors that are strategic, in their judgment, to the United States' economy: aluminum steel, automobiles, pharmaceuticals, semiconductors and lumber," Carney said.
The prime minister previously hinted that the Canadian government is in no rush to finalize a deal by Friday, saying last week that his objective is "not to reach a deal whatever it costs."
Monday, Carney said in P.E.I. that trade negotiations with the United States are at an "intense phase."
On Wednesday, Trump announced that the U.S. would levy a 50 per cent tariff on copper products such as pipes and wiring, starting Friday.
The White House said it would apply only to semi-finished copper products and other products that heavily use copper when being manufactured.
Trump suggested last Friday that the U.S. might not reach an agreement with Canada and that more tariffs could be in store for the country.
"I think Canada could be one where there's just a tariff, not really a negotiation," Trump told reporters.
Canada's top trade negotiators — Kirsten Hillman, Canada's ambassador to the U.S., and Dominic LeBlanc, minister responsible for Canada-U.S trade — have also downplayed the likelihood of the two countries reaching a deal by Aug. 1.
"It's important for us to recognize that there is a time when the deal is the right deal, and it's important for us to be in a position to continue negotiating until we get to that point," Hillman said last week.
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USA Today
26 minutes ago
- USA Today
Texas Democrats know they're fighting a losing cause. At least they're fighting.
This move by Democrats is performative at best. But it's one of the only things they've done to counteract President Trump's complete takeover of the government. Democrats in Texas are trying to represent the will of their constituents. To do so, they had to leave the state. On Aug. 4, the Texas Legislature was scheduled to vote on congressional redistricting that would turn five districts favoring Democrats to favor Republicans. To prevent the vote from happening, Democratic state legislators fled Texas, ensuring that the General Assembly would not have a quorum and thus making the vote impossible. 'We come here today with absolute moral clarity that this is absolutely the right thing to do to protect the people of the state of Texas,' state Rep. Gene Wu, the leader of the House Democratic Caucus, said at an Aug. 3 press conference in Chicago. Other legislators traveled to Albany, N.Y., and Boston. On one hand, this move by the Democrats is performative at best. Eventually, they will have to go back to Texas, and the new maps will be voted on. This doesn't mean it's a bad thing, though. It's one of the only things Democrats have done to counteract President Donald Trump's complete takeover of the government. Texas Democrats are pushing back on Republican antics This did not come out of nowhere – Trump specifically asked Republicans in the state to redraw the congressional maps ahead of the 2026 midterms to give their party an advantage through gerrymandering in the state's cities, which would give Democrats even less representation than they currently have. Gov. Greg Abbott had to call a special session to approve the maps. At the press conference, Wu pointed out that this decision is happening against the backdrop of historic flooding in central Texas in July that killed 135 people, including more than 35 children. Instead of focusing on disaster relief, Republicans are choosing to address the congressional maps. Republicans in Texas should be focused on helping their communities, not bending to the whims of the president. At the very least, redrawing districts could wait until after flooding has been addressed. While it was bold of Democrats to leave at such a perilous time, it's clear they're doing so because they feel it's the only option. Opinion: Republicans are afraid of Mamdani in New York. That's a good thing. Democrats know this is all for show. At least they're taking a stand. The Democrats are certainly getting the attention of their fellow Texas politicians. Abbott is so upset, he's threatening to remove the lawmakers from office if they do not return to the state to vote on the new maps. He also said the Democrats possibly committed felonies by fundraising for the $500 a day fines they're facing. 'Come and take it,' the Democrats replied. Opinion: What if I told you there's a Democrat who can still get the Republican vote? Republican Attorney General Ken Paxton, who is also running for U.S. Senate, said he believes the runaway legislators should be 'found, arrested, and brought back to the Capitol immediately.' Dustin Burrows, a Republican and the Texas Speaker of the House, has said he's prepared to issue civil arrest warrants for the missing Democrats. Trump has not weighed in on the Democratic play, seeing as he's too busy firing the commissioner of Labor Statistics and weighing in on Sydney Sweeney's American Eagle ad. Ultimately, this act of protest will have to come to an end. Democrats will have to head back to Austin and vote on these maps, whether they like it or not. But at least they're doing something to sound the alarm on the president's meddling and Republican acquiescence. People have been souring on the Democrats as of late. A poll from The Associated Press-NORC Center for Public Affairs Research found that most Democrats see their party as 'weak' or 'ineffective.' It doesn't help that Democratic leadership is nowhere to be found nationwide. If anything, this act of protest will put attention back on the party and serve as a starting point for a stronger presence in predominantly red states ahead of the midterms. They're finally fighting back, even in a very red state like Texas. Follow USA TODAY columnist Sara Pequeño on X, formerly Twitter, @sara__pequeno
Los Angeles Times
26 minutes ago
- Los Angeles Times
California redistricting would be ‘triggered' by Texas maps, Newsom says
WASHINGTON — A last-ditch effort by California Democrats to redraw the state's congressional map for the 2026 election, countering a similar push by Texas Republicans, is now up against the clock. Gov. Gavin Newsom said Monday that Democrats are moving forward with a plan to put a rare mid-decade redistricting plan before voters on Nov. 4. But state lawmakers will craft a 'trigger' for the legislation, he said, meaning California voters would only vote on the measure if Texas moved forward with its own plans to redraw Congressional boundaries to add five more Republican seats. 'It's cause and effect, triggered on the basis of what occurs or doesn't occur in Texas,' Newsom said. 'I hope they do the right thing, and if they do, then there'll be no cause for us to have to move forward.' Democratic lawmakers in Texas on Monday left the state to deprive Republicans of the quorum needed to pass the new maps. Republican lawmakers voted 85 to 6 to send state troopers to arrest them and bring them back to the Capitol, a move that is largely symbolic, since the lawmakers won't face criminal or civil charges. The outcome of the dueling efforts between Texas and California could determine which party controls the House of Representatives after the 2026 midterm elections, which Democrats see as the last bulwark to President Trump's actions in his second term. Trump has pushed Republicans to add more GOP seats in Texas, hoping to stave off a midterm defeat. Democrats hold 43 of California's 52 congressional seats. Early discussions among California politicians and strategists suggest that redrawn lines could shore up some vulnerable incumbent Democrats by making their purple districts more blue, while forcing five or six of the state's nine Republican members into tougher reelection fights. But nothing official can be done until state lawmakers return from recess to Sacramento on Aug. 18. Democrats, who hold a supermajority in the Legislature, would have less than a month to draw a new map, hold hearings and negotiate the language of a bill calling for the special November election, leaving just enough time for voter guides to be mailed and ballots to be printed. Democratic lawmakers and operatives said Monday that the timeline is doable, but they would have to act quickly. California's Democratic congressional delegation expressed consensus during a video meeting Monday with moving forward with a ballot measure that would allow mid-decade redistricting only if another state moves forward with it, according to a person familiar with the virtual meeting, and that the change would be temporary. They expressed their support for the independent commission. California Assembly Speaker Robert Rivas said the Democratic caucus met Sunday night 'to discuss the urgent threat of a continued, blatant Trumpian power grab — a coordinated effort to undermine our democracy and silence Californians.' Democrats in the California Senate and Assembly held separate meetings to discuss redistricting. David Binder, a pollster who works with Newsom, presented internal polling that showed tepid early support among voters for temporarily changing state laws to allow the Legislature to draw new maps for elections in 2026, 2028 and 2030. 'Our voters must be empowered to push back,' Rivas said. 'California has never backed down — and we won't start now.' Democratic lawmakers' exodus from Austin on Monday denied Republicans the quorum necessary to proceed with a vote on a redrawn state map that could net Republicans five congressional seats. Democratic lawmakers balked at threats from Republican Gov. Greg Abbott. The Texas House Democratic Caucus put out a statement riffing on a slogan made famous during the Texas Revolution: 'Come and take it.' One member of the caucus noted that being absent was not a crime and that Texas warrants can't be served in Illinois or New York, where many lawmakers have gone. 'There is no felony in the Texas penal code for what he says,' said Jolanda Jones, a Democrat. 'He's trying to get soundbites, and he has no legal mechanism.' The Texas House Republican speaker, Dustin Burrows, said that Democrats leaving does not 'stop this House from doing its work. It only delays it.' But Abbott's legal options to get his redistricting bill passed, by expelling Democrats or compelling their return, appear narrow, likely forcing the governor's office to make challenges in courtrooms based in Democratic districts. Abbott has until the end of the year to secure new maps for them to be used in the state's March 3 primaries. At a news conference last week in Sacramento, Newsom compared Trump's pressure on Abbott to add five Republican congressional seats as akin to his efforts to 'find' 12,000 votes to win Georgia after the 2020 election. 'We're not here to eliminate the commission,' he said. 'We're here to provide a pathway in '26, '28 and in 2030 for congressional maps on the basis of a response to the rigging of the system by the president of the united states. It won't just happen in Texas. I imagine he's making similar calls all across this country. It's a big deal. I don't think it gets much bigger.' For decades, redrawing California's electoral maps amounted to political warfare. In 1971, then-Gov. Ronald Reagan vetoed a redistricting plan that he called 'a mockery of good government.' The California Supreme Court ultimately drew the lines, and did so again in 1991, when then-Gov. Pete Wilson rejected maps drawn by Democrats. California's state lawmakers last drew their own district lines in 2001, after members of both parties signed off on a plan drawn up to protect incumbents. In 2008, California voters stripped state lawmakers of the power to draw their own districts by passing Proposition 11, which created an independent redistricting commission. Two years later, voters handed the power to redraw congressional district maps to the same panel by passing Proposition 20. That group drew the lines before the 2012 elections, and again after the 2020 Census. California set the date for its last statewide special election — the 2021 attempted recall of Newsom — 75 days in advance. County election officials would need at least that much time to find voting locations and prepare ballots for overseas and military voters, which must be mailed 45 days before election day, one elections official said. 'We need at least a similar timeline and calendar to what took place in 2021 for the gubernatorial recall election,' said Dean Logan, the top elections official in Los Angeles County. Similarly, he said, counties will 'need the funding provided upfront by the state to conduct this election, and the funding to do the redistricting associated with it, because counties are not prepared financially.' The 2021 recall election cost California taxpayers about $200 million. The preliminary estimate for Los Angeles County to administer the redistricting election is about $60 million. Republican strategist Jon Fleischman, former executive director of the California Republican Party, said Republicans nationally need to take state Democrats' efforts to redraw the maps seriously — by pulling out their checkbooks. 'Our statewide Republican fundraising has atrophied because it has been over a generation since we had a viable statewide candidate in California,' he said. 'The kind of money that it would take to battle this — it would have to be national funding effort.' While Texas prompted California Democrats to take action, Fleischman said, the issue has enough momentum here that it ultimately doesn't matter what Texas does. 'If Gavin Newsom places this on the ballot, it means he's already done his polling and has figured out that it will pass because he cares more running for president that redistricting in California,' Fleischman said. 'And he knows he can't afford to make this play and lose.' Former Gov. Arnold Schwarzenegger, a Republican who championed the ballot measure that created the independent redistricting commission, has not weighed in on the mid-decade redistricting efforts in Texas and California. But a spokesperson for the former governor made clear that he vehemently opposes both. Since leaving office, Schwarzenegger has fought for independent map-drawing across the nation. Redistricting is among the political reforms that are the focus of the Schwarzenegger Institute at USC. 'His take on all of this is everyone learned in preschool or kindergarten that two wrongs don't make a right. He thinks gerrymandering is evil,' said Daniel Ketchell, a spokesperson for Schwarzenegger. 'It takes power from the people and gives it to politicians. He thinks it's evil, no matter where they do it.' Wilner reported from Washington, Nelson and Mehta from Los Angeles and Luna from Sacramento.
Business Wire
26 minutes ago
- Business Wire
Millrose Properties, Inc. Announces Pricing of Upsized $1.25 Billion Senior Notes Offering
MIAMI--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP) ('Millrose' or the 'Company') announced today the pricing of its private offering (the 'Offering') of $1.25 billion aggregate principal amount of its 6.375% Senior Notes due 2030 (the 'Notes'), representing a $250 million upsize from the previously announced offering size, at an initial offering price of 100.000% of the principal amount plus accrued interest, if any, from August 7, 2025. The Offering is expected to close on August 7, 2025, subject to customary closing conditions. Millrose intends to use the net proceeds of the Offering (i) to repay $500 million principal amount outstanding under the Company's term loan credit agreement, dated June 24, 2025 and maturing June 23, 2026, (ii) to repay $450 million principal amount of outstanding borrowings under the Company's revolving credit agreement dated February 7, 2025, and (iii) for general corporate purposes. The Notes and the related guarantee will be offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, (the 'Securities Act') and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The Notes and the related guarantee have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction, and the Notes may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act. About Millrose Properties, Inc. Millrose purchases and develops residential land and sells finished homesites to home builders by way of option contracts with predetermined costs and takedown schedules. Millrose serves as a solution for home builders seeking to expand access to finished homesites while implementing an asset-light strategy. As fully developed homesites are sold by Millrose, capital is recycled into future land acquisitions for home builders, providing customers with durable access to community growth. Forward-looking Statements Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about the Offering, the expected use of proceeds therefrom and other future events. All forward-looking statements included in this release are qualified in their entirety by, and should be read in the context of, the risk factors and other factors disclosed in the Company's filings with the Securities and Exchange Commission, which can be obtained free of charge on the Securities and Exchange Commission's web site at Except to the extent required by applicable law, Millrose undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.
