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Yahoo
18 minutes ago
- Yahoo
After a blown deadline, what next for US-Canada trade?
A self-imposed deadline for a new US-Canada trade deal came and went on Friday. So what happens next for these two deeply entwined neighbours? Canada and the US have been locked in a tariff war for six months and, despite talk of "intense" negotiations in recent weeks, a trade agreement remains elusive. Both President Donald Trump and Prime Minister Mark Carney have poured cold water on the idea they will reach a quick, and tariff-free, deal. And Trump's open criticism of Canada's move to recognise a Palestinian state dashed hopes for a last-minute agreement earlier this week. The pessimism marks a shift in tone from as recently as June's G7 meeting, when the two leaders set themselves the summer deadline. Canadian negotiators have come to the conclusion that "it's not the end of the world" if a quick deal isn't reached and "that quality over speed and a rushed agreement matters a lot", said Fen Hampson, a professor of international affairs at Carleton University in Ottawa. Carney - who has been tight-lipped about the negotiation details - has said as much himself, repeating that just "any deal" won't do. Still, there are pressures on both sides to give businesses a reprieve. Conservative leader Pierre Poilievre said on Friday he shares "Canadians' disappointment" that a deal was not reached by the deadline. He urged Carney's Liberals to do more to "take back control of our economic future". Canada is now facing a 35% tariff rate, though there is a carve out for goods compliant under a current free trade deal. American global tariffs on steel, aluminium, autos and auto parts are hurting, as the US is a top market for those sectors. On Sunday, Canada's minister for US-Canada trade Dominic LeBlanc told the BBC's US partner CBS News that trade talks will continue, and that negotiations so far have been "informative, constructive and cordial." LeBlanc added he expects Carney and Trump to speak again in the coming days. "We think there is an option of striking a deal that will bring down some of these tariffs, and provide greater certainty to investment," he said. The Trump administration has justified those tariffs by claiming a lack of co-operation on stemming the flow of illicit drugs like fentanyl. Canada denies that, noting about 1% of US fentanyl imports originate in Canada. It has also brought in new border protections and a "fentanyl czar" in recent months in an effort to address Trump's concerns. Threatened tariffs on copper and the expected end of a global tariff exemption used by shoppers of goods under $800 could also pinch. Canada has responded with C$60bn ($43.3bn; £32.3bn) in counter tariffs on various American goods - the only country along with China to directly retaliate against Trump. "It comes as no surprise that businesses are craving certainty after months and months of tumultuous announcements," said Catherine Fortin-Lefaivre, vice-president of international policy and global partnership at the Canadian Chamber of Commerce. "But at the same time, they're not craving certainty at the expense of a really bad deal." A few factors give Canada some breathing room. On paper, it looks like the country is facing a severe tariff rate from the US, but trade is currently more free than the levies suggest at first glance. In March, Trump announced a tariffs reprieve on goods compliant with the Canada–United States–Mexico Agreement, known in Canada as CUSMA and the US as the USMCA. That deal - negotiated during Trump's first term in office - came into force five years ago. Almost 90% of Canadian exports to the US are ultimately able to cross the border duty free, if firms file out necessary paperwork, under that agreement. "That has given us a buffer, no question about it, that other countries don't have right now," said Prof Hampson. It means Canada is overall paying a much lower tariff rate than many of the deals already inked with the US, like the EU, South Korea and Japan at 15%, or Indonesia and the Philippines at 19%. Ottawa has also brought in some relief programmes for affected industries and has also collected about C$1.5bn more in import duties than in the same period last year, due to the counter tariffs. Why Trump's global tariffs 'victory' may well come at a high price See the Trump tariffs list by country Five things now pricier in Canada due to tariffs 'In business, indecision is killer' - Canadian firms seek certainty And while in the US consumer confidence is up and prices there have remained contained, it helps Canada's negotiating position if they can wait for Americans to start feeling the pain of tariffs. "It's Americans who are going to squawk," said Prof Hampson. Ms Fortin-Lefaivre predicts US businesses, especially smaller firms that don't have the same resources to withstand them, will be pressuring political leaders. "So that pressure could play to our advantage," she said. Canadians also appear willing to give the new prime minister some leeway. Opinion polls suggest they are generally satisfied with his handling of trade. Carney "understands that doing what's best for the economy right now is actually what's best for him politically", Martha Hall Findlay, director of the University of Calgary's School of Public Policy and a former Liberal MP, told the BBC. Trump has said he is imposing tariffs to boost domestic manufacturing, open overseas markets and raise money for the government. He is also using them to push countries like Canada on a range of non-trade issues, including military spending. In the last few weeks, Ottawa has significantly ramped up its defence spending, boosted security at the shared border and killed a digital tax opposed by American tech firms. Those moves show Canada is "doing what the Americans wanted us to do", said Ms Fortin-Lefaivre. She hopes Canadian negotiators are pushing for tariffs to be as low as possible, as well as working to ensure the two deeply integrated supply chains are able to continue working together. Canada is pressing for relief on the 50% steel and aluminium tariffs, which are squeezing US automakers. And on Thursday, Treasury Secretary Scott Bessent signalled in an interview with CNBC that is an option on the table. Trump meanwhile, has raised a number of longstanding trade irritants besides fentanyl, including Canada's protections around its dairy industry. Ottawa has previously warned of more countermeasures to come if talks collapse, though political appetite for that may be waning. Retaliatory tariffs "haven't seemed to have had the kind of impact that we would hope for", British Columbia Premier David Eby recently told Bloomberg. On retaliation, Prof Hampson said: "The Americans have escalation dominance here. So you want to be smart about it." A spokesperson for Carney declined to say whether more countermeasures remained on the table. Meanwhile, Canadian negotiators have been in Washington most of this week and keep pushing talks forward, with the minister responsible for Canada-US trade saying on Friday an acceptable agreement "was not yet in sight". "We all crave the certainty of a deal," said Ms Fortin-Lefaivre. But research by her business group suggests firms are making contingency plans. Almost 40% of goods exporters have already diversified suppliers outside the US, and 28% have diversified buyers. They are also looking ahead to what may be more challenging talks with CUSMA, which has proven a critical backstop, as it is up for review next year. It is all part of a wider push by the country to diversify trade away from the US, pull down barriers that have hindered trade between provinces, and press forward more quickly on major projects. The economic links between the two countries will stay strong - Canada will still be one of the largest trading partners and economic and security allies of the US. But the irony is that Trump's threats may be "forcing Canada to understand we have to get our own economic house in order," said Ms Hall Findlay. "It's going to take some really tough decisions. And I do think our current government gets this." Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
18 minutes ago
- Yahoo
From Phishing To 'Quishing': The Sneaky New QR Code Scam Targeting 26 Million Americans
When QR codes first hit the scene, they were a niche tool, employed by factories to track inventory or by museums to offer visitors unique interactive experiences. The pandemic made them more ubiquitous, and they can now be found everywhere from air travel to parking payments. QR codes make our lives easier in a number of ways, but unfortunately, they also seem poised to make it a lot harder. As their popularity has risen, scammers have started to eye them as their next target for exploitation. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— "As with many technological advances that start with good intentions, QR codes have increasingly become targets for malicious use. Because they are everywhere — from gas pumps and yard signs to television commercials — they're simultaneously useful and dangerous," BlueVoyant Senior Director of Proactive Cybersecurity Services Dustin Brewer told CNBC. Brewer told the network that hackers are using the codes to trick unsuspecting people into visiting malicious websites or giving away sensitive personal information. This type of scam is called "quishing." Quishing appeals to scammers because of how easy it is to execute. There are plenty of free QR code generators online, and all it takes is slapping one on a sticker at a parking meter or slipping a pre-printed letter into your mailbox to get things going. Trending: $100k+ in investable assets? – no cost, no obligation. "The crooks are relying on you being in a hurry and you needing to do something," University of Rochester electrical and computer engineering professor Gaurav Sharma told CNBC. As safeguards have been put into place to crack down on the number of traditional phishing e-mails going around, and as consumers wisen up to old-school text and phone scams, crooks have had to get creative with their tactics. And get creative, they are. NordVPN told CNBC that 73% of Americans scan QR codes without verifying their authenticity. This has led to upwards of 26 million people being directed to malicious sites. Part of the reason quishing scams are so successful is that we aren't yet well-versed in how to recognize them. A report published by the cybersecurity platform KeepNet found that only 36% of quishing scams have been accurately identified and reported."The cat and mouse game of security will continue and that people will figure out solutions and the crooks will either figure out a way around or look at other places where the grass is greener," Sharma told CNBC. Companies are working to fortify QR codes against intrusion, and to educate the public on how to spot potential scams that use the codes, but say there's still a long way to go. "QR codes weren't built with security in mind, they were built to make life easier, which also makes them perfect for scammers," Rob Lee, chief of research and chief of AI at SANS Institute, told CNBC. "We've seen this playbook before with phishing emails; now it just comes with a smiley pixelated square. It's not panic-worthy yet, but it's exactly the kind of low-effort, high-return tactic attackers love to scale." Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article From Phishing To 'Quishing': The Sneaky New QR Code Scam Targeting 26 Million Americans originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
20 minutes ago
- USA Today
Top Trump aide accuses India of financing Russia's war in Ukraine
Stephen Miller on Fox News: Trump said, 'It is not acceptable for India to continue financing this war by purchasing the oil from Russia.' WASHINGTON – A top aide to President Donald Trump accused India of effectively financing Russia's war in Ukraine by purchasing oil from Moscow, after the U.S. leader escalated pressure on New Delhi to stop buying Russian oil, in a Fox News interview that aired on Aug. 3. More: President Trump announces 25% tariff on imports from India "What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia," said Stephen Miller, deputy chief of staff at the White House and one of Trump's most influential aides. More: Russia does not care about Trump's 'theatrical ultimatum', senior official says Miller's criticism was among the strongest yet by the Trump administration about one of the United States' major partners in the Indo-Pacific. "People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact," Miller said on Fox News' "Sunday Morning Futures." The Indian Embassy in Washington did not immediately respond to a request for comment. Indian government sources told Reuters on Aug. 2 that New Delhi will keep purchasing oil from Moscow despite U.S. threats. More: Trump says he ordered 2 nuclear subs to 'appropriate regions' after Russia nuclear threats A 25% tariff on Indian products went into effect on Aug. 1 as a result of its purchase of military equipment and energy from Russia. Trump has also threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Miller tempered his criticism by noting Trump's relationship with Indian Prime Minister Narendra Modi, which he described as "tremendous."
