Canad Inns founder Leo Ledohowski remembered as 'icon of the industry'
The cause of Ledohowski's death and his age are unclear.
Canad Inns has nine locations in Manitoba and one in North Dakota.
"The best hoteliers do something very special for a community; they create an unforgettable sense of place, and sense of welcome," Winnipeg Mayor Scott Gillingham said in a post on X (formerly Twitter).
"Leo achieved this with stunning success, so that people always felt at home and always wanted to return: and all Winnipeggers have benefited from what he accomplished."
Community advocate
His post said Canad Innss is one of Manitoba's largest employers and is the 14th-largest hotel chain in the country.
Gillingham said Ledohowski was a community advocate who supported local causes, including Partners in the Park, the Health Sciences Centre Foundation and the United Way of Winnipeg.
Michael Juce, president and CEO of the Manitoba Hotel Association, said Ledohowski's death was a huge loss for the industry.
Juce said Ledohowski was a member of the association for decades and volunteered as a board member. The Canad Inns founder was always quick to offer to help out, Juce said, pointing to Ledohowski's efforts to grow the industry and the wider community it serves.
"He had a tremendous impact, tremendous legacy and [he's] an icon of the industry," Juce said.
Ledohowski also served on the board of the Hotel Association of Canada and the Business Council of Manitoba.
The council's president and CEO, Bram Strain, said Ledohowski was a very active member for two decades, leaving a lasting impact on the province's business community.
"Leo was a great man who cared a great deal about the community, the business community, the social fabric of our city and our province," Strain said. "He's going to be missed."
Ledohowski became a member of the Order of Manitoba in 2022.
In a post on X, Manitoba Premier Wab Kinew said Ledohowski was a "great business leader in Manitoba and a trailblazer in Canada's hospitality industry" and a "generous community builder whose impact will be felt for generations."
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TENAZ ENERGY CORP. ANNOUNCES Q2 2025 RESULTS
CALGARY, ALBERTA--(Newsfile Corp. - August 6, 2025) - Tenaz Energy Corp. ("Tenaz", "We", "Our", "Us" or the "Company") (TSX: TNZ) is pleased to announce financial and operating results for the three and six months ended June 30, 2025. The unaudited interim condensed consolidated financial statements and related management's discussion and analysis ("MD&A") are available on SEDAR+ at and on Tenaz's website at Select financial and operating information for the three and six months ended June 30, 2025 appear below and should be read in conjunction with the related financial statements and MD&A. HIGHLIGHTS Corporate Update On May 1, 2025, we closed the acquisition of NAM Offshore B.V. ('NOBV'). The former NOBV staff is now with Tenaz Energy Netherlands B.V. ("TEN"). We believe that the experience and capability of our new team, combined with a deep portfolio of investment projects and underutilized infrastructure, sets Tenaz up for long-term success in the Netherlands. Second Quarter Operating and Financial Results Production volumes averaged 7,998 boe/d(1) in Q2 2025, up 176% from Q1 2025, reflecting two months of production from TEN. Results from TEN have been in line with our expectations, with current quarter production affected by planned annual turnarounds. Production from our non-operated pre-TEN assets was also affected, as expected, by Q2 turnarounds. Canadian production increased due to drilling earlier in the year. Funds flow from operations(2) ("FFO") for the second quarter was $17.2 million ($0.61/share(3)) as compared to $1.0 million ($0.03/share) in Q1 2025. This increase was driven by two months of contribution from TEN, which contributed approximately $23.5 million to FFO, partially offset by $6.8 million of residual transaction costs associated with transition activities for the TEN acquisition. Net income for Q2 2025 was $188.6 million ($6.73/share), as compared to $1.3 million ($0.05/share) in Q2 2024. The increase in net income was the result of the recognition of a $192.2 million gain on acquisition. Tenaz ended Q2 2025 with a net debt position of $100.2 million. This balance largely pertains to the contingent earn-out consideration, of which $53.7 million has been recorded as a current liability and $35.6 million has been recorded as a long-term liability. These amounts represent Tenaz's current estimate of the payments due in Q1 2026 (for the 2025 portion of the earn-out) and for later periods, respectively. This estimate and the amount ultimately paid may change over time due to changes in commodity prices, activity levels, production and cost results, among other factors. During 2025, up to June 30th, we have deployed $3.1 million for our Normal Course Issuer Bid ("NCIB") program, repurchasing and retiring 0.21 million shares at an average price of $14.83/share. In February 2025, we renewed our NCIB and obtained approval to purchase up to 2.5 million additional shares. Since the beginning of the NCIB program in Q3 2022, we have retired 2.3 million common shares (8.0% of basic common shares) at an average cost of $3.90/share. FINANCIAL AND OPERATIONAL SUMMARYThree months ended Six months ended Jun 30 Mar 31 Jun 30 Jun 30 Jun 30($000 CAD, except per share and per boe amounts) 2025 2025 2024 2025 2024FINANCIAL Petroleum and natural gas sales 60,108 17,692 14,007 77,800 31,893Cash flow (used in) from operating activities 49,837 (3,811 )(11,920 )46,026 (5,702 ) Funds flow from operations(2) 17,214 953 5,822 18,167 12,865Per share - basic(2) 0.61 0.03 0.22 0.65 0.48Per share - diluted(2) 0.53 0.03 0.19 0.56 0.43Net income (loss) 188,610 (5,308 )1,335 183,302 778Per share - basic 6.73 (0.19 )0.05 6.59 0.03Per share - diluted 5.77 (0.19 )0.04 5.60 0.03Capital expenditures(2) 10,834 9,320 2,501 20,154 6,317Net debt(2) (100,248 )(497 )44,343 (100,248 )44,343Common shares outstanding (000) End of period - basic 28,391 27,550 27,345 28,391 27,345Weighted average for the period - basic 28,017 27,595 26,734 27,806 26,756Weighted average for the period - diluted 32,669 32,715 29,992 32,711 29,733 OPERATING Average daily production Heavy crude oil (bbls/d) 1,244 951 911 1,098 1,030Natural gas liquids (bbls/d) 103 71 71 87 71Natural gas (Mcf/d) 39,909 11,225 9,206 25,646 9,605Total (boe/d)(1) 7,998 2,893 2,517 5,460 2,702 Netbacks ($/boe) Petroleum and natural gas sales 82.58 67.95 61.17 78.72 64.86Royalties (2.33 )(5.38 )(6.18 )(3.13 )(5.99 ) Transportation expenses (2.56 )(3.09 )(3.40 )(2.70 )(3.18 ) Operating expenses (32.56 )(28.45 )(36.47 )(31.48 )(30.90 ) Midstream income(2) 2.00 5.30 6.12 2.87 5.14Operating netback(2) 47.13 36.33 21.24 44.28 29.93 BENCHMARK COMMODITY PRICES WTI crude oil (US$/bbl)(4) 63.71 71.42 80.55 67.55 78.76WCS ($/bbl) 73.93 84.43 91.52 79.15 84.66AECO ($/Mcf)(5) 1.69 2.13 1.18 1.91 1.84TTF ($/Mcf)(6) 16.27 20.65 13.70 18.44 12.76(1) The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section of this press release.(2) This is a non-GAAP and other financial measure. Refer to "Non-GAAP and Other Financial Measures" in the section "Advisories".(3) Per share metrics calculated using the weighted average common shares for the applicable period.(4) WTI represents posting price of West Texas Intermediate ("WTI") crude oil.(5) AECO is the natural gas price index for Alberta.(6) TTF is the price for natural gas in the Netherlands. PRESIDENT'S MESSAGE Q2 2025 marks our first reporting period since closing the acquisition of NAM Offshore B.V. ("NOBV", now Tenaz Energy Netherlands or "TEN"). In this report, we have included two months of TEN operations and present our preliminary estimates of fair value of the acquired assets and liabilities. We are encouraged by the commitment of the Netherlands to secure gas supply through responsible offshore development. Tenaz is grateful for support from other industry participants in this effort, including from Energie Beheer Nederland ("EBN"), which acts as a joint venture partner on behalf of the Dutch state. Our Tenaz strategy is well timed to advance Europe's objective to increase gas production, and we are fortunate to have an asset base that has the potential to contribute meaningfully. Operations During the quarter, we successfully completed a 21-day major turnaround at the Den Helder Gas Terminal on both the HiCal and LoCal gas plants. Approximately 65% of our production flows through the HiCal and LoCal plants. The NOGAT gas plant, also operated by Tenaz, continued to operate throughout the turnaround. This onshore downtime coincided with turnaround activity at the K14 offshore hub, which is our largest processing and compression platform complex. All facilities are now fully operational. As Tenaz's first major operating activity in the Netherlands, we are proud to announce that our team executed this complex set of turnarounds safely and within our forecasted timelines. Because the acquisition closed partway through the quarter, only two months of TEN production was counted toward our results, resulting in an addition of approximately 5,000 boe/d (99% gas) for Q2 2025, as we previously expected. Our primary objective now is to mobilize the necessary services to convert our compelling opportunity set into executed projects. Our 2025 capital plan includes a barge campaign for workovers, well optimizations, and infrastructure life extension and maintenance activities. Our technical staff is focused on identifying the most effective options to rejuvenate the existing well stock which has had limited investment activity for a number of years. We also intend to initiate a new well drilling program and are in the process of contracting a jack-up rig. We continue to use an already-contracted "walk-to-work" vessel to access offshore platforms that are not continuously manned for other maintenance activities. Early planned activities include re-wheeling a compressor to reduce suction pressure to improve production and add reserves by reducing abandonment pressure in certain gas fields. As we look to Q4 2025, we aim to have completed tender and permitting processes for the barge and jack-up to enable workover and drilling activity on multiple locations. Preparation for these campaigns requires meeting the Dutch North Sea's comprehensive permitting and procurement timelines, which include partner and regulator approvals, acquisition of long-lead items, and post-drill tie-in planning. We aim to have all permits in place to ensure uninterrupted activity once the well work and drilling campaigns begin. Across the rest of our producing portfolio, production was also as expected. Our pre-existing non-operated assets in the Netherlands experienced typical seasonal planned downtime, with 18 days of maintenance at hubs connected to the NGT pipeline system in April and May. Production from our pre-NOBV Netherlands assets was 775 boe/d (99% gas) in Q2 2025, down 20% from Q1 2025 because of the maintenance downtime, and down 2% from Q2 2024 due to natural decline. Canadian production was up 19% from Q1 2025 and 32% from Q2 2024, with little capital activity during the quarter. The three gross (2.4 net) wells drilled in Q1 2025 continue to have strong production performance with a current aggregate rate of approximately 1,000 boe/d gross (870 boe/d net at a 63% oil weighting). We plan to optimize production from the new wells with additional compression in Q3 2025. We have deep project inventory in multiple formations in our Canadian asset base and have begun to plan for our 2026 drilling program. Commodity Environment During Q2 2025, TTF gas prices averaged €35.37/MWh ($16.27/Mcf), which was €3.60/MWh higher than in Q2 2024. Pricing strength came from low end-of-season EU gas storage levels and a greater emphasis on LNG imports to offset reduced Russian pipeline gas supplies. This increased reliance on LNG resulted in EU imports of US LNG nearly doubling in Q2 2025 versus the prior year, with overall LNG imports reaching a record high. Absent this supply, European storage replenishment for the coming winter would have been severely challenged, highlighting not only the sustained reliance on spot LNG but also the region's displayed ability to absorb incremental imports. Looking forward, the EU's shift away from Russian natural gas supply appears on track to be permanent, and replacing lost supply could rest heavily on US LNG export growth. An EU proposal to phase out Russian gas and oil imports by the end of 2027 is moving towards the final stages of approval, with some lawmakers pushing for an earlier timeline, perhaps as soon as the end of 2026. The outcome of this legally-binding ban would see a further reduction of Russian pipeline exports to the EU of approximately 1.5 Bcf/d, and a loss of approximately 2 Bcf/d in LNG imports. A loss of 3.5 Bcf/d in supply would need to be replaced by a combination of domestic production growth, other pipeline imports, and higher LNG imports in particular. US LNG growth is well-timed to fill an EU supply shortfall, with increased LNG trade included in energy import targets attached to current tariff negotiations. To put the loss of Russian gas supply in context of EU LNG imports, replacing 3.5 Bcf/d of lost supply would increase imports from other countries by approximately 50% above the past twelve-month average. To put 3.5 Bcf/d in context of the US LNG market, it is more than twice as high as volumes from the US EIA's LNG liquefaction projects under construction list for 2026 of 1.6 Bcf/d. At present, the TTF marker price stands at approximately €32.40/MWh ($15.21/Mcf), with the price for the remainder of 2025 at €33.94/MWh ($15.95/Mcf). We have hedged approximately 50% of our 2025 Netherlands gas production at an average price of €35.45/MWh ($16.65/Mcf). WCS differentials to WTI averaged approximately US$10/bbl during Q2 2025, a narrower level than typically realized historically. Differential strength was supported by excess downstream pipeline capacity, low WCSB storage levels and healthy demand from US and Asian refiners. We have hedged 21% of our exposure to WTI prices for the second half of 2025, using a collar with a floor price of US$60/bbl and ceiling of US$75/bbl (as compared to a forward market price of approximately US$63.75/bbl), but remained unhedged for WCS differential exposure. AECO gas prices averaged $1.69/MMBtu in Q2 2025, with the low price reflecting a combination of high production, limited egress capacity and high AECO gas storage levels. We have hedged 18% of our AECO exposure for the second half of 2025 (hedge price of $2.56/MMBtu as compared to a forward market price of $1.96/MMBtu). Corporate Update Our balance sheet now reflects our post-NOBV company structure. As of Q2 2025, we have included the contingent earn-out obligation in our net debt measure. This obligation consists of payments to the seller based on free cash flow for the 2025-2027 period. Including our working capital, senior unsecured notes and the earn-out, we ended the quarter with a net debt position of approximately $100 million. Specifically, regarding the earn-out, $53.7 million has been recorded as a current liability and $35.6 million has been recorded as a long-term liability. These amounts represent Tenaz's current estimate of the payments due in Q1 2026 (for the 2025 portion of the earn-out) and for later periods, respectively. This estimate and the amount ultimately paid may change over time due to changes in commodity prices, activity levels, production and cost results, among other factors. Net income for the year-to-date period was approximately $190 million, primarily due to a significant gain recorded on the NOBV acquisition. The gain on acquisition arose because the fair value of acquired property, plant and equipment, exploration and evaluation assets, net of asset retirement obligations, exceeded the total consideration paid. The gain on acquisition was partially offset by transaction costs incurred in connection with the transition activities leading up to the May 1, 2025 completion date. We are pleased to announce the appointment of Mirzeta Delkic to the position of Vice President of Human Resources and Sustainability. Ms. Delkic joined Tenaz in 2023 as Director of Human Resources. Prior to Tenaz, she held management roles in human resources and corporate governance at Vermilion Energy and Viterra. Ms. Delkic has a Bachelor of Arts degree in Law and Society with a minor in Political Science and an MBA (finance specialization) from the University of Calgary. We are often asked when our next acquisition will be announced and what types of assets we are targeting. While we do not comment on specific opportunities, we continue to see strong potential to expand our asset portfolio. International deal processes involve complex negotiations, evolving seller expectations, and shifts in commodity pricing, so each transaction can take a long time to consummate. Our geographic focus remains the same, primarily Europe but also Latin America, with optionality in MENA and Canada. We are open to either natural gas or oil assets, driven by the expected returns in a given project. If expected risk-adjusted returns were equal, we would probably prefer an international gas project over an oil project, based on our macro view of the two commodities. We remain aligned throughout our organization to the creation of shareholder value. Our NCIB program continues to return capital to shareholders, and we are committed to disciplined execution of it in 2025 and beyond. We would like to extend our gratitude to our shareholders for their continued confidence in Tenaz. Shareholder trust is instrumental as we navigate key operational milestones, strengthen our corporate systems and organization, and seek to deliver our strategic objectives. We are honoured that year-to-date total shareholder return ("TSR") from Tenaz shares is 32%, and that TSR since the recapitalization in 2021 is 946%. /s/ Anthony Marino President and Chief Executive Officer August 6, 2025 About Tenaz Energy Corp. Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the second largest operator of natural gas assets in the Dutch sector of the North Sea and develops crude oil and natural gas at Leduc-Woodbend in Alberta. Additional information regarding Tenaz is available on SEDAR+ and at Tenaz's Common Shares are listed for trading on the Toronto Stock Exchange under the symbol "TNZ". ADVISORIES Non‐GAAP and Other Financial Measures This press release contains the terms funds flow from operations and capital expenditures which are considered "non-GAAP financial measures" and operating netback which is considered a "non-GAAP financial ratio". These terms do not have a standardized meaning prescribed by GAAP. In addition, this press release contains the term adjusted working capital (net debt), which is considered a "capital management measure". Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) determined in accordance with GAAP and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance. Funds flow from operations ("FFO") Tenaz considers funds flow from operations to be a key measure of performance as it demonstrates the Company's ability to generate the necessary funds for sustaining capital, future growth through capital investment, and settling liabilities. Funds flow from operations is calculated as cash flow from operating activities plus income from associate and before changes in non-cash operating working capital and decommissioning liabilities settled. Funds flow from operations is not intended to represent cash flows from operating activities. A summary of the reconciliation of cash flow from operating activities to funds flow from operations, is set forth below: ($000) Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024Cash flow from (used in) operating activities 49,837 (3,811) (11,920) 46,026 (5,702)Change in non-cash operating working capital (34,623 )2,895 14,896 (31,728 )11,996Decommissioning liabilities settled 613 585 1,445 1,198 4,042Midstream income 1,454 1,381 1,401 2,835 2,529Amortization of deferred financing costs (67 )(97 )- (164 )-Funds flow from operations 17,214 953 5,822 18,167 12,865 (1) FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method. For the periods presented, FFO per share was as follows: Q2 2025: $0.61 basic, $0.53 diluted; Q1 2025: $0.03 basic, $0.03 diluted; Q2 2024: $0.22 basic, $0.19 diluted; YTD 2025: $0.65 basic, $0.56 diluted; YTD 2024: $0.48 basic, $0.43 diluted. Capital Expenditures Tenaz considers capital expenditures to be a useful measure of the Company's investment in its existing asset base calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. The reconciliation to primary financial statement measures is set forth below: ($000) Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024Exploration and evaluation 198 311 467 509 985Property, plant and equipment 10,636 9,009 2,034 19,645 5,332Capital expenditures 10,834 9,320 2,501 20,154 6,317 Free Cash Flow ("FCF") Tenaz considers free cash flow to be a key measure of performance as it demonstrates the Company's excess funds generated after capital expenditures for potential shareholder returns, acquisitions, or growth in available liquidity. FCF is a non-GAAP financial measure and is comprised of funds flow from operations less capital expenditures. A summary of the reconciliation of the measure, is set forth below: ($000) Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024Funds flow from operations 17,214 953 5,822 18,167 12,865Less: Capital expenditures (10,834 )(9,320 )(2,501 )(20,154 )(6,317 ) Free cash flow 6,380 (8,367 )3,321 (1,987 )6,548 Midstream Income Tenaz considers midstream income an integral part of determining operating netbacks. Operating netbacks assists management and investors with evaluating operating performance. Tenaz's midstream income consists of the income from its associate, Noordtgastransport B.V. and excludes the amortization of fair value increment of NGT that is included in the equity investment on the balance sheet. Under IFRS Accounting Standards, investments in associates are accounted for using the equity method of accounting. Income from associate is Tenaz's share of the investee's net income and comprehensive income. ($000) Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024Income from associate 1,214 1,144 1,160 2,358 2,048Plus: Amortization of fair value increment of NGT 240 237 241 477 481Midstream income 1,454 1,381 1,401 2,835 2,529 Net debt Management views net debt as a key industry benchmark and measure to assess the Company's financial position and liquidity. Net debt is calculated as current assets less current liabilities and long term debt, excluding the fair value of derivative instruments. If positive, the amount is referred to as adjusted working capital. Tenaz's net debt as at June 30, 2025 and December 31, 2024 is summarized below:June 30 December 31($000) 2025 2024Current assets 335,024 188,537Current liabilities (261,087 )(40,304 ) Net current assets 73,937 148,233Fair value of net derivative instruments (132 )(5 ) Long-term debt (138,439 )(138,275 ) Contingent consideration, non-current portion (35,614 )-Net debt (100,248 )9,953 Operating Netback Tenaz calculates operating netback on a dollar or per boe basis, as petroleum and natural gas sales less royalties, operating costs and transportation costs, plus midstream income. Operating netback is a key industry benchmark and a measure of performance for Tenaz that provides investors with information that is commonly used by other crude oil and natural gas producers. The measurement on a per boe basis assists management and investors with evaluating operating performance on a comparable basis. Per Share Ratios FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method. Barrels of Oil Equivalent The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. The boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Forward‐looking Information This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "budget", "forecast", "guidance", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "potential", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to our beliefs about liquidity; Europe's objective to increase gas production and our potential to contribute meaningfully; Tenaz's opportunity set, project inventory and capital plans; activities and budget for 2025, and our anticipated operational and financial performance; the estimated contingent earn-out consideration; expected well performance; potential and planned workover and drilling opportunities; the anticipated timing of the tender and permitting processes for the barge and jack-up drilling rig; our production and capital guidance including forecast average production volumes and capital expenditures for 2025; the ability to grow our assets domestically and internationally; and the Company's strategy including our potential to expand our asset portfolio, our geographic focus and preferred projects. The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Tenaz including, without limitation: the continued performance of Tenaz's oil and gas properties in a manner consistent with its past experiences; that Tenaz will continue to conduct its operations in a manner consistent with past operations; expectations regarding future development; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty, tariff and regulatory regimes; expectations regarding future acquisition opportunities; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures. Tenaz believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tenaz's products; unanticipated operating results or production declines; changes in tax or environmental laws, tariffs, royalty rates or other regulatory matters; changes in development plans of Tenaz or by third party operators of Tenaz's properties; increased debt levels or debt service requirements; inaccurate estimation of Tenaz's oil and gas reserve volumes or resources; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; a failure to obtain necessary approvals as proposed or at all and certain other risks detailed from time to time in Tenaz's public documents. The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Tenaz does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. For further information, contact: Tenaz Energy Corp. investors@ Anthony MarinoPresident and Chief Executive Officer Direct: 587 330 1983 Bradley BennettChief Financial Officer Direct: 587 330 1714 /NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/ To view the source version of this press release, please visit
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Honda Shifts Gears on EVs Following Massive Quarterly Loss
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- New York Times
Live Updates: U.S. Tariffs To Take Effect, a New Step in Trump's Trade War
President Trump has called the word tariff 'the most beautiful word in the dictionary.' He imposed hefty tariffs during his first term and promised expansive new ones as he pursued his second. On his first day back in the White House, he issued an executive order signaling that more tariffs were coming, and in April he unveiled expansive levies that touched almost every country on earth. It's been hard to keep track of the state of tariffs ever since. Mr. Trump has frequently issued updates over social media, threatening new tariffs on countries and companies alike, leveraging them to insert himself into foreign affairs and celebrating 'deals' that were often far from complete. Mr. Trump's strategy has upended diplomatic ties, shaken markets and confounded entire industries. The tariffs target nations that supply a wide variety of goods to the United States, and Americans are likely to see higher prices on cars, electronics, groceries, liquors, lumber and gas. And Mr. Trump's tariff campaign shows no signs of slowing down. On July 27, the European Union and the United States reached a preliminary trade deal after weeks of negotiations. On Aug. 1, he is set to impose another round of taxes on imports from many countries, including Canada and Mexico. Here's a timeline of President Trump's widening — and constantly shifting — tariffs. Jan. 20 🇨🇦 🇲🇽 Hours after he was sworn in, Mr. Trump announced that he would implement additional 25 percent tariffs on imports from Canada and Mexico starting on Feb. 1, accusing both countries of not doing enough to stop the flow of drugs and migrants into the United States. Read more › Jan. 26 🇨🇴 Surprising even some of his own staff members, Mr. Trump announced on social media that he would immediately impose 25 percent tariffs on all goods from Colombia — and would raise them to 50 percent in one week — after its government turned back planes carrying deported immigrants. Colombia's president, Gustavo Petro, briefly threatened tariffs of his own. But he quickly backed down, and soon so did Mr. Trump. That evening, the White House released a statement saying the government of Colombia had 'agreed to all of President Trump's terms' and the 'tariffs and sanctions will be held in reserve.' Read more › Feb. 1 🇨🇦 🇲🇽 🇨🇳 Mr. Trump signed an executive order imposing 25 percent tariffs on nearly all goods from Canada and Mexico, and a 10 percent tariff on China. The president said the tariffs were levied in response to his concerns about fentanyl smuggling and illegal immigration. Canada and Mexico said they would retaliate with tariffs of their own. China threatened 'countermeasures.' Read more › Video transcript Back bars 0:00 / 1:06 - 0:00 transcript Trudeau Announces Retaliatory Tariffs Against the U.S. Prime Minister Justin Trudeau of Canada laid out plans to impose more than $100 billion in retaliatory tariffs against the United States, and made clear that Canada was doing so reluctantly. I want to speak directly to Americans, our closest friends and neighbors. This is a choice that, yes, will harm Canadians, but beyond that, it will have real consequences for you. Tariffs against Canada will put your jobs at risk, potentially shutting down American auto assembly plants and other manufacturing facilities. They will raise costs for you, including food at the grocery stores and gas at the pump. We don't want to be here. We didn't ask for this. But we will not back down in standing up both for Canadians and for the incredible, successful relationship and partnership between Canada and the United States. Prime Minister Justin Trudeau of Canada laid out plans to impose more than $100 billion in retaliatory tariffs against the United States, and made clear that Canada was doing so reluctantly. Credit Credit... Justin Tang/The Canadian Press, vía Associated Press Feb. 2 🌎 Facing widespread criticism over his tariff threats and their possible consequences for the economy, Mr. Trump acknowledged the possible negative consequences of the tariffs on social media. 'WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!),' he said. Feb. 3 🇨🇦 🇲🇽 🇪🇺 Mr. Trump agreed to a 30-day pause of his tariffs on Mexico and Canada while at the same time threatening new tariffs against the European Union. Read more › Video Credit Credit... Mexican Government TV via Reuters Feb. 4 🇨🇳 Mr. Trump's 10 percent tariffs on Chinese imports went into effect, and China responded with a series of retaliatory steps, including additional tariffs on products from the United States. Read more › Feb. 7 🌎 Mr. Trump said he would broaden his trade war and introduce reciprocal tariffs on other countries but did not specify which countries would be affected. Read more › Feb. 10 🌎 Mr. Trump resurrected a 25 percent tariff on all foreign steel and aluminum, restarting an old fight from his first term. Read more › Feb. 13 🌎 Mr. Trump described a plan for broad reciprocal tariffs on America's trading partners, moves that would represent a dramatic overhaul of the global trading system. The goal, he said, was to force companies to bring manufacturing back to the United States. Read more › Feb. 14 🌎 Mr. Trump said he would proceed with a plan to impose unspecified tariffs on foreign cars on April 2. He said he had planned to announce the tariffs April 1, which is April Fools' Day, but pushed it because he was 'a little superstitious.' Read more › Feb. 25 🌎 An executive order directed Mr. Trump's commerce secretary, Howard Lutnick, to investigate whether foreign production of copper posed a risk to national security, raising the prospects of tariffs on the material. White House officials did not share how much those tariffs would be, or when the inquiry could conclude. Read more › Feb. 27 🇨🇦 🇲🇽 🇨🇳 The president said the tariffs against Canada and Mexico — and an additional 10 percent tariff on Chinese goods — would go into effect on March 4 'as scheduled.' He said on social media that the action was necessary because 'Drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels,' a claim not always supported by U.S. government reports. Read more › March 1 🇨🇦 Mr. Trump directed Mr. Lutnick to investigate whether imports of lumber threaten American national security. The results of the inquiry could lead to more tariffs on Canada, the largest exporter of wood to the United States. Read more › March 4 🇨🇦 🇲🇽 🇨🇳 Tariffs on imports from Canada, Mexico and China — the largest U.S. trading partners — went into effect. Prime Minister Justin Trudeau of Canada responded with tariffs of 25 percent on $155 billion of American goods. Read more › Video transcript Back bars 0:00 / 1:09 - 0:00 transcript The United States launched a trade war against Canada, their closest partner and ally, their closest friend. At the same time, they're talking about working positively with Russia, appeasing Vladimir Putin, a lying, murderous dictator. Make that make sense. Canadians are reasonable and we are polite, but we will not back down from a fight. Not when our country and the well-being of everyone in it is at stake. At the moment, the U.S. tariffs came into effect in the early hours of this morning, and so did the Canadian response. Canada will be implementing 25 percent tariffs against $155 billion worth of American goods, starting with tariffs on $30 billion worth of goods immediately, and tariffs on the remaining $125 billion of American products in 21 days time. Credit Credit... CTV, via Associated Press March 5 🇨🇦 🇲🇽 Under fire from U.S. automakers, Mr. Trump said he would pause tariffs on cars coming into the United States from Canada and Mexico for one month. The announcement came after he held a call with representatives from General Motors, the Ford Motor Company and Stellantis. In a news conference, President Claudia Sheinbaum of Mexico said that if tariffs remained in place, the Mexican government would announce retaliatory measures on March 9. Video Credit Credit... Mexico Government TV, via Reuters March 6 🇨🇦 🇲🇽 Just as they were in Mr. Trump's first term, many of the tariffs placed on Canadian and Mexican products are suspended. Mr. Trump said that his reversal on tariffs he had framed as vital to America's security had 'nothing to do with the market' after the tariff news sent shock waves through the economy. He said he would still impose 25 percent tariffs on imports of steel and aluminum on March 12, and that reciprocal tariffs on all U.S. trading partners were still on track for April 2. Read more › March 10 🇨🇳 🇨🇦 The Chinese government began imposing tariffs on many farm products from the United States. The tariffs included an additional 15 percent on American farm products like chicken and corn, and a 10 percent on products like soybeans and fruit. Ontario, Canada's most populous province, announced its own tariffs, including a 25 percent surcharge on the electricity exported to Michigan, Minnesota and New York. Read more › March 11 🇨🇦 Furious at what he labeled an 'abusive threat from Canada,' Mr. Trump threatened to double tariffs on Canadian steel and aluminum imports in response to the electricity surcharge. Both sides backed down after several hours. Doug Ford, the premier of Ontario, said he would suspend the electricity surcharge, and Mr. Trump said he would 'probably' reduce the tariff on Canadian metals. Read more › March 12 🇨🇦 🇪🇺 The European Union and Canada announced billions of dollars in retaliatory tariffs on U.S. goods, but European leaders said they would hold back on their tariffs until April 1 — making it clear that they would prefer not to enact them, and would like to negotiate with Mr. Trump instead. 'Tariffs are taxes,' said Ursula von der Leyen, the president of the European Commission, the bloc's executive arm. Read more › March 13 🇪🇺 Citing the European Union's plans for 50 percent tariffs on U.S. whiskey and several other American products, set to kick in on April 1, Mr. Trump floated one of his largest tariff threats to date: a 200 percent charge on all wines, Champagnes and alcoholic products from the E.U.'s member nations. Read more › March 24 🌎 Countries who purchase oil from Venezuela — either directly or from a third party — faced tariffs of 25 percent on their exports to the United States, to begin on or after April 2. Read more › March 26 🌎 Mr. Trump said he would impose a 25 percent tariff on all cars and car parts shipped into the United States, including American brands assembled overseas. Read more › Video transcript Back bars 0:00 / 1:38 - 0:00 transcript World Leaders React to Trump's Auto Tariffs President Trump's announcement of 25 percent tariffs on imported cars and auto parts prompted world leaders to rebuke the decision. 'It's my solemn promise that when President Trump threatens us again, we will fight back. We will fight back with everything we have to get the best deal for Canada.' President Trump's announcement of 25 percent tariffs on imported cars and auto parts prompted world leaders to rebuke the decision. Credit Credit... Nic Antaya for The New York Times April 2 🌎 A 10 percent tariff was applied to all nations importing goods to the United States — unless a tariff had already been announced on a product or industry. But that base line 10 percent was to be supplemented in certain cases by additional reciprocal tariffs that vary by nation. That meant dozens of countries, including many U.S. allies, faced tariffs far higher than they expected. Read more › Video transcript Back bars 0:00 / 1:17 - 0:00 transcript Trump Announces Tariffs on Global Trading Partners During a news conference, President Trump announced that he would impose a baseline 10 percent tariff on all trading partners, as well as double-digit 'reciprocal tariffs' on dozens of other countries. This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence. Jobs and factories will come roaring back into our country. China — first row, China 67 percent, that's tariffs charged to the U.S.A., including currency manipulation and trade barriers. So 67 percent, so we're going to be charging a discounted reciprocal tariff of 34 percent, I think. In other words, they charge us, we charge them. We charge them less. So how can anybody be upset? They will be because we never charge anybody anything. But now we're going to charge. European Union, they're very tough, very, very tough traders. You think of European Union, very friendly. They rip us off. It's so sad to see. It's going to be 'Liberation Day' in America. And it's going to be a day that hopefully you're going to look back in years to come and you're going to say, you know, he was right. This has turned out to be one of the most important days in the history of our country. During a news conference, President Trump announced that he would impose a baseline 10 percent tariff on all trading partners, as well as double-digit 'reciprocal tariffs' on dozens of other countries. Credit Credit... Doug Mills/The New York Times April 4 🇨🇳 China's Finance Ministry announced a 34 percent tariff on imports from the United States, matching Mr. Trump's plans for 34 percent tariffs on exports from China. The Chinese Commerce Ministry also barred a group of 11 American companies from doing business in China. Read more › April 5 🇻🇳 Vietnam asked Mr. Trump to delay imposing tariffs for at least 45 days. The United States is Vietnam's largest export market, and the 46 percent tariff rate was among the highest any country faced. Read more › April 7 🇧🇩🇨🇳 Bangladesh asked for a three-month reprieve before any tariffs would be imposed on its exports to the United States. Read more › Mr. Trump threatened to counter Beijing's retaliatory tariffs with an additional 50 percent tariff on China. Those tariffs would be additive, meaning that China could face 104 percent taxes on all exports. Read more › Video Lin Jian, the spokesman for the Chinese Foreign Ministry, accused the United States of 'economic bullying' after President Trump threatened an additional 50 percent tariff on Chinese imports. Credit Credit... Associated Press April 9 🌎 Mr. Trump's punishing tariffs on some of America's biggest trading partners took effect. Chinese goods were subject to a 104 percent tariff, European goods faced a 20 percent import tax, Japanese goods were taxed 24 percent and Vietnamese products 46 percent. China responded with an additional 50 percent tariff on U.S. goods, meaning they faced an additional 84 percent import tax. China's new tariffs took effect 12 hours after Mr. Trump's tariffs went into place. Read more › The European Union also approved new tariffs against the United States, to take effect the following week. Read more › Video transcript Back bars 0:00 / 1:37 - 0:00 transcript Trump Pauses 'Reciprocal' Tariffs for Most Countries President Trump decided to pause his 'reciprocal' tariffs on most countries, excluding China, just hours after they went into effect. 'Hello, everybody.' [clapping] 'Can you walk us through your thinking about why you decided to put a 90-day pause.' 'Well, I thought that people were jumping a little bit out of line. They were getting yippy, you know. They were getting a little bit yippy, a little bit afraid.' 'Well, I'm not calling it a trade war, but I am saying that China has escalated, and President Trump responded very courageously to that. And we are going to work on a solution with our trading partners. You might even say that he goaded China into a bad position. They responded — they have shown themselves to the world to be the bad actors. And we are willing to cooperate with our allies and with our trading partners who did not retaliate. It wasn't a hard message. Don't retaliate. Things will turn out well.' [unclear] 'I'll take a look at this. As time goes by, we're going to take a look at it. There are some that have been hard. There are some that, by the nature of the company, get hit a little bit harder. And we'll take a look at that.' [unclear] 'Just instinctively, more than anything else. I mean, you almost can't take a pencil to paper. It's really more of an instinct, I think, than anything else.' President Trump decided to pause his 'reciprocal' tariffs on most countries, excluding China, just hours after they went into effect. Credit Credit... Eric Lee/The New York Times … later on April 9 🌎 In an abrupt reversal, Mr. Trump said he would back down on his reciprocal tariffs for the next 90 days, bringing tariff levels to a universal 10 percent. China would not be included in that pause, he said. Instead, he raised tariffs on its exports to 125 percent after Beijing announced a new round of retaliation. April 10 🇨🇳🇪🇺 The White House clarified that the 125 percent tariff on Chinese goods was in addition to a 20 percent tariff that Mr. Trump had already imposed on China, bringing the total tariffs on China imposed by the Trump administration to 145 percent. The European Union announced a plan to pause its own reciprocal tariffs in response to Mr. Trump's reversal. Read more › April 11 🌎 Mr. Trump issued a ruling that spared many electronics — including smartphones, computers, semiconductors and routes and modems — from some new tariffs. The long list of imports, which include Chinese products, would be exempt from reciprocal tariffs, but other levies would still apply. Read more › April 13 🌎 The electronics exceptions announced on April 11 were recast as temporary by Mr. Trump and his top aides. Mr. Trump said he would be pursuing new tariffs on computer chips. Read more › April 29 🌎 Mr. Trump signed two executive orders that reversed course on some tariffs for carmakers. The 25 percent tariffs were modified so they would not be 'stacked' with other tariffs such as those on steel and aluminum, a White House official said. Read more › Video transcript Back bars 0:00 / 0:50 - 0:00 transcript U.S. and British Leaders Celebrate Agreement on Trade Framework President Trump and Prime Minister Keir Starmer announced an agreement for a trade framework over speakerphone. 'With this deal, the U.K. joins the United States in affirming that reciprocity and fairness is an essential and vital principle of international trade. We really do, we have a great relationship. I want to just say that the representatives of U.K. have been so professional, and it's been an honor doing business with all of them, and in particular the prime minister. And I'd like to introduce him now to say a few words. Mr. Prime Minister, please take it away.' 'Thank you, Mr. President — Donald — and this is a really fantastic historic day in which we can announce this deal between our two great countries. And I think it's a real tribute to the history that we have of working so closely together.' President Trump and Prime Minister Keir Starmer announced an agreement for a trade framework over speakerphone. Credit Credit... Eric Lee/The New York Times May 8 🇬🇧 The United States and Britain reached a deal that would reduce tariffs on some imports. Under the agreement, Britain would drop its tariffs on some U.S. products and the United States would pare back tariffs on cars and steel, while keeping a 10 percent levy in place for all British exports. But the deal has not been finalized, and there could be weeks of negotiations to come. Read more › May 12 🇨🇳 The White House agreed to back off, for now, from its steepest tariffs against China. Under the agreement, the United States would cut tariffs on Chinese imports to 30 percent from 145 percent, and China would reduce its levies on American goods to 10 percent from 125 percent. Read more › May 23 🇪🇺 In a post on social media, Mr. Trump threatened higher tariffs on the European Union, saying that discussions 'are going nowhere.' He recommended a 50 percent tariff on European imports that would begin June 1. Read more › May 25 🇪🇺 After a phone call with Ursula von der Leyen, the president of the European Commission, Mr. Trump said he would delay imposing his threatened 50 percent tariffs on all imports from the European Union until July 9 to allow more time for trade negotiations. Read more › May 30 🌎 Speaking to steelworkers near Pittsburgh, Mr. Trump pledged to double tariffs on steel to 50 percent, from 25 percent. He also endorsed a 'planned partnership' between U.S. Steel and Nippon Steel before conceding that he had not seen or signed off on the details of the deal. Read more › June 4 🌎 Tariffs on steel and aluminum imports rose to 50 percent from 25 percent just after midnight. The White House said the increase would address 'trade practices that undermine national security.' Read more › June 16 🇬🇧 The United States and Britain finalized their trade agreement to lower tariffs on British cars, steel and aluminum, and aerospace equipment. Read more › June 27 🇨🇳 China confirmed the details of a trade framework with the Trump administration a day after Mr. Trump said his administration had 'signed' a deal with China. The deal, China's Ministry of Commerce said, would loosen exports of rare earth minerals to the United States and lift some restrictions on U.S. goods to China. Read more › July 2 🇻🇳 The United States agreed to a trade deal with Vietnam that would indirectly affect China, an important trading partner of Vietnam. The provision, Mr. Trump said, would impose a 20 percent tariff on all imports and a 40 percent tariff on any 'transshipping.' Read more › Video transcript Back bars 0:00 / 1:00 - 0:00 transcript Trump Says Countries Will Receive Letters About New Tariffs Speaking to the press after arriving at Joint Base Andrews, President Trump said the tariffs would range from 10 to 70 percent. 'It's a lot of money, but we're giving them a bargain,' Mr. Trump said. Reporter: 'For countries that don't get a letter right away and that you haven't made a deal —' 'No, we're going to start sending letters out to various countries starting tomorrow. We'll probably have 10 or 12 go out tomorrow and over the next few days, I think by the 9th they'll be fully covered and they'll range in value from maybe 60 or 70 percent tariffs to 10 and 20 percent tariffs.' And it's very important. It's a lot of money for the country. But we're giving them a bargain. Because if I went by the true deficits or by other ways of measuring, it could be a lot more. We don't want to, I don't want to stretch it too much. We want to keep it pretty reasonable. And I think it's actually I think it's very reasonable.' Speaking to the press after arriving at Joint Base Andrews, President Trump said the tariffs would range from 10 to 70 percent. 'It's a lot of money, but we're giving them a bargain,' Mr. Trump said. Credit Credit... Haiyun Jiang/The New York Times July 9 🌎 Mr. Trump informed at least 21 countries that their exports will face tariffs of at least 20 percent starting Aug. 1 unless they reach new trade deals with the United States. He threatened to raise rates further if countries tried to evade the U.S. duties or retaliated with their own import taxes. Read more › He also issued a 50 percent tariff on copper, effective Aug. 1. The move sent U.S. copper prices surging, and has caused concern in some of the industries Mr. Trump has said he wants to protect. Read more › Mr. Trump also said he planned to impose a 50 percent tariff on all Brazilian imports. President Luiz Inácio Lula da Silva of Brazil promised to reciprocate. Read more › July 11 🇪🇺🇲🇽 Months of careful negotiations were upended when Mr. Trump said he would place a 30 percent tariff on goods from the European Union and Mexico. The tariffs would take effect on Aug. 1, he said in two letters posted on social media. He threatened to raise those rates even higher should the E.U. or Mexico issue retaliatory tariffs. Read more › July 14 🇪🇺 Maros Sefcovic, the European Union's key negotiator, said that Mr. Trump's about-face on tariffs was disappointing given he felt that the two sides were 'very close to an agreement.' Mr. Sefcovic spoke with his American counterparts almost every day last week, he said, and Mr. Trump's letter created 'a whole different dynamic.' Read more › President Claudia Sheinbaum of Mexico said her country is hoping to reach an agreement with the United States before Aug. 1. 'We do our part; they have to do their part as well,' she said. Read more › July 16 🇮🇩 Indonesia agreed to roll back multiple trade barriers to reach an agreement with the United States. U.S. exports to Indonesia would not be charged tariffs, and Indonesian goods would face a 19 percent tariff in the United States. 'We understand their interests, and they understand ours,' President Prabowo Subianto of Indonesia said. Read more › July 22 🇯🇵 In a social media post, Mr. Trump said he had reached a trade deal with Japan, calling it 'perhaps the largest deal ever made.' The Japanese government agreed to invest $550 billion in the United States, with the U.S. government receiving 90 percent of the profits. Japanese exports to the country would be charged a 15 percent tariff, instead the 25 percent tariff threatened by Mr. Trump. Read more › Video transcript Back bars 0:00 / 1:04 - 0:00 transcript U.S. and Europe Reach Preliminary Trade Deal With 15% Tariffs The deal, which would set a 15 percent tariff on most E.U. goods, averted what could have become a painful trade war with the United States' biggest source of imports. 'We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15 percent.' 'Indeed, basically, the European market is open. It's 450 million people. So, it's a good deal. It's a huge deal. It was tough negotiations. I knew it at the beginning and it was indeed very tough. But we came to a good conclusion for both sides.' 'I think it's great that we made a deal today instead of playing games and maybe not making a deal at all. I think it's a — I'm going to let you say, but I think it's the biggest deal ever made. Thank you very much. Congratulations.' [clapping] The deal, which would set a 15 percent tariff on most E.U. goods, averted what could have become a painful trade war with the United States' biggest source of imports. Credit Credit... Tierney L. Cross/The New York Times July 27 🇪🇺 The United States and the European Union reached a trade deal that set a 15 percent base tariff on most E.U. exports, including cars. Mr. Trump said that the European Union had agreed to increase its investment in the United States by more than $600 billion and to purchase $750 billion of American energy. The sides also agreed to drop tariffs to zero on some goods, including aircraft, certain chemicals and generic drugs, and some agricultural products, said Ursula von der Leyen, the president of the European Commission, the bloc's executive arm. The agreement will 'rebalance, but enable trade on both sides,' she said. Read more › July 30 🇮🇳🇧🇷🇰🇷🇹🇭🇰🇭 Mr. Trump announced that imports from India to the United States would be subjected to a 25 percent tariff as of Aug. 1, and he berated India over trade barriers and its purchases of energy and military equipment from Russia. Read more › The United States also applied tariffs of 50 percent on Brazilian goods two days ahead of schedule and issued sanctions on the Brazilian judge who is overseeing the criminal case against former President Jair Bolsonaro, an ally of Mr. Trump. Read more › At the end of the day, Mr. Trump announced a trade deal with South Korea that placed 15 percent tariffs on South Korean goods. As part of the agreement, South Korea committed to investing $350 billion in the United States and will spend $100 billion on liqufieid natural gas. More announcements will be made when South Korea's president, Lee Jae Myung, visits Washington in two weeks, Mr. Trump said. Read more › Thailand and Cambodia also reached trade agreements with the United States, Commerce Secretary Howard Lutnick said on Wednesday night. He declined to elaborate on details of the new tariff rates. Both nations had been facing a potential tariff rate of 36 percent. Read more › July 31 🇲🇽 Mexico was granted a 90 day extension to try and reach a trade deal, Mr. Trump said after having a phone call with President Claudia Sheinbaum of Mexico. The agreement came on the eve of Mr. Trump's Aug. 1 tariff deadline. Read more › … later on July 31 🌎 The White House issued a long list of new tariffs hours before the Aug. 1 trade deadline. Switzerland will face a 39 percent tariff, while Syria, Laos and Myanmar will face rates of up to 41 percent. Read more › The new tariffs apply to dozens of nations and will take effect on Aug. 7. Most of those nations will face tariffs between 15 and 50 percent. Read more ›
