logo
Trump destroying ‘six decades of economic integration' with tariff threats to Canada: Ham

Trump destroying ‘six decades of economic integration' with tariff threats to Canada: Ham

CTV News11-07-2025
Watch
CTV News U.S. Political Analyst Eric Ham says Trump is in a 'race against China for rare earth minerals' as he continues to put tariffs on trade partners.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Magna raises sales forecast, beats quarterly view on cost cuts
Magna raises sales forecast, beats quarterly view on cost cuts

CTV News

time4 minutes ago

  • CTV News

Magna raises sales forecast, beats quarterly view on cost cuts

A man walks in front of a plant of the international automotive supplier Magna. (AP / Jens Meyer) Canadian auto parts supplier Magna International raised annual sales forecast and topped second-quarter estimates on Friday, benefiting from its cost-cutting measures. The company had said in May it would take steps such as restructuring and reduced capital and engineering spending to cushion the hit from sweeping tariffs. U.S. President Donald Trump's levies have pressured auto companies across the supply chain, forcing suppliers to absorb more expenses or renegotiate with automakers. Peers Aptiv and BorgWarner also raised their annual forecasts on Thursday, banking on stronger auto parts demand. Magna expects 2025 sales to be between US$40.4 billion and $42.0 billion, compared with its prior forecast of $40.0 billion and $41.6 billion. On an adjusted basis, it earned $1.44 per share for the quarter through June, above analysts' estimate of $1.14 per share, according to data compiled by LSEG. Total quarterly sales fell about three per cent to $10.63 billion, while the estimate was $10.23 billion. (Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)

Trump calls on Federal Reserve board to wrest full control of central bank from Fed Chair Powell
Trump calls on Federal Reserve board to wrest full control of central bank from Fed Chair Powell

Winnipeg Free Press

time4 minutes ago

  • Winnipeg Free Press

Trump calls on Federal Reserve board to wrest full control of central bank from Fed Chair Powell

WASHINGTON (AP) — President Donald Trump on Friday called for the Federal Reserve's board of governors to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates. Posting on his Truth Social platform, Trump called Powell 'stubborn.' The Fed chair has been subjected to vicious verbal attacks by the Republican president over several months. The Fed has the responsibility of stabilizing prices and maximizing employment. Powell has held its benchmark rate for overnight loans constant this year, saying that Fed officials needed to see what impact Trump's massive tariffs had on inflation. If Powell doesn't 'substantially' lower rates, Trump said, 'THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!' Trump sees the rate cuts as leading to stronger growth and lower debt servicing costs for the federal government and homebuyers. The president argues there is virtually no inflation, even though the Fed's preferred measure is running at an annual rate of 2.6%, slightly higher than the Fed's 2% target. Trump has called for slashing the Fed's benchmark rate by 3 percentage points, bringing it down dramatically from its current average of 4.33%. The risk is that a rate cut that large could cause more money to come into the economy than can be absorbed, possibly causing inflation to accelerate. The Supreme Court suggested in a May ruling that Trump could not remove Powell for policy disagreements. This led the White House to investigate whether the Fed chair could be fired for cause because of the cost overruns in its $2.5 billion renovation projects. Powell's term as chair ends in May 2026, at which point Trump can put his Senate-confirmed pick in the seat. Monday Mornings The latest local business news and a lookahead to the coming week. ___ Follow the AP's coverage of the Federal Reserve System at

Exxon Mobil Q2 profit dips to lowest level in 4 years as energy prices slide
Exxon Mobil Q2 profit dips to lowest level in 4 years as energy prices slide

Globe and Mail

time4 minutes ago

  • Globe and Mail

Exxon Mobil Q2 profit dips to lowest level in 4 years as energy prices slide

NEW YORK (AP) — Exxon Mobil's second-quarter profit dropped to the lowest level in four years and sales fell as oil prices slumped with OPEC+ ramping up production. The Texas oil driller still topped Wall Street profit expectations Friday and shares rose slightly before the opening bell, even with global markets falling on the erratic trade polices of the U.S. Exxon earned $7.08 billion, or $1.64 per share, for the period ended June 30. A year earlier it earned $9.24 billion, or $2.14 per share. That was better than Wall Street expected, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.49 per share. 'The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments,' Chairman and CEO Darren Woods said in a statement. Revenue fell to $81.51 billion from $93.06 billion, missing the $82.82 billion that Wall Street was looking for. Chevron Corp. reported a second-quarter profit of $2.49 billion, or $1.45 per share. Removing one-time costs, earnings were $1.77 per share. That was also a four-year low for the second quarter, but it too beat Wall Street profit expectations and missed revenue expectations by industry analysts. Analysts surveyed by Zacks Investment Research expected Chevron per-share earnings of $1.70. Chevron's quarterly revenue was $44.82 billion. In July eight members of the OPEC+ alliance of oil exporting countries said that they will boost production by 548,000 barrels per day in August in a decision that could further reduce gas prices this year. They cited a 'steady global economic outlook' and low oil inventories. Oil prices spiked sharply in June during the bloody, 12-day conflict between Israel and Iran but then tumbled back down as the U.S. helped broker a peace deal after dropping bombs on three of Iran's key nuclear sites.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store