logo
Carney unveils cabinet aimed at urgently resetting US-Canada ties

Carney unveils cabinet aimed at urgently resetting US-Canada ties

Korea Herald14-05-2025
Canadian Prime Minister Mark Carney, who won an election last month vowing to stand up to United States President Donald Trump, unveiled a new cabinet on Tuesday that he said would help urgently define a new relationship with Washington.
Carney cut the number of ministers to 29 from the 39 under predecessor Justin Trudeau, but kept some key players in their positions, such as Finance Minister Francois-Philippe Champagne and Dominic LeBlanc, who is in charge of US trade.
Carney met Trump in Washington last week but did not secure any removal of tariffs the president has imposed on Canadian exports.
"Our government will deliver its mandate for change with urgency and determination," Carney told reporters.
"Our workers and businesses continue to face the unfair tariffs imposed by the United States. My government will fight for Canadians." Carney says Canada must spend billions to start shifting the economy's focus away from the United States as well as end barriers to internal trade and cut public spending.
"The business of government must be business ... (we are) eager to work with the new government and all parties to tackle urgent nation-building goals," said Matthew Holmes, policy chief at the Canadian Chamber of Commerce, calling for action on issues such as regulatory reform and trade diversification.
Melanie Joly moves from Foreign Affairs to Industry after four years and is replaced by Anita Anand.
Chrystia Freeland, whose resignation as finance minister last December helped oust an increasingly unpopular Trudeau, keeps her job as minister of transport and internal trade.
Former Goldman Sachs banker Tim Hodgson takes over as natural resources minister.
"For the Canada-US relationship, it was very important for Prime Minister Carney to position smart, tough, and experienced people in the key portfolios ... (he) has done just that," said Cameron Anderson, politics professor at Western University in London, Ontario.
As well as the cabinet ministers, Carney named 10 junior secretaries of state.
His immediate promises are a tax cut and ending all trade barriers among the 10 provinces by July 1.
His platform, which promises additional spending of around $93.2 billion over the next four years, predicts that the 2025-26 deficit will be far higher than forecast in December.
Carney abolished the position of labor minister and replaced it with a secretary of state for labor, a move the Teamsters union called deeply confusing and concerning.
"It suggests the Carney government is underestimating the scale of the challenges facing Canadian workers in the years ahead," union spokesperson Christopher Monette said by email.
The Trudeau government had to deal with several major labor disputes and last year intervened to end separate strikes by port, railway and postal workers.
In the election, Carney's Liberals came within two seats of winning a majority in the House of Commons. The opposition Conservatives had been 20 points ahead in the polls in January but dropped off sharply after Trudeau quit and Trump imposed tariffs while musing about the annexation of Canada.
"So far it's not a promising start. The first disappointment is unfortunately his cabinet -- he appointed Trudeau's old team," Conservative leader Pierre Poilievre told reporters. "It's more of the same when Canada needs real change." (Reuters)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Group14 Closes US$463M Series D Funding Round and Acquires 100% Ownership of BAM Factory in South Korea from SK, Inc.
Group14 Closes US$463M Series D Funding Round and Acquires 100% Ownership of BAM Factory in South Korea from SK, Inc.

Korea Herald

time11 hours ago

  • Korea Herald

Group14 Closes US$463M Series D Funding Round and Acquires 100% Ownership of BAM Factory in South Korea from SK, Inc.

WOODINVILLE, Wash., Aug. 20, 2025 /PRNewswire/ -- Group14 Technologies today announced that it has closed a US$463M round led by SK, Inc., with strong participation of other existing investors, including Porsche Investments, ATL, OMERS, Decarbonization Partners, Lightrock Climate Impact Fund, Microsoft Climate Innovation Fund, and others. The funds will be used to continue scaling the manufacture of Group14's silicon battery material, SCC55, in the U.S. and South Korea, and help meet overwhelming demand amid surging requirements for energy storage worldwide. In addition, Group14 obtained full ownership of its joint venture with SK Inc., located in Sangju, South Korea. Formed in 2021, the joint venture's battery active materials (BAM) factory produces Group14's flagship technology, SCC55, at EV scale to support the global battery manufacturing industry. "This is a defining moment for Group14 and a clear signal that the future of high-performance energy storage, powered by our silicon battery material, is already here," said Rick Luebbe, CEO and Co-Founder of Group14. "We're strengthening regional battery supply chains and safeguarding our customers from global trade uncertainty." As Group14's third commercial battery active materials factory, BAM-3 is strategically located in Asia, home to the world's largest battery manufacturers. In September 2024, the 10-gigawatt-hour factory began delivery of SCC55 to over 100 electric vehicle and consumer electronics battery manufacturing customers worldwide. "Group14 technology is already integrated into millions of ATL batteries powering AI-enabled smartphones," said Joe Kit Chu Lam, Executive Vice President at ATL, a subsidiary of TDK Corporation. "We support even broader delivery of their silicon anode material to power the next generation of high-performance silicon batteries." Group14's first and second BAM factories are located in Washington state. The company is expanding silicon battery infrastructure in Europe with a state-of-the-art silane gas factory in Germany, which will supply a critical precursor for next-generation energy storage technologies. Following the Series D round, Group14 has raised over US$1B of equity to fund its growth. About Group14 Technologies Group14 Technologies is a global leader in advanced silicon battery materials, transforming the future of rechargeable energy storage. Group14's material, SCC55®, delivers unparalleled performance to any battery and any application – powering millions of devices from EVs to AI-enabled technologies. With commercial-scale factories in the U.S. and Asia, and customers representing 95% of global lithium-ion battery production, Group14 is accelerating the global transition to electrification and ushering in the silicon battery era.

Samsung chief doubles down on home investment plans amid US expansion
Samsung chief doubles down on home investment plans amid US expansion

Korea Herald

time15 hours ago

  • Korea Herald

Samsung chief doubles down on home investment plans amid US expansion

Samsung Electronics Chair Lee Jae-yong has put the spotlight back on the conglomerate's massive investment drive, reaffirming his pledge to expand domestic jobs and foster high-value-added industries. During a business roundtable hosted by President Lee Jae Myung at the presidential office in Seoul on Tuesday, he vowed to push ahead with a 360 trillion won ($257.4 billion) investment in new growth sectors alongside its large-scale US commitments. 'Separate from our investments in the US, we will continue to invest in Korea to create quality jobs and nurture high-value-added industries," Chair Lee said during the meeting. His remarks underscore Samsung's intent to stay the course on its previously announced domestic investment plans regardless of any forthcoming developments in US investment. In May 2022, coinciding with the inauguration of President Yoon Suk Yeol's administration, Samsung pledged a total of 450 trillion won over five years to bolster next-generation growth drivers such as semiconductors, biotechnology and artificial intelligence. Of that total, 80 percent, 360 trillion won, has been earmarked for domestic investment, marking a 40 percent increase from the company's prior investment plans. Samsung Electronics is currently investing 20 trillion won in its Giheung campus in Gyeonggi Province to build three semiconductor research fabs and a next-generation research and development facility covering 460,000 square meters. It is also expanding its Pyeongtaek campus to include advanced memory, foundry and system semiconductor fabs. In the long term, Samsung plans to invest an additional 360 trillion won through 2047 to establish the largest semiconductor cluster in Korea, spanning 7.28 million square meters in Yongin, Gyeonggi Province. The first production line is set to begin operations by 2030. In the biotech sector, Samsung Biologics recently completed construction of its fifth plant in Songdo-gu, Incheon, and is proceeding with the development of Plants six through eight. The company had previously announced a roadmap to invest 7.5 trillion won over 10 years to further expand its biologics business. Samsung's investment initiative also includes a goal to recruit 80,000 new employees over the five-year span. According to market research firm Korea CXO Institute, Samsung Electronics hired 10,960 new employees last year — a 20.11 percent increase from the previous year — with the majority expected to be domestic hires. Industry observers are watching closely for any further details Samsung may unveil regarding its domestic investment roadmap. 'Given the geopolitical uncertainties, Samsung is likely aiming to build a stable ecosystem for advanced industries at home,' said an industry source who requested anonymity. 'The conglomerate's continued domestic investment is likely to influence the capital allocation strategies of other major firms.' Meanwhile, the Samsung chief is scheduled to attend the upcoming Korea-US summit's business delegation from Sunday to Tuesday.

Westinghouse deal tensions loom over Korea-US summit
Westinghouse deal tensions loom over Korea-US summit

Korea Herald

time15 hours ago

  • Korea Herald

Westinghouse deal tensions loom over Korea-US summit

Controversial KHNP agreement faces backlash at home as leaders prepare to discuss nuclear energy cooperation Escalating tensions over a deal between South Korea's state-run energy firms and US company Westinghouse are complicating the agenda for the upcoming Korea-US summit, where nuclear energy cooperation is expected to take center stage. South Korean President Lee Jae Myung and US President Donald Trump are scheduled to meet in Washington next Monday for their summit, with officials saying nuclear partnership will be high on the agenda. According to a local media report on Wednesday, state-run Korea Hydro & Nuclear Power and Westinghouse, the two companies at the heart of the controversy, are preparing to form a joint venture to enter the US nuclear reactor market on the occasion of the upcoming summit. The report explained that since KHNP cannot independently access the US market, it plans to enter through a partnership with the American firm while handling most of the construction work. Nuclear energy's inclusion on the summit agenda was widely expected, given that the sector was part of South Korea's $200 billion investment pledge in the US under the tariff deal announced last month. President Trump has vowed to expand US nuclear energy capacity from 97 gigawatts to 400 gigawatts by 2050. Achieving this target would require constructing approximately 300 new 1,000-megawatt reactors. Industry observers view the US as eyeing Korean companies' technological expertise and construction capabilities to meet this goal. The plan comes amid controversy over a separate agreement that KHNP and Korea Electric Power Corp. struck with Westinghouse in January, sparking worries about potential summit implications. The settlement resolved Westinghouse's claims that KHNP had violated its intellectual property rights by using licensed Westinghouse technology in the development of its APR 1000 and 1400 nuclear reactor designs. The deal cleared the way for a KHNP-led consortium to sign an estimated 26 trillion won ($18.58 billion) contract in June to build two nuclear reactors in the Czech Republic. But after details of the settlement came to light on Monday following another local media report, the state-run company came under fire for agreeing to lopsided conditions to reach a swift deal, while burdening itself with hefty financial commitments. According to the agreement, KHNP agreed to sign contracts for goods and services worth $650 million with Westinghouse for each export of a single nuclear reactor, and to pay an additional $175 million per reactor in technology licensing fees. The 50-year deal also contains a provision requiring Westinghouse to verify the technical independence of Korean companies before they can bid on overseas nuclear reactor projects, including small modular reactors. It also restricted KHNP to pursuing nuclear projects in only 12 designated countries -- including the Philippines, Vietnam, Kazakhstan, Morocco, Egypt, Brazil, Argentina, Jordan, Turkey, UAE, Saudi Arabia and South Africa -- while barring it from new deals in North America, Britain, Japan, Ukraine and the EU, except for the Czech Republic. Lawmakers blamed KHNP for bowing to US pressure to secure the Czech deal. 'It has been confirmed that the Yoon Suk Yeol government signed an unfair contract with Westinghouse to break the deadlock in the Czech project,' said Rep. Han Jeong-ae of the ruling Democratic Party of Korea at the National Assembly on Tuesday. Amid the controversy, KHNP CEO Whang Joo-ho on Tuesday said the deal terms remain within acceptable limits, but he declined to provide detailed answers, citing confidentiality obligations. 'While I cannot say (Westinghouse's demands) are justified, they are something tolerable enough for us to endure and still generate profit,' Whang said at the National Assembly. Meanwhile, opposition People Power Party lawmakers also stressed that just before the Korea-US summit, it may not serve the national interest for the parliament to directly confront the Westinghouse issue. 'Westinghouse may hold the original technology, but it lacks the construction capacity to independently build reactors, which means Korean companies are likely to handle the construction,' said an industry insider on condition of anonymity. 'Even if the deal is viewed as unfavorable, I believe it was inevitable if Korean companies are going to expand their overseas nuclear businesses.' Amid growing backlash, South Korea's presidential office has ordered the Industry Ministry to investigate the deal to verify that the negotiations and contract process were carried out based on laws and regulations and in accordance with principles and procedures.

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