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Globe and Mail
2 hours ago
- Globe and Mail
U.S. and European Union reach trade pact that sets 15-per-cent tariff on EU goods
The United States struck a framework trade deal with the European Union Sunday that imposes a 15-per-cent U.S. import tariff on most EU goods, including autos, and leaves 50-per-cent levies on steel and aluminum shipments from the continent. The announcement came after European Commission President Ursula von der Leyen travelled to western Scotland for talks with U.S. President Donald Trump at his golf course there. Ms. von der Leyen said the agreed-upon 15-per-cent tariff applies 'across the board' to U.S.-bound shipments from the EU. The deal, while short on details, also includes a commitment by the EU to make US$600-billion of investments in the United States, and to make significant purchases of U.S. energy and military equipment. 'It's a huge deal. It will bring stability. It will bring predictability,' she said. The Editorial Board: Trump's tariff shakedown takes shape The agreement largely mirrors a framework deal that the U.S. clinched with Japan last week, where Japanese automobiles will face a 15-per-cent U.S. tariff but U.S. steel and aluminum levies of 50 per cent remain in place. And it arrives at a critical moment in Canada's own trade negotiations with the Trump administration. Prime Minister Mark Carney faces an Aug. 1 deadline to strike a deal before the White House raises an existing tariff on Canadian goods. Mr. Carney and Mr. Trump have both signalled that a deal by the beginning of next month may not happen, with Mr. Carney saying he will accept only the best deal for Canada. On the U.S.-EU deal, Mr. Trump said: 'We are agreeing that the tariff ... for automobiles and everything else will be a straight across tariff of 15 per cent. Steel is staying the way it is – that's a worldwide thing,' the U.S. President said of his tariffs on foreign steel. Mr. Trump, who is seeking to reorder the global economy and reduce decades-old U.S. trade deficits with trading partners, has so far also signed agreements with Britain, Indonesia and Vietnam. By comparison, the trade deal the President struck with Britain in May would see British cars subject to a 10-per-cent tariff up to 100,000 vehicles and on shipments above, a 25-per-cent rate. Mr. Trump talked up the new agreement as 'the biggest of all the deals,' with total trade between the U.S. and the EU totalling US$976-billion in 2024, according to the Office of the U.S. Trade Representative. Given the size of this relationship, the agreement could set a precedent for future U.S. deals, including with Canada. Opinion: Canada, we've already got Trump's best trade deal Since returning to office earlier this year, Mr. Trump has hit Canada with a string of tariffs: 50 per cent on steel and aluminum; 25 per cent on autos; and 25 per cent on any goods traded outside the United States-Mexico-Canada Agreement, with the exception of oil, gas and potash, at 10 per cent. He has threatened to increase the non-USMCA tariff to 35 per cent if there is no deal by Aug. 1. William Pellerin, a partner with McMillan LLP's international trade group, said the fact that Mr. Trump doesn't appear to be cutting steel and aluminum tariffs, or agreeing to lower baseline tariffs with key trading partners, is not a good sign for Canada. The details of recent deals 'show that the tariffs are stickier than we might have anticipated, even for developed economies and close U.S. allies, which is certainly a bit of a bad omen in some ways for Canada,' Mr. Pellerin said. He said the silver lining for Canada is it 'doesn't look like anyone's going to get better market access to the United States than Canada, even if we do get stuck with a baseline tariff.' Goldy Hyder, president of the Business Council of Canada, said Canada and Mexico are in a different position from other countries. This is both because of the White House rationale for the 25-per-cent tariff on most Canadian and Mexican goods – Mr. Trump cited illegal fentanyl smuggling as one reason – and because of the exemption for products traded in compliance with the USMCA. Campbell Clark: Mark Carney faces the politics of concession Japan and the European Union did not qualify for a USMCA-style exemption and therefore had to 'buy down' tariffs with major commitments to purchase U.S. goods or make investments in the United States, he noted. Mr. Hyder said Canada needs to preserve its special access under the USMCA, which is up for renegotiation in 2026, or possibly sooner. 'Our goal has to be keeping the exemption, and that means preserving and extending the USMCA must be our top priority.' There are some significant trade differences between Canada and the EU – and they work in Canada's favour. For one, Canada is the top destination for U.S. goods exports, according to the USTR, bringing in US$349-billion worth of American goods in 2024. Canada also has a much smaller trade surplus with the U.S. than the EU. Mr. Trump has taken particular issue with such imbalances, which he considers unfair − even when they benefit American consumers. Canada also has an intricately linked supply chain with the U.S. in multiple industries, including automobiles and energy, with many products shipped back and forth across the Canada-U.S. border many times before they are sold to end users. The two countries also have an existing trade agreement, the USMCA, which Mr. Trump negotiated during his first term. Throughout months of talks, European officials threatened reciprocal tariffs on the U.S. and prepared a retaliatory package of tariffs of up to 30 per cent against €92-billion worth of U.S. exports. In the end, however, the EU will not retaliate, despite now facing 15-per-cent tariffs across most goods. Explaining her rationale, the EU's Ms. von der Leyen told reporters that the deal will bring 'stability' and 'predictability.' Yet many key elements of the trade relationship between the U.S. and the EU remain uncertain. For now, Mr. Trump is maintaining his 50-per-cent tariff on steel. And while pharmaceuticals will initially fall under Sunday's 15-per-cent agreement, that is subject to change. More details are also needed on the purchase and investment promises. The EU agreed to purchase US$750-billion worth of American energy products and to also invest US$600-billion in the United States on top of existing expenditures, but it is not clear who will make these investments or how they will be enforced. A similar investment agreement was made by Japan when it announced its own trade deal with the U.S. last week. But within days, Japanese officials started pouring cold water on some of the terms. Mr. Trump had claimed that the U.S. would make 90 per cent of profits on Japanese investments into the U.S., but Japan later pushed back and said its understanding was that profits would be based on the contribution made, and the risk taken, by each party. Tony Keller: As Trump's tariff walls rise, Canada's negotiating leverage is shrinking While Mr. Trump remains far from his initial goal of signing 90 trade deals in 90 days, stock-market investors have been reassured that agreements with major developed countries and regions are finally coming in and that the 15-per-cent tariff rates with major economies are lower than the levels Mr. Trump had threatened during the negotiations. However, 15-per-cent tariffs are much higher than the equivalent rates at the start of the year, and it isn't clear yet who will absorb them − companies or American consumers − because so far, price increases have been muted after companies piled up inventory early in the year. There are signs, however, that some pain is coming − particularly in sectors that Mr. Trump has singled out, including automobiles and steel. Volkswagen reported earnings on Friday and said tariffs cost the company €1.3-billion over the first six months of the year, and that going forward, the German car maker is lowering its operating profit to a range of 4 per cent to 5 per cent for 2025, down from 5.5 per cent to 6.5 per cent.
CBC
2 hours ago
- CBC
Over 200 candidates sign up for Poilievre's byelection — doubling previous record
Social Sharing More than 200 candidates, mostly associated with a group of electoral reform advocates, have signed up to run in an upcoming federal byelection next month. The number more than doubles the previous record on a single ballot. Former Alberta MP Damien Kurek vacated his seat in Battle River-Crowfoot to give Conservative Leader Pierre Poilievre a chance to rejoin the House of Commons. Poilievre lost his longtime Carleton riding in April's general election. A group known as the Longest Ballot Committee has been organizing candidates to run in byelections in recent years in an effort to push for electoral reform. The committee's organizers want to put a citizens' assembly in charge of electoral reform and say political parties are too reluctant to make government more representative of the electorate. As of Sunday evening, 209 candidates had registered to run in Battle River-Crowfoot, exceeding than committee's goal of 200. That's more than double the previous record of 91 which has occurred twice in the past year: during a byelection in LaSalle-Emard-Verdun last September and Carleton during the last general election. That number of candidates resulted in a ballot roughly a metre long. The massive ballots have resulted in delays in vote counting and have confounded some voters. Elections Canada told CBC News on Wednesday that it will finalize ways to minimize disruptions from the long ballots. "We are looking at ways to [simplify] things based on recent experiences with elections involving a higher-than-usual number of candidates. We will finalize our plans after the deadline for candidate nominations," spokesperson Matthew McKenna said in an email. Elections Canada has already had to make changes to accommodate the mammoth-sized ballots — mostly through early counting and bringing in extra workers. Although the Longest Ballot Committee has organized in two elections where Poilievre is running, the group has also targeted Liberal strongholds such as Toronto-St. Paul's and LaSalle-Émard-Verdun in 2024. But the advocates' efforts to push the limits of a ballot have sparked calls for changes, most recently from Poilievre himself which he refers to as a "scam." The Conservative leader wrote a letter to government House leader Steven MacKinnon on Tuesday, calling for legislation to change Canada's election rules in an effort to curb the long ballot protests. A spokesperson for MacKinnon's office said the Liberals share those concerns and are open to changes. MPs were debating legislation last Parliamentary session that could have implemented some of Poilievre's proposed changes — specifically to limit electors to only signing one nomination form. The advocates have voters sign multiple forms. Elections Canada head Stéphane Perrault himself made the suggestion in front of a committee of MPs that was studying a bill to amend the Canada Elections Act before Parliament was prorogued. Perrault argued that "certain penalties" should be imposed on individuals who sign — or encourage others to sign — multiple nomination papers in an effort to get as many candidates on a ballot as possible, though he didn't say what those penalties should be. The deadline to register as a candidate in Battle River-Crowfoot is Monday. Voters head to the polls on Aug. 18.
CBC
3 hours ago
- CBC
Animal rescue fighting to save resident wild boar
An animal rescue in Yellowhead County is running up against a problematic law that bans residents from raising wild boars. Rosie's Rescue recently relocated to the area along with its wild boar Wilbur who was rescued from a meat farm. As Sarah Reid reports, a recent vote by council means he'll have to be either destroyed or removed.
