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Globe and Mail
39 minutes ago
- Globe and Mail
Canadian ministers to discuss trade in meetings with Mexican president and government officials
Finance Minister François-Philippe Champagne and Foreign Affairs Minister Anita Anand are heading to Mexico City this week to hold bilateral meetings with government officials, just days after both countries failed to reach trade agreements with the U.S. by an Aug. 1 deadline set by President Donald Trump. The senior cabinet ministers are also expected to meet with Mexican President Claudia Sheinbaum, according to two sources familiar with the planning. The Globe and Mail is not identifying the sources because they are not authorized to speak publicly about the discussions. The two days of talks, which will tackle trade and the broader relationship between the countries, begin Tuesday. The discussions are taking place at a time when Mr. Trump's trade actions and rhetoric have raised questions about the future of the United States-Mexico-Canada Agreement and free trade generally. With never-ending tariff drama, the Canadian economy limps along After intensive talks between Ottawa and Washington did not reach a trade agreement by the deadline, the United States raised the blanket tariffs that Mr. Trump imposed on Canadian goods in March to 35 per cent from 25 per cent. These tariffs do not apply to products that meet the rules of origin outlined in the USMCA, which has allowed most Canadian exports to continue crossing the border tariff-free. Mexico, however, was granted a 90-day extension to continue trade talks, without the U.S. immediately increasing tariffs. The extension was attributed by some to Mexico's quiet diplomacy with the United States. It has stood in contrast with Canada's more combative reaction, which includes some countertariffs. Despite the setback, Canada is continuing to negotiate with the Trump administration to achieve some level of trade certainty. On Sunday, Dominic LeBlanc, the minister responsible for U.S.-Canada trade, told CBS News's Face the Nation that he expects Prime Minister Mark Carney and Mr. Trump to speak 'over the next number of days.' Mr. LeBlanc said there's a great deal of common ground with the U.S., and that he believes a deal to bring down tariffs is still possible. Carney says Ottawa is disappointed with raised 35% U.S. tariffs, remains committed to USMCA Trade talks with U.S. to continue over coming weeks, LeBlanc says He also said the country is encouraged by recent conversations with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, but 'we're not yet where we need to go to get the deal that's in the best interest of the two economies.' On Friday, Mr. LeBlanc told The Globe in an interview from Washington that a new deal in the short term isn't likely. He said he will be speaking to Mr. Lutnick this coming week, and that the two will meet in person later in August. Mr. Carney and Ms. Sheinbaum spoke last month, with the Mexican President saying the two leaders had agreed to strengthen trade collaboration. She said at the time that she had agreed with Mr. Carney that the USMCA, signed during Mr. Trump's first presidency, needed to be respected. Ms. Sheinbaum said they had also discussed strategies for negotiating with the Trump administration. Mr. Carney said in a statement released Friday that Canada remains committed to the USMCA trade pact. Goldy Hyder, the president and CEO of the Business Council of Canada, said in an interview Sunday that the meetings in Mexico City are significant and are likely to be a warm-up act to a later visit by Mr. Carney himself. Trade Minister Maninder Sidhu eyes new markets outside U.S., looks at Southeast Asia and beyond He also said Mexico represents 'low-hanging fruit' for Canada's diversification strategy. Often, businesses think about Europe and Asia as potential new markets, but he said there are many opportunities for the countries to work together for each other's economic security. Canada and Mexico are both democracies that believe in fair trade, he said, adding that deepening those ties sends an important statement. Mexico is identified as a priority market for Export Development Canada, which says the country is considered Canada's third most important trading partner and its top export destination in Latin America. At the end of last year, B.C. announced that it would establish a trade office in Mexico as part of the province's push to diversify trade. Mr. Trump has justified tariffs for Canada and Mexico because he says he wants the countries to do more to address illegal smuggling of the opioid fentanyl. The President has used this argument to impose broad-based levies by declaring a 'national emergency' on the border. New fentanyl data undercut White House's portrayal of Canada's role in U.S. drug crisis Canada has maintained that Mr. Trump's allegations about fentanyl trafficking are false, but it has boosted spending on the border in recent months, and put a fentanyl 'czar' in place, Kevin Brosseau, a former RCMP deputy commissioner. Mr. LeBlanc said Friday that his team continues to stress to Americans steps Canada is already taking to combat fentanyl, and that the amount crossing from Canada to the U.S. is minuscule. 'I'm confident that the fentanyl justification can be worked through with the Americans,' he said. With reports from Steven Chase, Stephanie Levitz, David Agren and Andrea Woo
CBC
40 minutes ago
- CBC
Canadian officials confident U.S. trade deal will be reached
Prime Minister Mark Carney and Dominic LeBlanc, the minister responsible for Canada-U.S. trade, expressed confidence a new trade deal will be reached with the United States, even after 35 per cent tariffs were imposed late last week.
Globe and Mail
an hour ago
- Globe and Mail
ExxonMobil Continues to Show That It's the Best Oil Stock
Key Points Exxon reported sector-leading earnings in the second quarter. The company also returned more cash to investors than its peers and ended the quarter with the industry's best balance sheet. Exxon expects to maintain its leadership position in the coming years. 10 stocks we like better than ExxonMobil › ExxonMobil (NYSE: XOM) is in a class of its own. The oil company recently reported its second-quarter financial results, which led the sector across most key categories. The company is in an excellent position to continue delivering leading results going forward, making it a compelling oil stock to buy and hold for the long term. Drilling down into Exxon's second-quarter financial results ExxonMobil earned $7.1 billion and generated $11.5 billion in cash flow from operations in the second quarter. That led all international oil companies (IOCs) by a wide margin. Exxon's earnings were more than double Chevron 's ($3.1 billion) and well ahead of Shell 's ($4.3 billion). "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," stated CEO Darren Woods in the second-quarter earnings release. The oil giant delivered its highest second-quarter production total since the merger of Exxon and Mobil more than a quarter century ago at 4.6 million barrels of oil equivalent (BOE) per day. Its output rose 13%, fueled mainly by its acquisition of Pioneer Natural Resources. Additionally, Exxon reported the best quarter yet for high-value product sales in its products solution segment. Another factor fueling Exxon's strong financial results is its structural cost savings program. The company has delivered $1.4 billion of savings this year, increasing its total to $13.5 billion since 2019. That's more than all other IOCs combined. Exxon's strong cash flows enabled it to return an industry-leading $9.2 billion to its shareholders in the second quarter through dividends and share repurchases, leading the oil sector. It's on track to buy back $20 billion of its stock this year. Since May 2024, Exxon has already purchased about 40% of the shares it issued to buy Pioneer Natural Resources. Even with those lofty cash returns, Exxon maintained its sector-leading balance sheet featuring the industry's lowest leverage ratio, at 8% net debt to capital. Even better days lie ahead for the oil giant Exxon has commenced operations on six key projects this year and expects to start up four more by year-end. "Collectively, these projects are expected to improve our earnings power by more than $3 billion in 2026 at constant prices and margins," commented CEO Darren Woods in the second-quarter earnings press release. Those projects are only the beginning. Exxon's plan to 2030 has it on pace to invest $140 billion in major capital projects and its Permian Basin development program over the next five years. Exxon also aims to deliver a total of $18 billion in structural cost savings by the end of 2030. The company estimates that this plan will provide it with incremental growth potential of $20 billion in earnings and $30 billion in cash flow by 2030. That positions it to deliver compound annual growth rates of 10% for earnings and 8% for cash flow over the next several years. The oil giant's plan would produce a staggering $165 billion in cumulative surplus cash over the next five years. That will provide Exxon with ample funds to continue increasing its dividend (a sector-leading 42 consecutive years) and repurchasing a substantial amount of stock. (It plans to repurchase $20 billion annually in 2025 and 2026.) The best-performing oil stock ExxonMobil is the undisputed leader in the oil sector, as evidenced by its industry-leading financial results in the second quarter. This allowed it to return more cash to investors than peers while maintaining the sector's top balance sheet. The oil giant isn't likely to give up its leadership position anytime soon. Its plan up to 2030 would see it deliver meaningful earnings and cash flow growth over the next few years, allowing it to continue returning lots of money to investors. That combination of growth and cash returns positions Exxon to continue delivering peer-leading total return, which it has done over the past five years with its impressive 25% compound annual total return. Should you invest $1,000 in ExxonMobil right now? Before you buy stock in ExxonMobil, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ExxonMobil wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $624,823!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,820!* Now, it's worth noting Stock Advisor's total average return is 1,019% — a market-crushing outperformance compared to 178% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 29, 2025
