Latest news with #Canada-Mexico
Yahoo
10 hours ago
- Politics
- Yahoo
Saudi Arabia's Mohammed bin Salman invited to G7 summit in Alberta: sources
Saudi Arabia's Crown Prince Mohammed bin Salman has been invited to attend the upcoming Group of Seven (G7) summit in the foothills of the Canadian Rockies, two government sources told CBC News. Bin Salman, known as MBS, is a powerful figure in the Middle East and his oil-rich country is seen as a key player in hopes of brokering peace as the deadly war in Gaza drags on. Sources with knowledge of the invite spoke to CBC News on the condition they not be named. The Saudi embassy has not confirmed whether bin Salman will make the trip to Alberta next week. Saudi Arabia is not a G7 member, but other world leaders are often invited for discussions at the annual summit. The Gulf kingdom has been a vocal supporter of the need for a Gaza ceasefire and the recognition of a Palestinian state. The U.S. has pushed for Saudi Arabia to normalize ties with Israel amid the ongoing war in the region, but the prospect of formal ties still appears far away. Bin Salman was also invited to last year's G7 summit in Italy, but did not attend. Still, the crown prince's invite will likely anger human rights activists. Bin Salman has denied involvement in journalist Jamal Khashoggi's 2018 murder and has pointed to recent measures expanding women's rights as evidence his country is becoming more progressive and tolerant. However, human rights watchers push back on that argument, highlighting the ongoing suppression of dissidents and the country's treatment of migrant workers. Canada sanctioned 17 Saudi nationals linked to the murder of Khashoggi in 2018. Mexico's Sheinbaum joining summit Mexican President Claudia Sheinbaum confirmed Monday she will make the trip and says she hopes to have a pull-aside conversation with U.S. President Donald Trump. Her trip north comes as both Canada and Mexico grapple with Trump's persistent tariffs and economic threats, which have also stressed the Canada-Mexico relationship; Ontario Premier Doug Ford has suggested Canada go it alone with the U.S. on trade. "I have decided that I will attend the G7," Sheinbaum said in a statement Monday. "The foreign affairs minister is working on setting up bilateral meetings — it is likely that we will have one with Trump." Prime Minister Mark Carney's office has signalled he is hoping to reach a deal on tariffs and trade around the G7 meetings, taking place in Kananaskis, Alta., from June 15 to 17. The prime minister has also said he wants to make progress on bilateral issues with the U.S. before talks take place on the trilateral Canada-U.S.-Mexico Agreement (CUSMA). A review of that deal is officially slated to start in 2026, although Mexican officials have suggested they expect a review to start earlier than that. Aside from leaders of G7 countries — Canada, the U.S., the U.K., France, Italy, Germany and Japan plus the European Union — the guest list is growing. The full list hasn't been made available by Carney's office, but last week the prime minister confirmed he had also invited Indian Prime Minister Narendra Modi. Ukrainian President Volodymyr Zelenskyy, Australian Prime Minister Anthony Albanese, Brazilian President Luiz Inácio Lula da Silva, South African President Cyril Ramaphosa (this year's G20 chair), South Korean President Lee Jae-myung and NATO Secretary General Mark Rutte have said they will attend.
18 hours ago
- Politics
Saudi Arabia's Mohammed bin Salman invited to G7 summit in Alberta: sources
Saudi Arabia's Crown Prince Mohammed bin Salman has been invited to attend the upcoming Group of Seven (G7) summit in the foothills of the Canadian Rockies, two government sources told CBC News. Bin Salman, known as MBS, is a powerful figure in the Middle East and his oil-rich country is seen as a key player in hopes of brokering peace as the deadly war in Gaza drags on. Sources with knowledge of the invite spoke to CBC News on the condition they not be named. The Saudi embassy has not confirmed whether bin Salman will make the trip to Alberta next week. Saudi Arabia is not a G7 member, but other world leaders are often invited for discussions at the annual summit. The Gulf kingdom has been a vocal supporter of the need for a Gaza ceasefire and the recognition of a Palestinian state. The U.S. has pushed for Saudi Arabia to normalize ties with Israel amid the ongoing war in the region, but the prospect of formal ties still appears far away. Bin Salman was also invited to last year's G7 summit in Italy (new window) , but did not attend. Still, the crown prince's invite will likely anger human rights activists. Bin Salman has denied involvement in journalist Jamal Khashoggi's 2018 murder and has pointed to recent measures expanding women's rights as evidence his country is becoming more progressive and tolerant. However, human rights watchers push back on that argument, highlighting the ongoing suppression of dissidents (new window) and the country's treatment of migrant workers. Canada sanctioned 17 Saudi nationals linked to the murder of Khashoggi in 2018. Mexico's Sheinbaum joining summit Mexican President Claudia Sheinbaum confirmed Monday she will make the trip and says she hopes to have a pull-aside conversation with U.S. President Donald Trump. Her trip north comes as both Canada and Mexico grapple with Trump's persistent tariffs and economic threats, which have also stressed the Canada-Mexico relationship; Ontario Premier Doug Ford has suggested Canada go it alone (new window) with the U.S. on trade. Mexican President Claudia Sheinbaum will travel to Alberta next week to meet with world leaders during the G7 summit. Photo: Reuters / Henry Romero I have decided that I will attend the G7, Sheinbaum said in a statement Monday. The foreign affairs minister is working on setting up bilateral meetings — it is likely that we will have one with Trump. Prime Minister Mark Carney's office has signalled he is hoping to reach a deal on tariffs and trade around the G7 meetings, taking place in Kananaskis, Alta., from June 15 to 17. The prime minister has also said he wants to make progress on bilateral issues with the U.S. before talks take place on the trilateral Canada-U.S.-Mexico Agreement (CUSMA). A review of that deal is officially slated to start in 2026, although Mexican officials have suggested they expect a review to start earlier than that (new window) . Aside from leaders of G7 countries — Canada, the U.S., the U.K., France, Italy, Germany and Japan plus the European Union — the guest list is growing. The full list hasn't been made available by Carney's office, but last week the prime minister confirmed he had also invited Indian Prime Minister Narendra Modi (new window) . Ukraine's Volodymyr Zelenskyy, Australian Prime Minister Anthony Albanese, Brazilian President Luiz Inácio Lula da Silva, South African President Cyril Ramaphosa (this year's G20 chair), South Korean President Lee Jae-myung and NATO Secretary General Mark Rutte have said they will attend. Catharine Tunney (new window) , David Cochrane (new window) · CBC News
Yahoo
a day ago
- Business
- Yahoo
Mexican President Sheinbaum seeking meeting with Trump at G7
Mexican President Claudia Sheinbaum says she hopes to have a pull-aside conversation with U.S. President Donald Trump when the two North American leaders travel to Alberta next week for the G7 summit. Her trip north comes as both Canada and Mexico grapple with Trump's persistent tariffs and economic threats, which have also stressed the Canada-Mexico relationship; Ontario Premier Doug Ford has suggested Canada go it alone with the U.S. on trade. Mexico is not part of the G7, but other leaders are often invited for discussions around the global leader summit. Last month, Sheinbaum confirmed she was invited but wasn't sure if she'd attend. "I have decided that I will attend the G7," Sheinbaum said in a statement Monday. "The foreign affairs minister is working on setting up bilateral meetings — it is likely that we will have one with Trump." Prime Minister Mark Carney's office has signalled he is hoping to reach a deal around tariffs and trade around the G7 meetings, taking place in Kananaskis, Alta., from June 15 to 17. The prime minister has also said he wants to make progress on bilateral issues with the U.S. before talks take place on the trilateral Canada-U.S.-Mexico Agreement (CUSMA). A review of that deal is officially slated to start in 2026, although Mexican officials have suggested they expect a review to start earlier than that.
Yahoo
01-05-2025
- Business
- Yahoo
CPKC's first-quarter profits rise despite trade war
Canadian Pacific Kansas City reported higher first-quarter revenue and profits as it carried more freight, but the railway also reduced its full-year outlook due to lingering uncertainty over tariffs and trade policy. 'We're undoubtedly off to a strong start in 2025, and we're experiencing a strong start to the second quarter as well,' CEO Keith Creel told investors and analysts on the railway's earnings call late Wednesday. 'That being said, there's certainly an undeniable macro-environment uncertainty that exists, trade policy uncertainty and currency uncertainty. As such, based on what we do know today, we do feel it's prudent and responsible to adjust our guidance at this time.' Although CPKC (NYSE: CP) still expects traffic to grow between 4% and 6% this year, the railway now forecasts 10% to 14% earnings growth, down from 12% to 18% in its January outlook. The railway's first-quarter operating income increased 15%, to $940 million, as revenue grew 8%, to $2.8 billion. Earnings per share increased 17%, to 70 cents. CPKC's operating ratio was 65.3%, a 2.1-point was up 4% based on revenue ton-miles, or 3% when measured by carloads and intermodal containers. The growth was driven by CPKC's grain, coal, potash, automotive and intermodal traffic. Shipments of forest products; energy, chemicals and plastics; and metals, minerals and consumer products all declined. CPKC's cross-border automotive and steel traffic, as well as soybean exports from the U.S. to China, are the most at risk from ongoing trade disputes, Chief Marketing Officer John Brooks says. But as tariffs raise trade barriers between the U.S. and its North American neighbors, there are opportunities for CPKC to develop new traffic linking Canada and Mexico. 'We stepped into this trade storm that we're facing to become market makers. We're seeing opportunities with new trade flows between Canada and Mexico,' Creel include sending more Canadian refined fuels, liquefied petroleum gas, plastics and grain to Mexico — and handling more shipments of appliances, furniture, food products, finished vehicles and auto parts from Mexico to Canada. 'CPKC uniquely serves as a land bridge between Canada and Mexico,' Creel said of the network, which was the product of the 2023 merger of Canadian Pacific and Kansas City Southern. CPKC also is urging the governments of Canada and Mexico to adopt policies that would support growth in trade, such as streamlining some regulations affecting cross-border grain moves. 'We're hearing from both governments a genuine desire to see the Canada-Mexico trade relationship mature and deepen, and we're playing a major role in supporting that agenda,' Creel said. A 60-day CPKC sales blitz, involving discussions with 500 customers, drummed up $100 million in new merchandise and energy, chemicals, and plastics business that will move via CPKC's Canada-Mexico land bridge across the U.S., Brooks says. Creel says he had discussions with the CEO of a Canadian retailer about how to replace products imported from the U.S. Many of the products, he says, were actually produced in Mexico and trucked across the U.S. border for processing or packaging before being trucked to Canada. 'When you're a railroad that can uniquely connect the origin and destination, and the middleman is redundant or not necessary … that creates opportunities,' Creel says. Meanwhile, CPKC's cross-border Mexico Midwest Express intermodal service, which links Chicago with points in Mexico, continues to grow. Volume was up 42% for the quarter. More growth is on the way thanks to Schneider's first moves of auto parts. For the quarter, CPKC's key operational and safety metrics all First look: CPKC earnings The post CPKC's first-quarter profits rise despite trade war appeared first on FreightWaves.
Kyodo News
30-04-2025
- Automotive
- Kyodo News
Trump eases impact of auto tariffs on 100th day in office
By Takuya Karube, KYODO NEWS - 4 hours ago - 12:40 | All, World U.S. President Donald Trump on Tuesday eased the impact of his new 25 percent tariffs on the auto industry as part of efforts to help manufacturers relocate supply chains for car parts used in the United States over the next two years. In another reversal of Trump's extensive additional tariffs, the relief, allowing all American and foreign automakers producing vehicles in the United States to claim some reimbursements, was announced as he marked the 100th day of his nonconsecutive second term. "They took in parts from all over the world. I don't want that. I want them to make their parts here, but I gave them a little bit of time," Trump said in a speech to thousands of supporters at a community college north of Detroit, home to the American auto industry. The temporary alleviation of some of the tariff burden came after automakers argued that due to the complexity of their supply chains it would take time to procure domestically all of the parts necessary to manufacture vehicles in the United States. Along with consumers, the auto industry has voiced concern that Trump's hefty tariffs could sharply raise car prices. Under the relief, a carmaker will be allowed to offset the tariffs for 15 percent of the suggested retail price of an automobile assembled in the United States during the first year of the tariffs and 10 percent in the second year. Accordingly, automakers will be able to apply for a reimbursement of up to 3.75 percent of the value of each U.S.-made vehicle in the first year and 2.5 percent in the second year, with the offset arrangement stopping then, according to White House and Commerce Department officials. In other words, for the first year, they said all cars finished in the United States with 85 percent domestic and U.S.-Canada-Mexico free trade agreement-compliant content will face no tariffs. Under the scheme, the officials added, automakers will only pay one tariff -- the highest rate that applies to their goods -- without being hit by any of the Trump administration's other new duties, such as a 25 percent tariff on imported steel and aluminum. In early April, an additional 25 percent tariff on all automobiles made outside the United States took effect, which raised the tax rate on imported passenger vehicles to 27.5 percent, dealing a blow to Japanese, German, South Korean and other foreign carmakers as well as their American rivals. The relief came four days before a 25 percent tariff covering engines, transmissions and other key auto parts was due to go into effect. At a rally in Michigan on Tuesday evening, Trump praised what he called "the most successful first 100 days of any administration in the history of our country" and boasted that his administration is succeeding in bringing back jobs and wealth to the United States. Although the auto tariffs will remain in place, major automakers including Ford Motor Co. and General Motors Co. welcomed the measures to cushion the effects. In a related development, Treasury Secretary Scott Bessent suggested Tuesday that the United States is poised to reach a tariff deal with India in the not-so-distant future, marking the first such agreement since Trump returned to office in January. Bessent said major U.S. trading partners and allies in Asia, including Japan and South Korea, have been the "most forthcoming" in terms of aiming for deals with the Trump administration since its imposition of broad-based tariffs on imported goods. On India, Bessent said a deal is "very close" and the country is easier to negotiate with than many others because its high tariffs are the main point at issue. Negotiations with some other countries involve nontariff trade barriers that can be "much more insidious and also harder to detect," he said during a press briefing with White House spokeswoman Karoline Leavitt. Bessent said the United States has 18 important trading relationships and the Trump administration will hold talks with at least 17 such partners over the next few weeks. Japan's chief negotiator in its tariff talks with the United States, Ryosei Akazawa, is set to arrive in Washington on Wednesday. Shortly before leaving Japan, Akazawa, minister in charge of economic revitalization, told reporters he is set to hold talks with Bessent on Thursday, with the auto and agricultural sectors likely to top the agenda. Related coverage: 40% of Japan prefectures offer financial aid over U.S. tariffs: poll Japan mulls simplified checks for more car imports in talks with U.S. Japan main opposition party aims to cut tax on food as election looms
