Latest news with #Canada-MexicoAgreement
GMA Network
a day ago
- Business
- GMA Network
Trump's tariffs: What's in effect and what could be in store?
WASHINGTON - US President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States, as well as additional duties on certain products or countries. Here is a list of targeted tariffs he has implemented or threatened to put in place. Product tariffs in effect Steel and aluminum - 50% Autos and auto parts - 25% Product tariffs - threatened Copper - 50% to take effect Aug. 1 Pharmaceuticals - up to 200% Semiconductors - 25% or higher Movies - 100% Timber and lumber Critical minerals Aircraft, engines and parts Country tariffs in effect Canada - 10% on energy products, 25% for other products not covered by the U.S.-Canada-Mexico Agreement Mexico - 25% for products not covered by USMCA China - 30%, with additional tariffs on some products United Kingdom - 10%, with some auto and metal imports exempt from higher global rates Vietnam - 20% for some products, 40% on transshipments from third countries Country tariffs threatened to take effect August 1 Algeria 30% Bangladesh 35% Bosnia and Herzegovina 30% Brazil 50% Brunei 25% Canada 35% Cambodia 36% European Union 30% Indonesia 32% Iraq 30% Japan 25% Kazakhstan 25% Laos 40% Libya 30% Malaysia 25% Mexico 30% Moldova 25% Myanmar 40% Philippines 20% Serbia 35% Sri Lanka 30% South Africa 30% South Korea 25% Thailand 36% Tunisia 25% —Reuters
Yahoo
6 days ago
- Business
- Yahoo
Factbox-Trump's tariffs: What's in effect and what could be in store?
WASHINGTON (Reuters) -U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States, as well as additional duties on certain products or countries. Here is a list of targeted tariffs he has implemented or threatened to put in place. PRODUCT TARIFFS IN EFFECT Steel and aluminum - 50% Autos and auto parts - 25% PRODUCT TARIFFS - THREATENED Copper - 50% Pharmaceuticals - up to 200% Semiconductors - 25% or higher Movies - 100% Timber and lumber Critical minerals Aircraft, engines and parts COUNTRY TARIFFS IN EFFECT Canada - 10% on energy products, 25% for other products not covered by the U.S.-Canada-Mexico Agreement Mexico - 25% for products not covered by USMCA China - 30%, with additional tariffs on some products United Kingdom - 10%, with some auto and metal imports exempt from higher global rates Vietnam - 20% for some products, 40% on transshipments from third countries COUNTRY TARIFFS THREATENED TO TAKE EFFECT AUGUST 1 Algeria 30% Bangladesh 35% Bosnia and Herzegovina 30% Brunei 25% Cambodia 36% Indonesia 32% Iraq 30% Japan 25% Kazakhstan 25% Laos 40% Libya 30% Malaysia 25% Moldova 25% Myanmar 40% Philippines 20% Serbia 35% Sri Lanka 30% South Africa 30% South Korea 25% Thailand 36% Tunisia 25%
CBC
03-04-2025
- Business
- CBC
Seafood producers confident in court challenge against N.L. government, fisheries union
Justice Alexander MacDonald will make a decision next week The Association of Seafood Producers had its first day in court on Wednesday, challenging the Newfoundland and Labrador government and fisheries union over what it calls " political interference" during price setting negotiations ahead of the snow crab season. The court challenge was prompted when Fisheries Minister Gerry Byrne moved the price setting deadline to April 13, following a request from the Fish, Food and Allied Workers union. The ASP says Byrne acted contrary to the Fishing Industry Collective Bargaining Act and turned to the Supreme Court of Newfoundland and Labrador to quash the date change. "If the minister's decision is quashed, and we expect it to be because he broke the law, then we're in the situation where we don't have a minister's date," ASP executive director Jeff Loder told reporters outside of the court house on Wednesday. "The Supreme Court can't direct a panel date or can't direct, necessarily, a minister's date. So this is the chaos that's created when you have interference in a process." Wednesday's court appearance was focused on the Fishing Industry Collective Bargaining Act and whether or not the minister can change the date without input from both the FFAW and ASP. Justice Alexander MacDonald said he will have a decision next week. 'Wasted time' FFAW lawyer Ray Critch called the court challenge a waste of time, money and energy. He says the minister can move the date without input from both sides. "We think the legislation is fairly clear that he does have authority and more importantly, as a practical reality, the minister has to be able to adjust the date when there are emergency circumstances like a significant linchpin negotiator falling ill," he said. Snow crab is Newfoundland and Labrador's largest and most lucrative fishery, said Critch, and that price negotiations will continue. He says he's ready for a panel meeting on Sunday or Monday. If the decision for date setting is in the minister's hands, Critch said that will prevent one party from being able to "hijack" the process. Tariff troubles Another looming problem over the price setting negotiations has been U.S. President Donald Trump, his threats of tariffs and the ambiguity over what products could be impacted. Loder says there has to be a mechanism to deal with tariffs and the ASP was proposing two prices, depending on whether tariffs are enacted. Later on Wednesday, Trump revealed the countries he was targeting in his expanding trade war, which did not include Canada. There are also exceptions for importers who can prove the products they're bringing in from Canada are compliant with the U.S.-Canada-Mexico Agreement. "After today, ASP's position will change whether there are tariffs or not — how we deal with tariffs has to be into the collective agreement or I will not be signing it," said Loder ahead of Trump's announcement. Critch said one problem with the on-again-off-again tariff threats is the uncertainty of how the market will absolve the new costs. He said consumers, distributors, processors and FFAW members will likely bear some of those costs. "Our position is there has to be some accounting for tariffs and we're building that into our proposal as well. But how those tariffs play out, nobody knows yet," said Critch.
USA Today
26-03-2025
- Automotive
- USA Today
Trump to announce tariffs on automobiles amid rattled markets and a global trade war
WASHINGTON − President Donald Trump is planning to announce automobile tariffs on Wednesday afternoon in the Oval Office, according to White House press secretary Karoline Leavitt, barreling forward with a whiplash economic strategy that has rattled markets and ignited a global trade wa r. Leavitt did not provide details about the auto tariffs. Trump suggested a potential 25% tariff on imported vehicles in February. He has not said whether there could be carve-outs for automobiles covered in the U.S.-Canada-Mexico Agreement, the regional trade deal that Trump negotiated during his first term. 'I will leave that to him to make that announcement later,' Leavitt said of the 4 p.m. EDT press event. Trump's announcement comes ahead of his long-promised reciprocal tariffs, set to go into effect April 2, whereby the U.S. will respond to any nation's tariffs on U.S. exports with tariffs of the same rate on imports from that country. Trump has called April 2 "liberation day in America." On Monday, Trump also announced plans to impose a 25% tariff on imports from any country that purchases oil or gasoline from Venezuela, targeting the South American nation for what he called "purposefully and deceitfully" sending criminals into the United States. The U.S. imported $474 billion worth of automotive products in 2024, including passenger cars worth $220 billion. Mexico, Japan, South Korea, Canada and Germany, all close U.S. allies, were the biggest suppliers. Industry experts and former U.S. officials expect the administration to rely on an investigation Trump used during his first term as justification for the new levies. Shares of U.S.-listed automakers fell on news of the press conference. Trump's aggressive use of tariffs in his second term has stoked anxieties on Wall Street and fears among consumers about the potential for increases in prices. Tariffs, which are taxes on imports, are typically passed down from companies to consumers, economists warn. In a Wednesday morning sales forecast call, Cox Automotive chief economist Jonathan Smoke said massive increases in tariffs would be 'highly disruptive' to North American vehicle production, potentially leading to tighter supply, higher prices and a 'much weaker economy.' Without carve-outs for automobiles and parts, Smoke said the auto market could be facing the highest effective tariff rate since World War II. Costs to make a vehicle assembled in Canada or Mexico could go up $6,000 or more, he said, while higher costs for parts could increase production costs for U.S.-made vehicles by roughly $3,000. Smoke said new and used prices would likely increase. Tariffs could also mean fewer affordable options for drivers. With roughly half of the affordable vehicles sold in the U.S. dependent on Mexico or Canada, Smoke said rising costs could eliminate some of those nameplates. 'Storm clouds are forming on the horizon,' Smoke said, adding that disruptions could start as soon as mid-April.
