Latest news with #Canada-US
The Sun
5 days ago
- Business
- The Sun
Canada PM slams 'unjustified' US metal tariffs
OTTAWA: Canadian Prime Minister Mark Carney on Wednesday denounced US President Donald Trump's doubling of tariffs on steel and aluminum to 50 percent in a heightening of trade tensions between the neighboring nations. 'The latest tariffs on steel and aluminum are unjustified, they're illegal, they're bad for American workers, bad for American industry and of course for Canadian industry as well,' Carney told reporters in Ottawa. He vowed that Canada -- the largest supplier of foreign steel and aluminum to the United States -- will 'take some time, not much' to respond. At the same time, the prime minister noted that 'intensive discussions' continued with the US administration to rewrite Canada-US trade relations. Doug Ford, the premier of Ontario province, which has a large number of steel producers, accused the Trump administration of breaking a 'verbal agreement' not to escalate tariffs on Canadian metals. That deal with US Commerce Secretary Howard Lutnick, he said, had been reached after Ford agreed to suspend a 25 percent surcharge on electricity exported to three American states. 'We can't sit back and let President Trump steamroll us,' he said, adding that 'everything's on the table' in terms of retaliatory measures. Canada exported 5.95 million tonnes of steel and 3.15 million tonnes of aluminum to the United States last year, according to US government data.
National Observer
6 days ago
- Business
- National Observer
Bank of Canada to make interest rate decision as tariff uncertainty persists
The Bank of Canada is set to make an interest rate decision today as the United States' trade dispute continues to cloud the economic outlook. A poll of economists provided by LSEG Data & Analytics ahead of the decision shows they expect the central bank will leave its policy rate unchanged at 2.75 per cent. The central bank decided to hold its key rate steady at its last meeting in April, saying at the time that it needed more clarity on how the Canada-US trade dispute would impact the economy. Statistics Canada said Friday that real gross domestic product topped expectations in the first quarter of the year as businesses rushed to get ahead of the tariff impact. The Bank of Canada said in April it would be less forward-looking for the time being and did not publish a central forecast for inflation and economic growth amid the considerable uncertainty. Annual inflation cooled to 1.7 per cent in April, dragged down by the removal of the consumer carbon price even as underlying inflationary pressures ticked higher.
Epoch Times
26-05-2025
- Business
- Epoch Times
Single Government Mandate Letter Signals a ‘Unified Mission,' Carney Says
Prime Minister Mark Carney has outlined several key priorities for his cabinet in a new mandate letter, committing his government to lowering living costs and reshaping some of Canada's key international partnerships. Carney has issued a single The letter indicates that every member of his cabinet shares 'a unified mission,' the prime minister told reporters during an evening 'This one letter outlines the core priorities of Canada's new government, reflecting the mandate that Canadians have given to us,' he said. 'In particular, the government is charged to build the strongest economy in the G7, an economy that works for everyone, to bring down the cost of living for Canadian families, to keep our country secure and our communities safe, to develop a new economic and security relationship with the United States, and to build new partnerships with reliable allies around the world.' Carney's press conference followed a two-day cabinet retreat in Gatineau, Que., which was off-limits to the media. This represented a change from the access allowed to reporters during the tenure of former Prime Minister Justin Trudeau, who permitted his cabinet ministers to field questions from journalists at prior retreats. Related Stories 5/19/2025 5/14/2025 The decision to restrict media access at the gathering comes on the heels of multiple ministers delivering contradictory statements over the past week on Carney's said at the press conference his mandate letter clearly instructs the ministers to consider how they should manage their individual departments and that his team is 'already acting' on his mandate with 'urgency and determination.' The letter says each minister is expected to 'identify the key goals and measures of success on which to evaluate the results you will achieve for Canadians.' Carney's letter also expresses his expectation that each cabinet committee, guided by a chair, will actively promote and track progress, with oversight from the priorities, planning, and strategy committee, led by the prime minister, and direction from the full cabinet. Canada-US Relations The letter listed seven distinct priorities that the government will focus on. First on the list was the establishment of a new economic and security relationship with the United States and strengthening Canada's collaboration with reliable trading partners and allies across the globe. Carney focused heavily on the strained trade relationship between Canada and the United States during his election campaign, saying that he was the leader best positioned to deal with President Donald Trump and his tariffs. He told reporters during his press conference that Intergovernmental Affairs Minister Dominic LeBlanc is currently in Washington to continue negotiations with members of Trump's team, but stressed that cooperation with the U.S. doesn't mean more integration. 'That process of deepening integration is over,' he said. 'We are in a position now where we cooperate when necessary, but not necessarily cooperate. So we have other options for that cooperation. We are pursuing those other options. You will see a very different set of partnerships, security and economic, going forward.' The prime minister said it still makes sense for the markets of the two countries to be entwined in some areas, however. 'There are cases where it is in our interest to be integrated with the U.S. market,' he said. 'My entire life, our automobile sector has been integrated with the U.S. The auto pact was struck the year I was born.' Carney was also questioned about working with the United States on its recently announced ' He noted that there are certain 'elements of our security relationship' where it makes sense to partner with the United States. 'We are conscious that we have an ability, if we so choose, to complete the Golden Dome with investments in partnership,' he said. 'And it's something that we are looking at, and something that has been discussed at a high level.' Top Priorities Carney also talked about building 'one Canadian economy' by expanding trade between the provinces so Canada would be less reliant on its southern neighbour. That priority was second on the mandate list. Carney said this goal would be accomplished by removing barriers to interprovincial trade and 'identifying and expediting nation-building projects that will connect and transform our country.' 'By Canada Day, our government intends to take action to eliminate all remaining federal barriers to internal trade,' he told reporters. 'On June 2, I will chair a major First Ministers Meeting in Saskatoon to strengthen the partnerships that are needed to build one Canadian economy out of 13, and to catalyze the significant nation building projects that will diversify and strengthen our economy.' Third on the to-do list is bringing down the cost of living, something that Carney told reporters would be accomplished by July 1 through a tax break. 'We will put more money in Canadians' pockets with a middle class tax cut that will take effect by Canada Day, saving two income families up to $840 a year,' he said. Rounding out the top five priorities listed in the letter are making housing more affordable by 'catalyzing a modern housing industry,' and making security a priority by strengthening the Canadian Armed Forces, securing the borders, and shoring up law enforcement. The final two priorities listed were attracting talent from across the globe to help build the economy, while also returning to sustainable immigration levels and cutting government spending with an increased reliance on artificial intelligence. The Canadian Press contributed to this report.
NDTV
24-05-2025
- Business
- NDTV
US Senators Upbeat About Mending Canada Ties After Mark Carney Meet
A group of US senators said Friday they felt hope after meeting with Canadian Prime Minister Mark Carney towards repairing bilateral relations and securing a new trade and security deal. Republican Senator Kevin Cramer of North Dakota said he was "encouraged by what we've heard today and I'm encouraged by what we're seeing in terms of moving forward together." The delegation, which also included Democrats Jeanne Shaheen, Amy Klobuchar, Tim Kaine and Peter Welch -- all of whom represent states that border Canada -- met with Carney as well as senior Canadian ministers for national defense, industry and foreign affairs. "We hope that this meeting will continue very positive discussions toward ensuring that some of the cracks that appeared in the relationship in recent months are healed and we move forward together," Shaheen told a news conference. Canada-US relations withered in recent months after US President Donald Trump slapped punishing tariffs on Canadian goods including automobiles, steel and aluminum, and mused about making Canada the 51st US state. Canada sends three-quarters of its exports to the United States, and Canadians have been angered by the tariffs and rhetoric, leading many to boycott US goods and travel. Trump has since suspended some of the US tariffs pending negotiations, while Canada has paused some countermeasures for six months. But the latest jobs report shows the levies are already damaging the Canadian economy while leading to increased volatility in the markets. The US senators said the strained relationship has been hard for Americans too, especially in states that border Canada. "Every single day, we feel it. We know it's been bad," Klobuchar commented. "But we just want to get to a better place, and that's why we're here today." There are tremendous opportunities to grow both economies, she added, "if we stick together." Cramer suggested that Canada and the United States close ranks against China, which he described as the number one threat to North America. "Therein lies what I believe to be one of the greatest opportunities to heal this relationship, because we can unite around that common adversary with our integrated supply chains and some of the unique qualities of each country," he said. "We don't have as much potash as y'all do, we don't have the critical minerals that Canada does," Cramer added.
Hindustan Times
23-05-2025
- Business
- Hindustan Times
US senators upbeat about mending Canada ties after PM meeting
A group of US senators said Friday they felt hope after meeting with Canadian Prime Minister Mark Carney towards repairing bilateral relations and securing a new trade and security deal. Republican Senator Kevin Cramer of North Dakota said he was "encouraged by what we've heard today and I'm encouraged by what we're seeing in terms of moving forward together." The delegation, which also included Democrats Jeanne Shaheen, Amy Klobuchar, Tim Kaine and Peter Welch all of whom represent states that border Canada met with Carney as well as senior Canadian ministers for national defense, industry and foreign affairs. "We hope that this meeting will continue very positive discussions toward ensuring that some of the cracks that appeared in the relationship in recent months are healed and we move forward together," Shaheen told a news conference. Canada-US relations withered in recent months after US President Donald Trump slapped punishing tariffs on Canadian goods including automobiles, steel and aluminum, and mused about making Canada the 51st US state. Canada sends three-quarters of its exports to the United States, and Canadians have been angered by the tariffs and rhetoric, leading many to boycott US goods and travel. Trump has since suspended some of the US tariffs pending negotiations, while Canada has paused some countermeasures for six months. But the latest jobs report shows the levies are already damaging the Canadian economy while leading to increased volatility in the markets. The US senators said the strained relationship has been hard for Americans too, especially in states that border Canada. "Every single day, we feel it. We know it's been bad," Klobuchar commented. "But we just want to get to a better place, and that's why we're here today." There are tremendous opportunities to grow both economies, she added, "if we stick together." Cramer suggested that Canada and the United States close ranks against China, which he described as the number one threat to North America. "Therein lies what I believe to be one of the greatest opportunities to heal this relationship, because we can unite around that common adversary with our integrated supply chains and some of the unique qualities of each country," he said. "We don't have as much potash as y'all do, we don't have the critical minerals that Canada does," Cramer added. amc/jgc
