Latest news with #CanadaGazette
See - Sada Elbalad
19-05-2025
- Business
- See - Sada Elbalad
Canada Temporarily Suspends Retaliatory Tariffs on US Imports
Israa Farhan Canada has temporarily suspended several retaliatory tariffs on US goods, but Finance Minister François-Philippe Champagne has denied reports suggesting the duties were lifted entirely. The tariffs, originally introduced by Prime Minister Mark Carney's government, targeted billions of dollars' worth of US imports in response to American trade restrictions on Canadian goods. Carney, elected on April 28 with a strong anti-Trump stance, had pledged to confront US tariffs head-on. During the election campaign, Canadian automakers were given temporary relief, provided they maintained production and investments within the country. According to the May 7 edition of the Canada Gazette, the suspended tariffs cover products vital to food and beverage processing, public health, national security, public safety, and manufacturing. A recent report from Oxford Economics noted that exemptions now apply to so many product categories that Canada's effective tariff rate on US goods has dropped to nearly zero. Opposition leader Pierre Poilievre referenced this report to accuse Carney of quietly reducing the retaliatory tariffs without public disclosure. Champagne rejected the claim, stating on social media platform X that Canada responded to US tariffs with the largest countermeasure in its history—$60 billion in duties on finished goods. He emphasized that 70% of those tariffs remain in place. A spokesperson for Champagne confirmed to Agence France-Presse that the government's response was designed to counteract US tariffs while minimizing economic harm to Canada. Audrey Millette, speaking on behalf of the minister, added that the six-month exemption period was intended to give Canadian companies more time to adjust their supply chains and reduce reliance on US suppliers. Despite the exemptions, Canada continues to impose approximately CA$43 billion (US$31 billion) in tariffs on American products. On Sunday, Prime Minister Carney met with US Vice President J. D. Vance in Rome following the inaugural mass of Pope Leo XIV at the Vatican. A statement from Carney's office said the two officials discussed trade tensions and the need to build a new economic partnership between the two nations. Vance briefly remarked that the meeting focused on shared interests, including the pursuit of fair trade policies. Canada, which exports nearly 75% of its goods to the United States, has been economically impacted by the tariffs imposed by former President Donald Trump. These included a 25% duty on Canadian imports, along with additional sector-specific tariffs on automobiles, steel, and aluminum. While some of these duties have been paused pending further negotiations, they continue to strain bilateral trade relations. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Daily Tribune
19-05-2025
- Business
- Daily Tribune
Canada pauses some counter tariffs against US
AFP | Ottawa Canada has temporarily paused some counter tariffs against the United States, but Finance Minister Francois-Philippe Champagne on Sunday pushed back against claims they have all been quietly lifted. The government of Prime Minister Mark Carney, who won Canada's April 28 election on a pledge to stand up to US President Donald Trump, had slapped counter tariffs on billions of dollars of imports from the United States in response to US tariffs on Canadian goods. During the election campaign, automakers were offered a reprieve, provided they maintained production and investment in Canada. This was outlined on May 7 in the Canada Gazette, the government's official newspaper, along with a pause on tariffs on products used in food and beverage processing and packaging, health, manufacturing, national security and public safety. Oxford Economics said in a report this week that the exemptions covered so many categories of products that the tariffs rate against the United States was effectively dropped to 'nearly zero.' Opposition leader Pierre Poilievre pounced on the claim, widely cited in the media, to accuse Carney of having 'quietly dropped retaliatory tariffs to 'nearly zero' without telling anyone.' Champagne called those assertions 'falsehoods.' 'To retaliate against US tariffs, Canada launched largest-ever response -- including $60B of tariffs on end-use goods. 70% of those tariffs are still in place,' he said on X. Canada's tariffs response, his office told AFP, 'was calibrated to respond to the US while limiting economic harm to Canada.' Tariffs relief was provided for six months to give some Canadian companies 'more time to adjust their supply chains and become less dependent on US suppliers,' Champagne spokesperson Audrey Milette said. Canada continues to charge tariffs on roughly Can$43 billion (US$31 billion) of US goods, she added. The US president has slapped general tariffs of 25% on Canada as well as sector-specific levies on autos, steel and aluminum, but he has suspended some of them pending negotiations.
Time of India
19-05-2025
- Business
- Time of India
‘Strongest when we work together': Canadian PM Mark Carney, JD Vance hold talks over tariffs, border security
Canadian Prime Minister and US Vice President held a bilateral meeting in Rome on Sunday to discuss trade tensions, border security and defence cooperation, amid mounting pressure over tariffs and a shifting economic relationship between the two neighbours. Tired of too many ads? go ad free now The meeting took place at the Villa Taverna, the US Ambassador's residence in Rome, shortly after they attended the inaugural Mass for at the Vatican. Describing the talks as constructive, Carney's office said the two spoke about 'immediate trade pressures and the need to build a new economic and security relationship.' Vice President Vance echoed a similar tone in a brief readout, calling it a 'casual meeting' focused on shared interests, particularly 'fair trade policies and the two nations' continued lasting relationship.' Carney later posted on social media and wrote, 'We spoke about building a new economic and security relationship between Canada and the United States — one that addresses immediate trade pressures, strengthens our defence cooperation, and secures our shared border. We're strongest when we work together.' The meeting follows weeks of uncertainty after the Canadian government paused some retaliatory tariffs it had imposed in response to US duties on Canadian goods. As per news agency AFP, Canadian finance minister François-Philippe Champagne rejected claims that Canada had fully dropped the tariffs, stating on X, '70% of those tariffs are still in place.' He added that Canada continues to charge tariffs on roughly Can$43 billion (US$31 billion) worth of US goods. The original countermeasures, imposed after US President Donald Trump reinstated steep tariffs on Canadian imports, were a central part of Carney's election campaign. Tired of too many ads? go ad free now He had promised to push back against US trade aggression, especially targeting auto and manufacturing sectors. While some relief was announced in the Canada Gazette on May 7 for industries including food processing, health, and national security, Champagne's office was quoted by AFP as saying that these exemptions were time-limited to help Canadian firms adjust supply chains. Still, a report by Oxford Economics, widely cited in Canadian media, claimed the range of exemptions effectively brought tariff rates 'to nearly zero.' Opposition leader Pierre Poilievre seized on the report to accuse the Carney government of backing down quietly. Champagne dismissed this as misinformation. The Carney-Vance talks come at a time when both governments are also prioritising the fight against fentanyl and illegal border crossings. Carney's office confirmed that 'efforts underway to secure borders, crack down on fentanyl, and increase investments in defence and security' were part of Sunday's discussion. As per AP, Vance is leading a broader US diplomatic push in Rome, including meetings with Ukrainian President Volodymyr Zelenskyy and European Commission chief Ursula von der Leyen. Vance also briefly met Pope Leo XIV, who has pledged to work toward peace in Ukraine and continue the humanitarian efforts initiated by his predecessor, Pope Francis. Both Carney and Vance agreed to maintain communication going forward, with their respective offices underlining the need for 'mutual co-operation' as the two countries navigate trade challenges and regional security concerns.
Business Recorder
19-05-2025
- Business
- Business Recorder
Canada pauses some counter tariffs against US
OTTAWA: Canada has temporarily paused some counter tariffs against the United States, but Finance Minister Francois-Philippe Champagne on Sunday pushed back against claims they have all been quietly lifted. The government of Prime Minister Mark Carney, who won Canada's April 28 election on a pledge to stand up to US President Donald Trump, had slapped counter tariffs on billions of dollars of imports from the United States in response to US tariffs on Canadian goods. During the election campaign, automakers were offered a reprieve, provided they maintained production and investment in Canada. This was outlined on May 7 in the Canada Gazette, the government's official newspaper, along with a pause on tariffs on products used in food and beverage processing and packaging, health, manufacturing, national security and public safety. Oxford Economics said in a report this week that the exemptions covered so many categories of products that the tariffs rate against the United States was effectively dropped to 'nearly zero.'
New Straits Times
19-05-2025
- Business
- New Straits Times
Canada pauses some counter tariffs against US
OTTAWA: Canada has temporarily paused some counter tariffs against the United States, but Finance Minister Francois-Philippe Champagne on Sunday pushed back against claims they have all been quietly lifted. This came as Prime Minister Mark Carney and US Vice President JD Vance discussed trade in Rome after they attended the inauguration mass at the Vatican for Pope Leo XIV. According to a readout from Carney's office, they spoke about "immediate trade pressures and the need to build a new economic and security relationship." Vance, in a brief statement, called it "a casual meeting" about their two nations' shared interests and goals, "including fair trade policies." Carney, who won Canada's Apr 28 election on a pledge to stand up to US President Donald Trump, had slapped counter tariffs on billions of dollars of imports from the United States in response to US tariffs on Canadian goods. During the election campaign, automakers were offered a reprieve, provided they maintained production and investment in Canada. This was outlined on May 7 in the Canada Gazette, the government's official newspaper, along with a pause on tariffs on products used in food and beverage processing and packaging, health, manufacturing, national security and public safety. The moves went mostly unnoticed until Oxford Economics said in a report this week that the exemptions covered so many categories of products that the tariff rate against the United States was effectively dropped to "nearly zero." Opposition leader Pierre Poilievre pounced on the claim, cited in the media, to accuse Carney of having "quietly dropped retaliatory tariffs to 'nearly zero' without telling anyone." Champagne called those assertions "falsehoods." "To retaliate against US tariffs, Canada launched largest-ever response -- including US$60.00B of tariffs on end-use goods. Seventy per cent of those tariffs are still in place," he said on X. Canada's counter tariffs, his office told AFP, were "calibrated to respond to the US while limiting economic harm to Canada." Tariff relief was provided for six months to give some Canadian companies "more time to adjust their supply chains and become less dependent on US suppliers," Champagne spokesperson Audrey Milette said. Canada continues to charge tariffs on roughly Can$43 billion (US$31.00 billion) of US goods, she added. The nation of 41 million people sends three-quarters of its exports to the United States, and the latest jobs report shows tariffs imposed by Trump are already damaging the Canadian economy. The US president has slapped general tariffs of 25 per cent on Canada as well as sector-specific levies on autos, steel and aluminium, but he has suspended some of them pending negotiations.
