Latest news with #Carney
Vancouver Sun
36 minutes ago
- Business
- Vancouver Sun
Carney says any trade deal with U.S. will likely include tariffs
OTTAWA — A trade deal with the United States will likely include some tariffs, Prime Minister Mark Carney indicated on Tuesday ahead of a meeting with his cabinet. Carney told reporters he expects the trade talks with the U.S. to 'intensify' ahead of the Aug. 1 deadline to secure a new agreement, but then in French he said the evidence suggests Donald Trump will not make any tariff-free deals. 'We need to recognize that the commercial landscape globally has changed. It's changed in a fundamental manner,' Carney said. 'We will continue to focus on what we can most control, which is building a strong Canadian economy, and that's part of what we'll be discussing in cabinet today.' Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Carney singled out work to make 'stronger' auto, aluminum and copper sectors — all industries specifically targeted by American tariffs. Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually. Industry Minister Melanie Joly, who was in Halifax giving a speech, told reporters following the meeting that cabinet had 'good and thorough' conversations on Canada-U.S. relations following the cabinet meeting at a press conference in Halifax. 'The goal is to ensure at the end of the day that we are protecting Canadian workers and we are making sure that Canada and Canadian's interest are protected,' Joly said. Joly did not take questions from reporters before she entered another meeting. The prime minister is also set to meet with Canada's premiers next week. Jean Simard, CEO of the Aluminum Association of Canada, said in an interview with The Canadian Press that it seems 'more and more evident' that countries will have to pay some sort of tariff to deal with the U.S. 'I think the hope for Canada is because we have a very strong and well-established agreement with the U.S. called the USMCA, that at the end of the day USMCA compliance access will remain,' Simard said in reference to the Canada-U.S.-Mexico Agreement on trade. Trump outlined his 35 per cent tariff plan to Carney in a letter sent on July 10. A White House official later said that new tariff won't apply to goods that are compliant with the Canada-U.S.-Mexico Agreement on trade. Canada typically refers to that agreement as CUSMA, while the U.S. tends to call it the USMCA. That same official added that formal paperwork had not been produced to establish the new tariff level and that Trump had not yet made a final decision about how it would be applied and things could still change. About 38 per cent of Canada's exports to the U.S. claimed preferential treatment under CUSMA, though the number that could apply for the exemption is much higher. Canada has yet to respond formally to the latest threat, or to Trump's recent moves to impose lofty tariffs on copper imports and double existing levies on steel and aluminum. Carney and Trump agreed last month to work toward a new trade and security pact by July 21, but the U.S. president unilaterally pushed back the timeline to secure a deal. Carney has said he would wait until the deadline before adjusting Canada's counter-tariffs on U.S. goods, based on where the U.S. tariffs were at then. Simard said the industry needs to see more short-term support 'very soon.' 'Markets have already reacted to a 50 per cent tariff on aluminum. It's not good. It's very destructive. It is very bad for the U.S. aluminum downstream industry and it's not good for us,' Simard said. Canada is the largest supplier of steel and aluminum to the U.S. The metals sector has seen job losses and decreased orders since Trump imposed tariffs. Trade deals the U.S. has announced since Trump returned to office all include some level of tariff. The trade deal with the U.K. includes a 10 per cent tariff on most goods, while the deal with Vietnam includes a 20 per cent tariff on Vietnamese goods and a 40 per cent levy on goods being shipped through the South Asian nation. Before boarding Marine One to head to Pennsylvania Tuesday afternoon, Trump said that a new trade deal with Indonesia will include 19 per cent tariffs, and no levy for the U.S. 'They are going to pay 19 per cent and we are going to pay nothing,' he said. 'I think it's a good deal for both parties.' Trump said a few more deals will be announced. 'India basically is working along that same line — we are going to have access to India,' Trump said. Trump said Monday that he saw the letters he sent to Canada, the European Union and Mexico about increased tariffs rates as 'the deals.' 'I watched a show this morning and they were talking about, 'Well when's he going to make the deal?' The deals are already made. The letters are the deals. The deals are made. There are no deals to make,' Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte. Trump repeated Tuesday that he saw his letter to the European Union threatening 30 per cent tariffs as the deal, but added the two sides are still in talks. The Trump administration may begin to face increased domestic pressure because of rising costs on consumer goods because of the global tariff campaign. U.S. inflation rose to its highest level since February as Trump's sweeping tariffs push up the cost of a range of goods including furniture, clothing and large appliances. American consumer prices rose 2.7 per cent in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month In Canada the annual pace of inflation accelerated to 1.9 per cent in June as consumers were paying more at car dealerships, Statistics Canada said Tuesday. The June price hike is up from 1.7 per cent in May and was largely in line with economists' expectations -With files from Keith Doucette in Halifax, Craig Lord in Ottawa and The Associated Press Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Edmonton Journal
40 minutes ago
- Business
- Edmonton Journal
Carney says any trade deal with U.S. will likely include tariffs
OTTAWA — A trade deal with the United States will likely include some tariffs, Prime Minister Mark Carney indicated on Tuesday ahead of a meeting with his cabinet. Article content Carney told reporters he expects the trade talks with the U.S. to 'intensify' ahead of the Aug. 1 deadline to secure a new agreement, but then in French he said the evidence suggests Donald Trump will not make any tariff-free deals. Article content Article content 'We need to recognize that the commercial landscape globally has changed. It's changed in a fundamental manner,' Carney said. 'We will continue to focus on what we can most control, which is building a strong Canadian economy, and that's part of what we'll be discussing in cabinet today.' Article content Article content Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually. Article content Industry Minister Melanie Joly, who was in Halifax giving a speech, told reporters following the meeting that cabinet had 'good and thorough' conversations on Canada-U.S. relations following the cabinet meeting at a press conference in Halifax. Article content Article content 'The goal is to ensure at the end of the day that we are protecting Canadian workers and we are making sure that Canada and Canadian's interest are protected,' Joly said. Article content Article content Joly did not take questions from reporters before she entered another meeting. Article content The prime minister is also set to meet with Canada's premiers next week. Article content Jean Simard, CEO of the Aluminum Association of Canada, said in an interview with The Canadian Press that it seems 'more and more evident' that countries will have to pay some sort of tariff to deal with the U.S. Article content 'I think the hope for Canada is because we have a very strong and well-established agreement with the U.S. called the USMCA, that at the end of the day USMCA compliance access will remain,' Simard said in reference to the Canada-U.S.-Mexico Agreement on trade. Article content Trump outlined his 35 per cent tariff plan to Carney in a letter sent on July 10. A White House official later said that new tariff won't apply to goods that are compliant with the Canada-U.S.-Mexico Agreement on trade. Canada typically refers to that agreement as CUSMA, while the U.S. tends to call it the USMCA.
National Post
40 minutes ago
- Business
- National Post
Carney says any trade deal with U.S. will likely include tariffs
Article content Canada has yet to respond formally to the latest threat, or to Trump's recent moves to impose lofty tariffs on copper imports and double existing levies on steel and aluminum. Article content Carney and Trump agreed last month to work toward a new trade and security pact by July 21, but the U.S. president unilaterally pushed back the timeline to secure a deal. Carney has said he would wait until the deadline before adjusting Canada's counter-tariffs on U.S. goods, based on where the U.S. tariffs were at then. Article content Simard said the industry needs to see more short-term support 'very soon.' Article content 'Markets have already reacted to a 50 per cent tariff on aluminum. It's not good. It's very destructive. It is very bad for the U.S. aluminum downstream industry and it's not good for us,' Simard said. Article content Canada is the largest supplier of steel and aluminum to the U.S. The metals sector has seen job losses and decreased orders since Trump imposed tariffs. Article content Trade deals the U.S. has announced since Trump returned to office all include some level of tariff. The trade deal with the U.K. includes a 10 per cent tariff on most goods, while the deal with Vietnam includes a 20 per cent tariff on Vietnamese goods and a 40 per cent levy on goods being shipped through the South Asian nation. Article content Article content Before boarding Marine One to head to Pennsylvania Tuesday afternoon, Trump said that a new trade deal with Indonesia will include 19 per cent tariffs, and no levy for the U.S. Article content 'They are going to pay 19 per cent and we are going to pay nothing,' he said. 'I think it's a good deal for both parties.' Article content Trump said a few more deals will be announced. Article content 'India basically is working along that same line — we are going to have access to India,' Trump said. Article content Trump said Monday that he saw the letters he sent to Canada, the European Union and Mexico about increased tariffs rates as 'the deals.' Article content 'I watched a show this morning and they were talking about, 'Well when's he going to make the deal?' The deals are already made. The letters are the deals. The deals are made. There are no deals to make,' Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte. Article content Trump repeated Tuesday that he saw his letter to the European Union threatening 30 per cent tariffs as the deal, but added the two sides are still in talks. Article content Article content The Trump administration may begin to face increased domestic pressure because of rising costs on consumer goods because of the global tariff campaign. Article content U.S. inflation rose to its highest level since February as Trump's sweeping tariffs push up the cost of a range of goods including furniture, clothing and large appliances. Article content American consumer prices rose 2.7 per cent in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month Article content
Business Wire
an hour ago
- Business
- Business Wire
WiresConnect Concludes with Game-Changing Vision for the Future of Connected Commerce
SEATTLE--(BUSINESS WIRE)-- WiresConnect, the first-ever conference hosted by The Wires, the parent company of the B2B2C platforms FashWire, GlossWire, and PawWire, brought together an invitation-only group of leaders across retail and technology for two days of strategic conversation and actionable insight. With a focus on connected commerce, the event convened founders, executives, operators, and investors who are building the future of consumer engagement for the retail sector. Shannon Maher, Dean of the School of Business and Technology at the Fashion Institute of Technology in New York, delivered the Welcome Address and Keynote Speech, setting an inspiring tone for the event. 'It was an honor to participate in WiresConnect, a dynamic platform that explores how innovation and education converge to shape the future of retail,' said Maher. 'As we prepare the next generation of founders and leaders, cross-industry collaboration is not just beneficial, it's essential to creating a more connected, inclusive, and sustainable commerce ecosystem.' Kimberly Carney, founder and CEO of The Wires, opened the event by setting the tone for what was to come. "We created WiresConnect to bring the most forward-thinking people in retail and technology into the same room to have real conversations about what is working, what is not, and what needs to happen next," said Carney. "The event went beyond the trends and drilled into the substance of the issues. We saw that in every session and every connection." One of the most memorable moments was a fireside chat between Carney and fashion industry icon Fern Mallis. The audience was captivated by Fern's personal stories and professional journey, including her key role in creating New York Fashion Week. The session sparked laughter, reflection, and ended with a standing ovation. "Interviewing Fern was one of the highlights of my career," said Carney. "Her legacy is extraordinary, and the way she shared her story with honesty, humor, and heart left a lasting impact on everyone in the room." "What stood out to me at WiresConnect was seeing so many founders engaged and open to hearing my story," said Fern Mallis, President of Fern Mallis LLC and creator of New York Fashion Week. "It was a reminder that the challenges and opportunities we face today aren't so different from those I encountered. Sharing my experience felt less like looking back and more like offering a perspective that can help shape what comes next." Another standout session featured Daymond John, founder of FUBU and longtime investor on ABC's Shark Tank, in conversation with Deborah Weinswig, CEO and founder of Coresight Research. Their exchange focused on brand authenticity, innovation, and the evolving expectations of today's consumers. 'It was an honor to be a guest speaker at WiresConnect,' said Daymond John, FUBU Founder & CEO and star of ABC's Shark Tank. 'When I started FUBU, community was at the core of everything we did. That same spirit drives the most successful brands today. Whether launching a new brand or scaling an existing one, consumers crave personalization. And in a post-COVID and AI-obsessed world, we need more truly unique in-person experiences like this to continue building community." Reflecting on their discussion, Weinswig said, "Daymond shared a rare blend of strategic clarity and lived experience. He has an intuitive understanding of how brands build trust with consumers. His emphasis on staying authentic while continuing to innovate really resonated with the audience." "The energy here was real," she added. "WiresConnect created a space where the right people were not just talking. They were planning and aligning around what comes next for commerce." Key takeaways from the conference emerged across panels and sessions: The Future of Beauty pushed attendees to reimagine what personalization really means in a world increasingly shaped by AI. The conversation moved beyond product to focus on trust, transparency, and cultural intelligence. It was a clear reminder that technology alone does not define innovation. Human insight still leads. Winning Brand Loyalty reminded us that today's consumers do not just buy products; they buy into purpose. Loyalty is now built through shared values, compelling storytelling, and authentic community. Emotional connection is not an extra. It is the brand. Integrating AI into Business explored how agentic AI is reshaping commerce while reinforcing that human connection remains essential. The panel emphasized that AI should be seamless and invisible, enhancing experiences without becoming a distraction. As customer journeys become more fragmented, AI can help build consistent, cross-platform engagement. Brandon Kissinger, Executive Chairman of SnapSoft, said, 'If AI brings you closer to your customers, you are on the right track. If it takes you away through automation, you are moving in the wrong direction.' Investing in Tomorrow offered a rare and candid look at how leading investors evaluate emerging brands. Beyond metrics and margins, what stood out most was the importance of founder clarity, adaptability, and the power of trust as a long-term asset. Fundable brands build relationships, not just presentations. Next Gen Circularity Solutions reframed sustainability as both a systems challenge and a business advantage. From material innovation to reverse logistics, the session highlighted how strategy and operations must align to unlock scalable impact. Circularity is no longer optional. It is essential. 'Closing the day with Fern Mallis and Daymond John was a true full-circle moment,' Carney said, reflecting on the event. 'Their clarity, warmth, and perspective grounded the future-focused discussions in real-world wisdom and reminded us why the beauty and fashion industries continue to matter. Overall, the conversations were forward-looking, the connections meaningful, and the momentum is already building toward what comes next.' WiresConnect marked a defining moment for The Wires, as its first-ever conference, and the broader community it brought together. Throughout the event, The Wires also shared its vision for a more intelligent and integrated commerce ecosystem. Upcoming platform features will help brands, retailers, and tech partners collaborate more easily across systems, with an emphasis on clarity, speed, and measurable impact. For more information on The Wires and to get updates on future events, visit: follow @WiresConnect and search #WiresConnect on social media platforms. About The Wires The Wires is a multi-vertical B2B2C technology company behind FashWire, GlossWire, PawWire, and WiresConnect. Its interactive platforms connect fashion, beauty, and pet care brands with consumers through immersive, real-time digital experiences. The Wires empowers global brands with AI-driven insights, actionable feedback, and advanced analytics to inform product development and increase profitability. WiresConnect further extends this ecosystem by enabling direct collaboration and networking between brands, retailers, and influencers. Together, these platforms are reshaping how brands grow, engage, and compete in a digital-first world. To learn more about The Wires, visit To learn more about FashWire, visit or download the app on the App Store or Google Play Store. To learn more about GlossWire, visit or download the app on the App Store or Google Play Store. To learn more about PawWire, visit or download the app on the App Store or Google Play.
Hamilton Spectator
2 hours ago
- Business
- Hamilton Spectator
New trade deal with the U.S. likely to include tariffs, Mark Carney says
OTTAWA—A trade deal with the United States is unlikely without some level of tariffs, Prime Minister Mark Carney said Tuesday. 'There's not a lot of evidence right now that agreements, negotiations with the Americans, for any country or any jurisdiction to have an agreement without tariffs,' he told reporters in French ahead of a cabinet meeting to discuss trade negotiations. His comments came a day after U.S. President Donald Trump declared that the letters he sent to Carney and other world leaders about new tariff rates are 'the deals.' 'The deals are made. There are no deals to make,' Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte. 'They would like to do a different kind of a deal and we are always open to talking.' In the letter sent to Canada Thursday night, Trump threatened to unilaterally impose a 35-per-cent tariff on imports from Canada by Aug. 1, pushing back a deal deadline previously set for July 21. A White House official later suggested that the new tariff would only apply to goods that already face a 25 per cent tariff, which would exempt many goods that comply with the Canada-U.S.-Mexico Agreement, although they indicated no decision was final. On Tuesday, Carney said his goal is to 'stabilize' the situation for Canada, describing the current tariff situation as 'almost free trade' between the neighbouring countries. Previously, Trump's envoy to Canada told the Star that American officials have asserted in negotiations that some level of tariffs on Canadian products is the new normal . Carney will also be convening an emergency first ministers' meeting in Huntsville before the start of the annual premiers' gathering on July 22.
