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Toronto Sun
02-08-2025
- Business
- Toronto Sun
Canada weighs retaliation cost against Trump tariffs as analysts warn hitting back isn't worth it
Published Aug 02, 2025 • Last updated 10 minutes ago • 4 minute read Tractor trailers entering the U.S. from Canada at the Pacific Highway Border Crossing in Blaine, Washington, on Monday, March 3, 2025. Photo by David Ryder / Bloomberg Canada's decision to retaliate against U.S. tariffs earlier this year appears to be driving a divergence in how President Donald Trump is dealing with America's neighbours. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Until this week, Canada and Mexico received similar treatment in White House trade actions. Each was subject to a 25% base tariff, with a large exemption for goods shipped under the North American free trade pact known as CUSMA (or USMCA). That changed on Thursday, when Trump granted Mexico a 90-day pause on tariff hikes while jacking up its tax on Canadian products to 35%. The administration said Canada's higher rate was a response to fentanyl trafficking and its moves to hit back with counter-tariffs. The situation leaves Prime Minister Mark Carney with a political dilemma. On one hand, he won an election by promising a muscular approach to the trade war, saying the government would use tariffs to cause 'maximum pain' in the US. His voters remember that, and some want him to punch back. This advertisement has not loaded yet, but your article continues below. Yet the retaliatory measures already undertaken failed to prevent further escalations. Instead, they appear to have emboldened Trump's team to hit even harder. U.S. administration officials including Commerce Secretary Howard Lutnick frequently talk about how only two countries retaliated against Trump's tariffs — the other was China. 'Canada's retaliatory trade measures against the United States further complicate bilateral efforts to address this escalating drug crisis,' the White House said in a fact sheet, referencing fentanyl. But Mexico is a much larger source of shipments of the drug into the U.S., according to Customs and Border Protection data. Carney, an economist and former central banker, has also made it plain he believes retaliation can only go so far. In fact, his government has watered down Canada's counter-tariffs with a number of exemptions, declined to increase them when the U.S. lifted steel and aluminum tariffs to 50% and scrapped a tax on technology services at Trump's request. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Dominic LeBlanc, the minister in charge of trade talks, told Radio-Canada on Friday the government hasn't made any decisions about further retaliation. But Carney is clearly reluctant to do so — which 'reflects the reality that counter-tariffs are understood to be economically harmful to the country which imposes them,' said David Collins, a professor specializing in international trade at City St George's, University of London. The government's priority is to keep the CUSMA carve-out that dramatically lowers the real tax on Canadian goods. The effective U.S. tariff rate on Canada is about 6.3%, according to Bank of Nova Scotia economists. 'A more diplomatic approach is likely to bear more fruit with the Americans,' Collins said. This advertisement has not loaded yet, but your article continues below. Canada imposed two rounds of counter-tariffs in March, when Justin Trudeau was in his final days as prime minister. The first placed 25% levies on about $30 billion of imports from the U.S. that included food items, clothing and motorcycles. The second came when Trump put tariffs on steel and aluminum. Then, when Trump added tariffs to foreign automobiles, Carney essentially matched that move, imposing similar fees on U.S. cars and trucks. But in mid-April, the government unveiled a series of exemptions for business inputs — goods imported for use in manufacturing and food packaging, as well as things needed for health care, public safety and security. Automakers such as General Motors Co. and Honda Motor Co. that make vehicles at Canadian plants were also made eligible for relief from import taxes. This advertisement has not loaded yet, but your article continues below. The large majority of U.S. products can still enter Canada tariff-free. U.S. companies and other entities exported about $440 billion of goods and services to Canada last year — more than to any other nation. For Canada, 'the logic for escalation over cooperation is just weak,' said Oliver Lavelle, global macro strategist at Thiel Macro LLC. Mexico's Way Mexican President Claudia Sheinbaum, in contrast, has never imposed counter-tariffs on the U.S. Sheinbaum's position is also supported by her high approval ratings, which have remained above 75% in most polls. 'It's worth saying: President Trump treats us with respect in all the calls we've had, and we do too,' she said during a new conference. 'We may not agree, but the treatment is respectful.' This advertisement has not loaded yet, but your article continues below. A statement issued late Thursday night by Carney's office expressed disappointment in Trump's tariff hike on Canada, but made no mention of retaliation. A spokesperson for Carney declined to comment further. LeBlanc said he met with Lutnick on Tuesday night, and that Canadian officials held other meetings throughout the week, but a deal acceptable to both sides 'was not yet visible.' In his statement, Carney acknowledged that lumber, steel, aluminum and autos are still subject to U.S. levies, and said his government 'will act to protect Canadian jobs, invest in our industrial competitiveness, buy Canadian, and diversify its export markets.' 'Jitters' But while the CUSMA exemption gives Canada some breathing room, the sectoral tariffs on steel and aluminum are still harmful and will affect economic growth if they're in place for long, Collins said. This advertisement has not loaded yet, but your article continues below. Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said the idea that Canada is getting off lightly is 'both overstated and potentially premature.' Canadian industries are more reliant on U.S. exports than their overseas competitors, and Trump could also chose to weaken the CUSMA exemption at any time, he said in a note to investors. 'We are still hopeful for a deal that relieves at least some of the pressure on base metal exporters,' Shenfeld said. 'But whether any of this lasts will depend on Trump's word, and we've seen how shaky that foundation can be, leaving jitters that could impact business capital spending and confidence ahead.' —With assistance from Mario Baker Ramirez and Carolina Millan. Read More Toronto Blue Jays Columnists Columnists Toronto & GTA Canada
Boston Globe
08-07-2025
- Business
- Boston Globe
OpenAI, Microsoft back new academy to bring AI into classrooms
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up MANUFACTURING Advertisement Boeing delivers most jets in 18 months with boost from Beijing Advertisement Boeing Co. 737 Max airplanes outside the company's manufacturing facility in Renton, Wash. David Ryder/Bloomberg Boeing Co. said it delivered 60 aircraft in June, its best showing in 18 months that reflects improvements in its factories and the resumption of US jet exports to China. The US planemaker handed over 42 of its 737 Max models last month, the most since a near-catastrophe plunged it into crisis in early 2024. Eight of Boeing's deliveries went to China after President Trump and Chinese leader Xi Jinping backed away from a showdown over tariffs. In all, Boeing delivered 150 aircraft in the second quarter, and 280 commercial planes during the first six months of the year, according to a statement. The manufacturer said it recorded 668 gross jet orders during the first half against 43 cancellations and conversions. The US manufacturer has begun to make progress in returning its factories to a steadier tempo. It's also cushioned by a surplus of inventory as a consequence of a strike in late 2024 and its decision earlier in the year to slow production to address quality shortfalls after a door-shaped panel blew out of an airborne 737 Max. However, Boeing is again in the spotlight after a 787 Dreamliner operated by Air India crashed seconds after take-off last month, days before the Paris Air Show. — BLOOMBERG NEWS CLIMATE Texas disaster adds to US flood costs that exceed $200 billion A child helps volunteers organize donations for victims of flash flooding in Texas inside the gym at Center Point Elementary in Center Point, Texas, on July 7. Ashley Landis/Associated Press The deluge in Texas last week ranks as one of the deadliest and costliest flash floods in US history, highlighting the mounting threat to communities that aren't prepared for extreme rainfall. It's too early to know the exact toll of the flooding in Texas, which killed more than 100 people. But a preliminary estimate from AccuWeather Inc. puts the total damage and economic loss at $18 billion to $22 billion, a figure that includes direct and indirect impacts as well as long-term effects on businesses like tourism. 'Flood risks are escalating under climate change,' said Megan Mullin, a professor of public policy at the University of California, Los Angeles. 'We're getting wetter storms, and they're becoming really concentrated in time in many places, and our infrastructure isn't set up to protect people from those kinds of storms.' From 1980 through last year, flooding killed hundreds of people nationwide and inflicted at least $203.3 billion in losses, according National Centers for Environmental Information data adjusted for inflation. That's about $50 billion more than the toll of wildfires over the same period. The United States stopped collecting this data, which captures only direct losses from disasters that cost $1 billion or more, after President Trump took office for his second term. — BLOOMBERG NEWS Advertisement LABOR Trash and tension mount in Philadelphia on Day 8 of workers strike, while some seek pop-up haulers Trash piles up at a garbage collection site on July 3 in Philadelphia. Matt Slocum/Associated Press As trash and tempers heat up across Philadelphia on Day 8 of a strike by blue-collar city workers Tuesday, some residents and small business owners are hiring pop-up hauling services to clear their blocks of garbage, even as they broadly support the union's quest for higher pay. Mayor Cherelle Parker, a Democrat, is standing firm in her offer of raises of about 3 percent per year over a three-year contract, which comes on top of a 5 percent raise she gave as an olive branch to all four major city unions after taking office last year. The strike by District Council 33 of the American Federation of State, County and Municipal Employees involves nearly 10,000 workers, although judges have sided with the city in ordering some critical employees back to work at the city's 911 centers, water department, and airport. Judges have also decreed a temporary halt on evictions. The two sides have met only intermittently since the strike began, but there was hope they would return to the bargaining table on Tuesday. — ASSOCIATED PRESS Advertisement RETAIL Michaels pulls line of coffee products made by former CEO's romantic partner A Michael's craft store in Albany, N.Y., on March 24, 2020. GABBY JONES/NYT Michaels Cos. is trying to rid its shelves of a line of coffee products launched by a romantic partner of its former CEO as the arts and crafts retailer tries to move past a corporate ethics scandal that ensnared multiple chains over more than a decade. Incredibrew, a company founded by Chandra Holt that sells coffee pods infused with vitamins and supplements like collagen and melatonin, appears to have been pulled from Michaels' website. Now it's being discontinued at some stores, and heavily discounted at at least one location in order to move the products off the shelves faster, according to people familiar with the products who were not authorized to speak publicly on the matter. Holt had a personal relationship with Ashley Buchanan, who was once the CEO of Michaels. Buchanan was terminated from the top job at Kohl's Corp. earlier this year only months into his tenure after the board determined he had directed millions of dollars of business toward Holt and had not disclosed his personal relationship with her. — BLOOMBERG NEWS FEDERAL RESERVE Trump says Powell should 'resign immediately' if he misled Congress Fed Chair Jerome Powell. Al Drago/Photographer: Al Drago/Bloomberg President Trump said Jerome Powell should 'resign immediately' if allegations from an administration official that the Federal Reserve chair misled lawmakers prove true, while deepening his personal attacks against the head of the central bank over interest rate policy. Trump, speaking in a Cabinet meeting Tuesday, called Powell 'terrible,' and told reporters that if allegations he deceived Congress over renovations to the Federal Reserve's headquarters proved true, it would be grounds for a swift exit. 'Then he should resign immediately,' Trump said. 'We should get somebody in there that's going to lower interest rates.' In a subsequent social media post, Trump accused the Fed chair of 'whining like a baby about non-existent Inflation for months, and refusing to do the right thing.' 'CUT INTEREST RATES JEROME — NOW IS THE TIME!' Trump wrote. A Fed spokesperson declined to comment after Trump's Cabinet meeting remarks. Trump has repeatedly assailed Powell over the bank's decisions to hold rates steady this year, saying last month that he would choose a successor who will cut borrowing costs. Powell's term as chair expires in May 2026. Some media reports have asserted the Fed's renovation of its headquarters has seen swelling costs and includes several extravagant features. Fed budget documents for 2023 attributed rising renovation costs to 'significant increases in raw materials costs which far exceed standard cost escalations, higher labor costs and changes in construction schedule expectations.' While acknowledging cost overruns before lawmakers, Powell disputed portions of the media reports about the project, calling them 'flatly misleading.' — BLOOMBERG NEWS Advertisement
GMA Network
30-06-2025
- GMA Network
Two firefighters killed in Idaho ambush, suspect dead, sheriff says
Firefighters walk past a law enforcement checkpoint a day after two firefighters were shot dead while responding to a fire and the body of a man was later found with a gun nearby in the Canfield Mountain area outside Coeur d'Alene, Idaho, US. June 30, 2025. REUTERS/David Ryder A gunman ambushed and shot dead two firefighters responding to a forest fire in northern Idaho on Sunday, wounding one other during an hours-long incident before the suspect was found dead, the Kootenai County Sheriff's Office said. Law enforcement officers and firefighters took sniper fire during the incident at Canfield Mountain, a nature zone popular with hikers near Coeur d'Alene, about 260 miles (420 km) east of Seattle, Sheriff Bob Norris said. "We do believe that the suspect started the fire," Norris told a press conference. "This was a total ambush. These firefighters did not have a chance." A third wounded firefighter was "fighting for his life" after surgery and was in a stable condition, Norris added. Officers exchanged gunfire with the suspect but it was not clear if the gunman was hit and killed, or if he killed himself. The motive for the shooting was not known and Norris did not provide any details on the suspect, saying officers were still working to identify the man. More than 300 law enforcement officers from the city, county, state and federal levels responded to the scene of the shooting, including two helicopters with snipers aboard. Norris said the shooter used a high-powered sporting rifle to fire rapidly at first responders, with law enforcement initially unsure of the number of perpetrators involved. Norris would not provide more details on weapons recovered, saying officers would likely find more guns at the scene on Monday, once the fire was extinguished. Firefighters came under fire almost immediately upon arriving at the scene and did not know where the gunfire was coming from. The suspect was found using cell phone location information and his body was removed by a SWAT team as the fire approached. Video showed smoke billowing from heavily wooded hillsides and armed responders preparing, while several ambulances and emergency vehicles were seen entering a nearby hospital. "FBI technical teams and tactical assets are currently on the scene providing support," FBI deputy director Dan Bongino wrote on X. Firefighters received the first call of a fire around 1:21 p.m. (2021 GMT) and about 40 minutes later, reports emerged that they were being shot at, Norris said. "This is a heinous direct assault on our brave firefighters," Idaho Governor Brad Little said on X. "I ask all Idahoans to pray for them and their families as we wait to learn more." Gun ownership is widespread in the U.S., where the Constitution protects the rights of Americans to "keep and bear arms." Deaths related to gun violence are common - 17,927 people were murdered with a gun in 2023 in the U.S., according to the most recent available data from the Centers for Disease Control and Prevention. — Reuters
Toronto Sun
19-06-2025
- Business
- Toronto Sun
Amazon orders some corporate employees to relocate to Seattle and other U.S. hubs
One source said the relocation policy will affect thousands of employees on several teams Published Jun 19, 2025 • 2 minute read The Amazon Inc. headquarters in Seattle, Washington on Tuesday, Sept. 24, 2024. Photo by David Ryder / Bloomberg Inc. is ordering some corporate employees to move closer to their managers and teams, roiling a workforce already worried about job cuts and warnings from the top that artificial intelligence will shrink their ranks in the coming years. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Workers are being told to relocate to such cities as Seattle; Arlington, Virginia; and Washington DC, which in some cases would require them to move across the country, according to people familiar with the situation. Amazon is mostly rolling out the mandate in one-on-one meetings and town halls rather than sending out a mass email, said the people, who requested anonymity because they aren't authorized to discuss company plans. One of the people said the relocation policy will affect thousands of employees on several teams. Mid-career professionals with children in school and partners in established careers are reluctant to make big moves in light of Amazon's belt-tightening efforts. An Amazon spokesperson said 'for more than a year now, some teams have been working to bring their teammates closer together to help them be as effective as possible, but there isn't a one-size-fits all approach and there hasn't been a change in our approach as a company.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Amazon employees have been sharing information about the relocation mandate on the company's internal slack channels, according to documents reviewed by Bloomberg. One employee said their manager informed the team of the need to relocate and told them they had 30 days to make a decision. Then they had 60 days to either resign or begin their relocation process, according to the person, who said they were told there would be no severance for employees who resigned in lieu of relocating. The company spokesperson said 'we hear from the majority of our teammates that they love the energy from being located together, and whenever someone chooses to or is asked to relocate, we work with them to offer support based on their individual circumstances.' This advertisement has not loaded yet, but your article continues below. When Chief Executive Officer Andy Jassy ordered employees to return to the office five days a week beginning earlier this year, there was no requirement that they move to specific offices. Amazon has satellite workplaces around the country, including major metropolitan areas like New York, Boston, Los Angeles, Dallas and Austin, giving workers some flexibility about where they lived. Many employees were hired to fully remote positions during the pandemic. In 2022, Jassy initiated Amazon's biggest-ever round of corporate job cuts, which ultimately eliminated 27,000 positions across the Seattle-based company. There have since been several smaller rounds of reductions targeting particular departments. Telling workers to relocate will likely prompt some to quit, which can be a less expensive way to reduce headcount than executing layoffs and paying severance packages. Jassy on Tuesday said he expects the company's workforce to shrink in coming years due to AI advancements that will be capable of performing some employee functions. The announcement, while not entirely unexpected, set off a round of hand-wringing on internal messaging boards. NHL Soccer Columnists Sunshine Girls Toronto Maple Leafs
The Standard
13-06-2025
- Politics
- The Standard
Judge temporarily bars Trump from deploying National Guard troops in Los Angeles
National Guard members stand guard outside the Edward R. Roybal Federal Building as a demonstrator takes part in a protest against federal immigration sweeps, in Los Angeles, California, U.S., June 12, 2025. REUTERS/David Ryder
