Latest news with #Mark Carney
New York Times
2 hours ago
- Business
- New York Times
Canada Says It Won't Accept a Trade Deal With the U.S. at ‘Any Cost'
With less than a week left for Canada to reach a trade deal with President Trump or face additional tariffs, Prime Minister Mark Carney on Tuesday downplayed the possibility of a breakthrough and suggested that Canada might walk away empty handed. Mr. Carney spoke after an emergency meeting of Canada's 10 provinces and three territories that he convened in response to Mr. Trump's threat to impose 35 percent tariffs on Canadian exports starting on Aug. 1. Asked about the likelihood of reaching a pact by that deadline, Mr. Carney said that 'we'll agree to a deal if there's one on the table that is in the best interest of Canadians,' but then later added in French that 'it's not our objective to have an agreement at any cost.' Mr. Carney said that Dominic LeBlanc, the cabinet minister who has been the government's chief go-between with the Trump administration and other Canadian officials, will be in Washington for the remainder of the week. 'They're complex negotiations and we will use all the time that's necessary,' Mr. Carney said as he left a resort that hosted the meeting. Mr. Carney had been optimistic that he could strike an accord that would eliminate tariffs Mr. Trump imposed this year, including 50 percent levies on steel and aluminum, and 25 percent tariffs on the value of autos excluding American-made parts. Want all of The Times? Subscribe.
Yahoo
a day ago
- Business
- Yahoo
Cleveland-Cliffs CEO Calls on Canada to Adopt Steel Tariffs
(Bloomberg) -- Cleveland-Cliffs Inc.'s chief executive Lourenco Goncalves is calling on Canadian Prime Minister Mark Carney to implement punishing steel import tariffs to protect the nation's industry. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom The notoriously combative US executive and vocal public supporter of President Donald Trump said on Monday that Carney and his cabinet should enact 'significant' trade protections for the nation's steel industry. Goncalves, who bought one of Canada's biggest steelmakers last year, blamed foreign imports for hurting the Canadian market, though he didn't point at American steel imports for the trouble. 'That was the main reason why I bought Stelco, because I believe in Canada. The problem is that apparently the Canadians, particularly the Canadian politicians, they don't believe in Canada,' Goncalves said Monday in an earnings call. 'Let's see how Prime Minister Carney will react. He's not a central banker anymore. I don't like central bankers, but now he's a prime minister, so time to step up and do what's necessary for Canada.' The call for stringent levies on steel comes as Canada pushes to relax tariff levels imposed by the US while carving out as many exceptions as possible. The country last week said it will reduce the amount of foreign steel importers can bring into the country tariff-free, a move to help Canadian producers suffering from Trump's levies on the sector. 'Canada can fix themselves. They import an amount of steel into Canada that's equivalent to the size of the Canadian market,' Goncalves said. 'The very first thing they need to tell foreigners, get out of my market.' Canada is the largest foreign supplier of steel to the US, according to US Commerce Department data. Goncalves also said on the earnings call that Cliffs has engaged JPMorgan Chase & Co. as an adviser for potential sales of the company's non-core assets, which 'could represent billions of dollars of value.' Cliffs is also receiving interest in some of its recently idled facilities, which could also sell for cash, he said. Shares of the Cleveland-based steelmaker rose almost 16% Monday in New York to the highest price since early March. --With assistance from Doug Alexander. (Adds CEO comments on sales process for non-core assets and shares in last two paragraphs.) Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Business
- Yahoo
U.S. senators in Ottawa urge Carney to quickly repeal digital services tax
OTTAWA — A U.S. senator is calling on Prime Minister Mark Carney to move quickly on repealing the digital services tax. "You all, to your credit, said you're not going to collect it. I asked that Canada move as quickly as possible to get a law passed in Parliament making sure that it's gone permanently," Ron Wyden, a Democratic senator from Oregon, told media Monday following a meeting between Carney and a bipartisan delegation of four U.S. senators in Ottawa. "The prime minister was receptive to that," Wyden added. "He said he would get on it in the fall." Carney said in late June he would eliminate the tax — just before a hefty retroactive payment was due that would have cost big U.S. tech companies an estimated $2 billion. The move came after U.S. President Donald Trump called a halt to bilateral trade talks over the tax, which would have imposed a three per cent levy on tech giants that generate revenue from Canadian users, such as Google, Amazon and Uber. While the Canada Revenue Agency is not asking for payments to be made through the tax, it has said it will not issue refunds to those who have already paid until Parliament passes a law formally ending the tax. Google also has said it will wait until that law is passed before refunding customers who paid a surcharge it imposed last year in response to the tax. The House of Commons is currently on summer break and is set to return on Sept. 15. The senators were in Ottawa to discuss the ongoing trade conflict between Canada and the U.S. In addition to Wyden, the delegation included Democratic senators Maggie Hassan of New Hampshire and Catherine Cortez Masto of Nevada, and Republican Lisa Murkowski of Alaska. Carney, who did not stop to talk to reporters after the meeting, remarked that it was a "very good" discussion. A media advisory from the U.S. Senate Committee on Finance said the four senators planned to "reaffirm the importance of ties between the United States and Canada" in meetings with Carney and other top government officials. In a letter to Carney on July 10, Trump threatened to impose 35 per cent tariffs on Canadian goods by Aug. 1, setting a new deadline for trade talks that were supposed to wrap up by now. Carney told reporters last week that a trade deal with the U.S. will likely include some tariffs, and that he expects talks with the U.S. to 'intensify' ahead of the Aug. 1 deadline. U.S. Commerce Secretary Howard Lutnick told an American television audience on Sunday that Canada will pay tariffs unless it opens its market to the United States. This report by The Canadian Press was first published July 21, 2025. Anja Karadeglija, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
a day ago
- Politics
- CBC
‘I cannot explain President Trump's rhetoric about the 51st state,' says Republican U.S. senator
U.S. Sen. Lisa Murkowski, speaking following a meeting with Prime Minister Mark Carney on Parliament Hill in Ottawa on Monday, says her advice to U.S. President Donald Trump on Canada relations is, 'constructive dialogue is going to be what reinforces this longstanding relationship between these two countries.'
Yahoo
2 days ago
- Business
- Yahoo
Trump's tariffs on Canada might be here to stay, U.S. Secretary of Commerce says
With less than two weeks to go for Canada to make a trade deal with the U.S., Prime Minister Mark Carney and the nation's premiers are set to tackle the issue during a three-day meeting in Ontario. As Mackenzie Gray reports, Trump's commerce secretary is making it clear the U.S. is firmly committed to imposing substantial levies if American demands are not met.
