Latest news with #USMCA
NZ Herald
an hour ago
- Business
- NZ Herald
NZ sharemarket closes up more than 1% as heavyweight stocks rally
'Even though Trump sent a letter to Mexico, it won't affect goods that are compliant with the USMCA [United States-Mexico-Canada Agreement]. So there's still a feeling that Fisher & Paykel will be compliant and exempt,' Smith said. 'I suppose after the initial concern around those letters that were sent on the weekend, the market has gained some poise and become a bit more relaxed about the situation overall.' Fisher & Paykel Healthcare rose 76c to $36.75 after 333,220 shares changed hands to the value of $12,182,093.91. Infratil also had a positive day, with its share price rising to $11.38, with $11,103,102.81 worth of shares changing hands. Elsewhere, Auckland Airport said the Ministry for Business, Innovation and Employment (MBIE) had provided an update to those who made submissions on its recent request for viewpoints on the effectiveness of the economic regulation of airport services. In its findings, MBIE advised that at this time, it is not considering legislative change. 'A bit of relief around the fact that regulatory oversight is now a non-issue, and it was now off the table,' Smith said. Auckland Airport shares subsequently rallied 4.36% to $7.78, with 1,363,985 shares changing hands to the value of $10,580,401.99. Meanwhile, a2 Milk's share price also climbed, rising 4.81% to $8.28 after $4,056,430.72 worth of shares were traded. 'The Chinese infant milk market is shrinking, but the reality is a2 has been taking market share, and I suppose there's some optimism that the result in mid-August will be a good one,' Smith said. Wall Street stocks finished higher on Wednesday local time, shrugging off a mid-session swoon after US President Donald Trump denied he was planning to fire Federal Reserve chairman Jerome Powell. Major indices had moved suddenly negative after reports that a dismissal could be imminent. They recovered quickly when Trump ruled out firing Powell, for now. Trump, who has bitterly attacked the Fed chairman for months, said such a move was 'highly unlikely' and that 'I'm not talking about that' when asked if he would fire Powell. The tech-rich Nasdaq Composite index advanced 0.3% to 20,730.49, a third straight closing record. The Dow Jones Industrial Average gained 0.5% to 44,254.78, while the broad-based S&P 500 advanced 0.3% to 6,263.70. 'It's very clear that the market wants to go higher,' said Adam Sarhan of 50 Park Investments, who described investor reaction to Trump's mixed messaging on Powell as typical of a bullish tilt. 'Every time we get bad news thrown at it, the market shrugs it off and continues to rally, including today,' Sarhan said. – Additional reporting AFP Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
Al Jazeera
12 hours ago
- Business
- Al Jazeera
Canada introduces tariffs on trade partners to protect domestic industries
Canadian Prime Minister Mark Carney has said that Canada will introduce a tariff rate quota on countries it has free trade agreements with, excluding the United States, in order to protect its domestic steel industry. Carney announced the new measures on Wednesday. The plan includes a 50 percent tariff that will apply to imports from relevant countries that surpass the 2024 volumes, though Canada will honour existing arrangements with its United States-Mexico-Canada Agreement (USMCA) trade partners, Carney said. Canada will implement additional tariffs of 25 percent on steel imports from all countries containing steel melted and poured in China before the end of July. Carney is responding to complaints from the domestic industry, which had said that other countries are diverting steel to Canada and making the domestic industry uncompetitive due to US tariffs. The Canadian steel industry had asked the government to introduce tougher anti-dumping measures to protect the domestic industry. US President Donald Trump increased import duties on steel and aluminium to 50 percent from 25 percent earlier this month. Canada is the top seller of steel to the US. Carney also said domestic steel companies would be prioritised in government procurement, and he introduced a fund of one billion Canadian dollars ($730m) to help steel companies advance projects in industries such as defence. 'These measures will ensure Canadian steel producers are more competitive by protecting them against trade diversion resulting from a fast-changing global environment for steel,' Carney said on Wednesday. For countries without free trade agreements with Canada, the government lowered the tariff-free quota to 50 percent of 2024 volumes from 100 percent previously. Above the quota, imports will also face a 50 percent tariff. Catherine Cobden, president and CEO of the Canadian Steel Producers Association, in an interview with broadcaster CBC, said the timing wasn't sufficient for domestic steelmakers confronting a crisis. 'This is something we should have been doing all along, but it's fantastic to see that we are making progress,' Cobden said. In a separate statement, Canadian steel maker Evraz said it has filed a complaint against steel imports from Mexico, the Philippines, South Korea, Turkiye and the US, against unfairly priced imports of oil country tubular goods.
Forbes
12 hours ago
- Automotive
- Forbes
Canada Tariffs Could Hit Drivers Hard—How To Cut Car Expenses With These Tips
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. President Trump announced a slew of tariffs on imports last week, with a proposed 35% tariff on Canadian goods, including in the automotive sector, which could deeply affect American drivers. Trump announced the tariffs on Truth Social with screenshots of a letter sent to Canada's prime minister, citing Canada's 'failure' to prevent America's fentanyl crisis and retaliation with its own tariffs as the reason for the imposition. Canada is one of America's top two trading partners, alongside Mexico, and is part of the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA) in 2020. According to the Office of the United States Trade Representative, Canada was America's largest partner for exports and the third-largest source for U.S. imports last year. Canada accounted for 12.5% of total U.S. trade—more than $57 billion— in May alone, according to the U.S. Census Bureau . The U.S. relies on Canada to provide energy products and natural resources such as oil, natural gas and electricity, as well as vehicles and auto parts, industrial machinery and labor. Canada and Mexico also purchase over 20% of America's manufacturing output, which supports approximately 2 million American jobs and 43,000 businesses, according to the U.S. Trade Representative. In a recent NPR interview, Ford CEO Jim Farley said it's 'inconceivable' to think that prices on cars won't go up as a result of tariffs. Cullen Hendrix, a political scientist and senior fellow at the Peterson Institute for International Economics, notes that sectoral tariffs alone in the auto, steel and aluminum, and energy sectors had a 'striking' impact on Canada-U.S. trade flows, with Canadian exports to the U.S. down 14.5% from last year. Regarding new tariffs collected, Hendrix says, 'Those are revenues that ultimately are going to be borne by either the U.S. consumers or the U.S. firms that are importing these goods in the form of smaller margins, essentially having to eat some of the cost of the tariffs.' When it comes to the automobile industry, the tariffs could have a pronounced impact on virtually every sector of production and assembly. '[It] affects all of the intermediate components, the wiring harnesses, the glass, the assembly housings, transmissions, that are being manufactured on one side of the border and then being moved across it,' Hendrix explains. 'Previously, that would have been done for free in order to be put in the next stage of the industrial process, in order to deliver a final good to the consumer. The effects of all of this at the end of the day are inflationary.' Whether the tariffs will be implemented come August 1 is hotly contested. Since Trump announced his first tariff upon inauguration, he has flip-flopped on his plans dozens of times . Hendrix, noting that tariff deals take time to negotiate, cites his doubt that the deals will be properly set in motion in time. 'An actual trade deal usually takes years to negotiate, and these are incredibly complicated documents. Just download a copy of the USMCA, for instance, and you'll quickly realize that you're staring at a document that's significantly longer than the Bible,' he says. 'Because of that, I think the idea you would get 90 deals in 90 days was always a pipe dream.' While experts hedge their bets on the deadline, U.S. automobile owners and drivers can still prepare for the worst and consider ways to cut back on costs. Tools like credit cards can help with day-to-day spending on gas and EV charging, especially alongside higher gas taxes recently rolled out in several states . While petroleum prices may or may not skyrocket, the least you can do is capitalize on maxing out rewards for maximum spend. The best credit cards for gas of 2025 can help you save thousands at the pump and help offset any future inflationary costs. Read more: Best Credit Cards for Gas of 2025 Annual fee: $0 Rewards: 5% cash back on up to $1,500 in combined purchases in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Travel℠, 3% cash back on dining and drugstores and 1% cash back on all other purchases Why we like it: The Chase Freedom Flex® * offers cash back on gas purchases during promotional quarters with rotating categories. When gas is an eligible category, drivers can earn 5% on up to $1,500 in gas. Plus, it comes with a $0 annual fee and 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.99% to 28.49% applies. Balance transfer fee of up to 5% (min. $5) of the amount of each transfer applies. Blue Cash Preferred® Card from American Express Annual fee: $0 intro annual fee for the first year, then $95 (Terms apply, see rates & fees) Rewards: 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more) and 1% cash back on other eligible purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at checkout Why we like it: A generous 3% cash back on gas at U.S. gas stations is a no-brainer. With a $0 intro annual fee for the first year, then $95 annual fee, it's a strong contender for a go-to daily driver, with incentives on popular categories like select streaming services and U.S. supermarkets, perfect for families and everyday spending. Annual fee: $0 Rewards: 5% cash back on purchases in a top eligible spend category up to the first $500 spent each billing cycle, 4% cash back on hotels, car rentals, and attractions booked through Citi Travel and 1% cash back on all other purchases Why we like it: If gas is your highest expense, this card can help you save 5% on gas purchases each billing cycle, up to $500 in purchases. Citi Strata Premier® Card Annual fee: $95 Rewards: 10 points per dollar spent on hotels, car rentals and attractions booked on 3 points per dollar on restaurants, supermarkets, gas & EV stations, air travel and other hotel purchases and 1 point per dollar on all other purchases Why we like it: Our top pick for the best credit cards for gas purchases , thanks to its flexible rewards. It's a solid gas card, but also a versatile jack-of-all-trades option for supermarkets, hotels, restaurants and air travel. Wells Fargo Autograph® Card (rates & fees) Annual fee: $0 Rewards: 3 points per dollar at restaurants, travel, gas stations, transit, popular streaming services and phone plans, 1 point per dollar on other purchases Why we like it: For a card that charges a $0 annual fee, there's a solid earn rate across a number of popular categories, including at gas stations. Plus, there's an introductory APR that is great if you're looking to make a big purchase when getting the card. To view rates and fees for Blue Cash Preferred® Card from American Express please visit this page.
Yahoo
13 hours ago
- Business
- Yahoo
Canada introduces new tariffs, investment plan to support steel industry
-- Prime Minister Mark Carney unveiled a sweeping industrial strategy Wednesday aimed at reinforcing Canada's steel sector, as the country grapples with U.S. tariffs and surging global steel distortions. The measures are designed to curb harmful trade diversion, strengthen domestic supply chains, and prepare Canadian producers for deep shifts in global steel markets. Canada is among the most exposed advanced economies to structural shifts in the steel industry, given its large export volumes, open import market, and high per capita consumption. 'Our steel industry will be central to Canada's competitiveness, our security, and our prosperity,' said Carney in announcing the initiative. The government will impose a series of targeted tariff changes, reducing the steel import quota for non-free trade agreement (non-FTA) countries to 50% of 2024 volumes, with a 50% tariff on imports above that threshold. For FTA partners outside the U.S., the quota will remain at 100% of 2024 levels with the same overage tariff, while existing USMCA rules covering U.S. imports remain unchanged. Further, by the end of July, a 25% tariff will apply to all steel imports from non-U.S. countries containing steel 'melted and poured in China.' These measures, according to government statements, aim to 'prevent harmful trade diversion amid current tensions in global steel trade,' particularly in light of U.S. tariffs that have disrupted North American supply chains. Beyond defensive tariffs, the government pledged C$1 billion through the Strategic Innovation Fund to help Canadian steel producers develop new products and onshore capabilities. Another C$70 million will go toward Labour Market Development Agreements to support and reskill up to 10,000 affected workers in the steel sector. The federal government is also preparing a major expansion of financial supports through Regional Development Agencies and the Business Development Bank of Canada, including C$150 million in regional tariff response funding and enhanced access to low-cost loans. Minimum eligibility thresholds for the Large Enterprise Tariff Loan program will be lowered significantly, extending access to more mid-sized firms. Procurement rules will also be revised to channel more federal construction and infrastructure spending toward domestic producers. 'As Canada moves from reliance to resilience, Canada's new government is taking a series of major measures to support, reinforce, and transform the industry,' Carney said. The measures come as Canada continues negotiations with Washington following the Trump administration's decision to impose 25% tariffs on Canadian steel in March, which were later increased to 50% in June. With no resolution yet in place, Ottawa's approach aims to stabilize its domestic market while sending a signal of long-term commitment to national industrial capacity. Canadian steel company Algoma Steel Group Inc (TSX:ASTL) saw shares rise 3.2% following the announcement. Related articles Canada introduces new tariffs, investment plan to support steel industry Buy this massive AI stock into upcoming Q2 print: Morgan Stanley Surge of 50% since our AI selection, this chip giant still has great potential Sign in to access your portfolio
Reuters
14 hours ago
- Business
- Reuters
Canada announces tariffs on some trade partners to protect domestic industry
TORONTO, July 16 (Reuters) - Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry. A 50% tariff will apply to imports from these countries that surpass the 2024 volumes, though Canada will honor existing arrangements with its United States-Mexico-Canada Agreement trade partners, Carney said. Canada will implement additional tariffs of 25% on steel imports from all countries containing steel melted and poured in China before the end of July. Carney is responding to complaints from the domestic industry, which had said that other countries are diverting steel to Canada and making the domestic industry uncompetitive due to U.S. tariffs. The Canadian steel industry had asked the government to introduce tougher anti-dumping measures to protect the domestic industry. U.S. President Donald Trump increased import duties on steel and aluminum to 50% from 25% earlier this month. Canada is the top seller of steel to the United States. Carney also said domestic steel companies would be prioritized in government procurement, and he introduced a C$1 billion fund to help steel companies advance projects in industries such as defense. "These measures will ensure Canadian steel producers are more competitive by protecting them against trade diversion resulting from a fast-changing global environment for steel," Carney said on Wednesday. For countries without free trade agreements with Canada, the government lowered the tariff-free quota to 50% of 2024 volumes from 100% previously. Above the quota, imports will also face a 50% tariff. Catherine Cobden, president and CEO of the Canadian Steel Producers Association, in an interview with the CBC, said the timing wasn't sufficient for domestic steelmakers confronting a crisis. "This is something we should have been doing all along, but it's fantastic to see that we are making progress," Cobden told the CBC. In a separate statement, Canadian steel maker Evraz said it has filed a complaint against steel imports from Mexico, the Philippines, South Korea, Turkey and the United States, against unfairly priced imports of Oil Country Tubular Goods.
