Latest news with #UnitedStates-Mexico-Canada
New York Post
2 days ago
- Business
- New York Post
Trump vents China's Xi Jinping is ‘extremely hard to make a deal with' as trade talks stall
President Trump railed against Xi Jinping in a late-night social media post days ahead of their planned call, complaining that the Chinese leader is 'extremely hard to make a deal with' as trade talks stall. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' Trump wrote in a Truth Social post at 2:17 a.m. Wednesday. It was not immediately clear whether Trump's attack on Xi was in response to any recent interaction with China or from general frustration with Beijing's approach to trade. Advertisement Trump's dig at Xi comes amid accusations by Washington that China has reneged on the framework agreement reached in Geneva last month — allegations that Beijing denies. The deal outline amounted to a 90-day truce and called for the US to lower its tariff rate of up to 145% to 30% on most Chinese goods, while China would lower its rate from 125% to 10%. 3 President Trump said that Chinese leader Xi Jinping is a difficult negotiating partner. REUTERS Advertisement But the Trump administration believes that China has been making 'slow moves' to relax rare earth exports. China has accused the US of undercutting the spirit of the deal by tightening export restrictions on key chemicals, ratcheting up restrictions on the sale of semiconductor design software to China, putting new warnings on Huawei chips, and revoking visas for its students. 'The fact that they are withholding some of the products that they agreed to release during our agreement — maybe it's a glitch in the Chinese system, maybe it's intentional,' Treasury Secretary Scott Bessent told CBS' 'Face the Nation' on Sunday. 'We'll see after the president speaks with party chairman.' 3 Treasury Secretary Scott Bessent acknowledged that trade talks with China have hit some snags. AFP via Getty Images Advertisement The president had raged against China over those concerns May 30, declaring that Beijing was in 'grave economic danger,' while adding, 'So much for being Mr. NICE GUY.' Trump and Xi are expected to talk on Friday, and the president has spoken fondly of his Beijing counterpart in the past. 'He [Xi] controls 1.4 billion people with an iron fist. I mean, he's a brilliant guy, whether you like it or not,' Trump told podcast titan Joe Rogan last year, musing that reporters 'go crazy' when he says that. 3 President Trump had worked to renegotiate trade with Trump during his first administration. REUTERS Advertisement Trump has been hustling to dramatically overhaul US trade relations. Since taking office, he has imposed 25% tariffs on automobiles, aluminum, steel and imports from Canada and Mexico that don't comply with the 2020 United States-Mexico-Canada free trade agreement. The Trump administration has also imposed a 10% baseline tariff on all imports. On April 2, Trump rolled out 'Liberation Day' tariffs featuring customized rates against virtually every country on the planet. Days later, he paused those and allowed time for his team to cut lightning deals with countries by July 8. The White House has given other nations a deadline of Wednesday to give their best offer on trade talks as deliberations continue to unfold.
Epoch Times
20-05-2025
- Automotive
- Epoch Times
What's the Controversy About Ottawa Dropping Some of Its Counter-Tariffs on US?
News Analysis Ottawa effectively removed some tariffs on the United States during the election campaign, and while Conservatives have charged the move was done 'quietly,' the Liberals counter the move was public and that many tariffs remain in place. The controversy on the issue was driven in recent days by a report from Oxford Economics, This was picked up as a point of In early March, then-Prime Minister Justin Trudeau vowed Canada's tariffs on the United States 'will remain in place until the U.S. trade action is withdrawn.' Trudeau made the comments while announcing an incremental $155 billion retaliatory Trudeau stepped down days later and was replaced as Liberal leader and prime minister by Mark Carney, who then ran an election campaign focused heavily on countering U.S. President Donald Trump. Related Stories 5/16/2025 5/16/2025 Trump imposed three sets of tariffs on Canada, some accompanied by exemptions under items covered by the United States-Mexico-Canada free trade deal (USMCA), and made repeated calls for Canada to join the United States. Carney made the 'elbows up' hockey analogy a 'We're fighting the unjustified American tariffs with counter-tariffs of our own that cause maximum damage in the United States and have a minimum impact here in Canada,' Carney said on the campaign trail on April 22. But even before calling the election, Carney was giving hints that Canada's retaliatory response would be limited. 'There is a limit to matching these tariffs dollar for dollar given the fact that our economy is a tenth the size of the United States,' Carney said on March 17 while visiting London, England, just ahead of calling an election on March 23. 'Quietly Dropped' Canada's tariffs haven't been technically dropped, but the Carney government issued two remission orders in mid-April which effectively removed the impact of tariffs on sectors of the Canadian economy, including the car industry. After Trump imposed a 25 percent tariff on foreign autos and parts, accompanied with USMCA free trade exemptions, Canada responded with a similar surtax on U.S.-made autos in parts in April. Tory Leader Pierre Poilievre took to social media to Finance Minister François-Philippe Champagne responded by saying Poilievre was spreading 'falsehoods' on the issue. 'To retaliate against U.S. tariffs, Canada launched largest-ever response — including $60B of tariffs on end-use goods. 70% of those tariffs are still in place,' he Champagne had issued a Carney himself had not put emphasis on these measures, but he mentioned them around the time of Champagne's announcement. During an April 15 stop in Saint-Eustache, Que., Carney said his government is responding to the United States with 'purpose and with overwhelming force.' He later took questions from reporters about whether Canadian counter-tariffs are hurting domestic car manufacturing. 'We can provide incentives for the production to maintain here, which we have, and the announcement of the remission order today will show that clearly,' said Carney. During the English-language party leaders' debate on April 17, Carney also took a step back from the tit-for-tat retaliatory approach to U.S. tariffs. Asked by the moderator whether he still supports dollar-for-dollar tariffs if they ultimately threaten Canadian jobs and businesses, Carney said, 'no.' 'And in fact, we've already moved off from dollar-for-dollar tariffs,' Carney added, noting how the U.S. economy is 10 times the size of Canada's. Conservatives have charged that while he emphasized being tough on the United States during the election campaign, Carney was saying one thing while doing another. 'Mark Carney lied to Canadians about what he said was the most important issue of the election campaign,' The Tories had not put as much focus on countering Trump during the campaign, leading to some tensions within the Canadian conservative movement. Poilievre has defended running on the issues of affordability and public safety, saying these issues predated Trump's arrival and will persist without changes in government policy. This could explain why Conservatives did not call out the potential discrepancy between Carney's anti-U.S. messaging and his measures removing the impacts of Canadian tariffs on the domestic economy. Conservatives also likely supported providing relief to local workers and businesses. Remission Orders Canada's tariff relief measures were implemented by way of orders in council issued in mid-April following the recommendations from Champagne. The 'United States Surtax Remission Order (Motor Vehicles 2025)' was This order in council states that it came into force on the day it was made. It was registered in the Canada Gazette on May 7, the date highlighted by Poilievre on which the regulation became more public. A note in the Gazette The order in council related to a general surtax remission order was It also applies to U.S. goods used in manufacturing or packaging in Canada. The order came into force on the day it was The regulatory impact analysis statement on the order published in the Gazette said the objective of the remission order is to provide temporary relief to businesses and listed entities as they adjust their supply chains.
Epoch Times
20-05-2025
- Automotive
- Epoch Times
What's the Controversy About Ottawa Dropping Some Counter-Tariffs on US?
News Analysis Ottawa effectively removed some tariffs on the United States during the election campaign, and while Conservatives have charged the move was done 'quietly,' the Liberals counter the move was public and that many tariffs remain in place. The controversy on the issue was driven in recent days by a report from Oxford Economics, This was picked up as a point of In early March, then-Prime Minister Justin Trudeau vowed Canada's tariffs on the United States 'will remain in place until the U.S. trade action is withdrawn.' Trudeau made the comments while announcing an incremental $155 billion retaliatory Trudeau stepped down days later and was replaced as Liberal leader and prime minister by Mark Carney, who then ran an election campaign focused heavily on countering U.S. President Donald Trump. Related Stories 5/16/2025 5/16/2025 Trump imposed three sets of tariffs on Canada, some accompanied by exemptions under items covered by the United States-Mexico-Canada free trade deal (USMCA), and made repeated calls for Canada to join the United States. Carney made the 'elbows up' hockey analogy a 'We're fighting the unjustified American tariffs with counter-tariffs of our own that cause maximum damage in the United States and have a minimum impact here in Canada,' Carney said on the campaign trail on April 22. But even before calling the election, Carney was giving hints that Canada's retaliatory response would be limited. 'There is a limit to matching these tariffs dollar for dollar given the fact that our economy is a tenth the size of the United States,' Carney said on March 17 while visiting London, England, just ahead of calling an election on March 23. 'Quietly Dropped' Canada's tariffs haven't been technically dropped, but the Carney government issued two remission orders in mid-April which effectively removed the impact of tariffs on sectors of the Canadian economy, including the car industry. After Trump imposed a 25 percent tariff on foreign autos and parts, accompanied with USMCA free trade exemptions, Canada responded with a similar surtax on U.S.-made autos in parts in April. Tory Leader Pierre Poilievre took to social media to Finance Minister François-Philippe Champagne responded by saying Poilievre was spreading 'falsehoods' on the issue. 'To retaliate against U.S. tariffs, Canada launched largest-ever response — including $60B of tariffs on end-use goods. 70% of those tariffs are still in place,' he Champagne had issued a Carney himself had not put emphasis on these measures, but he mentioned them around the time of Champagne's announcement. During an April 15 stop in Saint-Eustache, Que., Carney said his government is responding to the United States with 'purpose and with overwhelming force.' He later took questions from reporters about whether Canadian counter-tariffs are hurting domestic car manufacturing. 'We can provide incentives for the production to maintain here, which we have, and the announcement of the remission order today will show that clearly,' said Carney. During the English-language party leaders' debate on April 17, Carney also took a step back from the tit-for-tat retaliatory approach to U.S. tariffs. Asked by the moderator whether he still supports dollar-for-dollar tariffs if they ultimately threaten Canadian jobs and businesses, Carney said, 'no.' 'And in fact, we've already moved off from dollar-for-dollar tariffs,' Carney added, noting how the U.S. economy is 10 times the size of Canada's. Conservatives have charged that while he emphasized being tough on the United States during the election campaign, Carney was saying one thing while doing another. 'Mark Carney lied to Canadians about what he said was the most important issue of the election campaign,' The Tories had not put as much focus on countering Trump during the campaign, leading to some tensions within the Canadian conservative movement. Poilievre has defended running on the issues of affordability and public safety, saying these issues predated Trump's arrival and will persist without changes in government policy. This could explain why Conservatives did not call out the potential discrepancy between Carney's anti-U.S. messaging and his measures removing the impacts of Canadian tariffs on the domestic economy. Conservatives also likely supported providing relief to local workers and businesses. Remission Orders Canada's tariff relief measures were implemented by way of orders in council issued in mid-April following the recommendations from Champagne. The 'United States Surtax Remission Order (Motor Vehicles 2025)' was This order in council states that it came into force on the day it was made. It was registered in the Canada Gazette on May 7, the date highlighted by Poilievre on which the regulation became more public. A note in the Gazette The order in council related to a general surtax remission order was It also applies to U.S. goods used in manufacturing or packaging in Canada. The order came into force on the day it was The regulatory impact analysis statement on the order published in the Gazette said the objective of the remission order is to provide temporary relief to businesses and listed entities as they adjust their supply chains.
Miami Herald
17-05-2025
- Automotive
- Miami Herald
‘We need USMCA': Auto suppliers face distress from Trump tariffs
SOUTHFIELD, Michigan - Working to have the U.S. government honor conditions of the United States-Mexico-Canada trade agreement is a top priority for the vehicle suppliers' lobbying trade group, the association's leaders said Friday. "For the U.S. to be globally competitive, we need USMCA," Paul McCarthy, president-elect of MEMA and president of its aftermarket suppliers group, said before the Automotive Press Association. Supplier outlooks are down among MEMA's more than 1,000 members. Three quarters are expecting worse financial performances in 2025 than they had anticipated coming into 2025. With their median break-even point expected to be North American production of 14.5 million vehicles this year, up from 14 million because of tariffs, the industry is in a precarious position: Data firm S&P Global Mobility was predicting production at 13.9 million to 14.3 million ahead of President Donald Trump offering some relief measures late last month. "This is an industry under pressure, and our strategies, our investments are on hold, and that's not a good thing for what is the largest manufacturing sector in the U.S.," McCarthy said, noting suppliers contribute 2.5% of U.S. economic activity. Auto suppliers still are navigating a bunch of tariffs: President Donald Trump has instituted import taxes of 25% on steel and aluminum, 25% on certain auto parts and at least 10% on imports from most countries around the world with some of the heaviest on Canada and Mexico, where vehicle supply chains even for U.S.-produced vehicles are tightly woven. About 71% of imported materials and components used by MEMA's members are USMCA-compliant, and MEMA is providing resources to help more become compliant to avoid 25% tariffs. "We've all invested for the last 20 or 30 years into the North America supply chain," said Collin Shaw, president of MEMA's original equipment suppliers group, "and every country in USMCA offers something unique and has something to bring to the table to ensure that, from a competitiveness standpoint, we can compete with the rest of the world." He emphasized suppliers have added 61,000 U.S. manufacturing and salaried jobs in the years since Trump signed USMCA in 2020. "That is aligned with the administration's goals," McCarthy said, "that a strong U.S. requires a strong region to be competitive again." Although there are signs there should be strong auto demand as the average age of vehicles on the road increases, Shaw said, more than half of MEMA members report they are less competitive because of the tariff situation, and 53% are worried about sub-tier supplier distress as tariffs raise costs and are expected to increase vehicle prices. "New orders are down, and costs remain elevated," said Mike Jackson, MEMA's executive director of research and insights, "and this is a very tough situation for the supplier industry." Of MEMA members, 7% said they have implemented furloughs, 5% have instituted temporary wage reductions, 43% have delayed capital expenditure spending, 38% have restricted travel and 15% have taken other actions because of tariffs. "They can't see the complete picture," Jackson said, resulting in deferred spending. Some suppliers, though, say they are moving forward with investments. Paul Thomas, president of major auto supplier Robert Bosch GmbH in North America and of Bosch Mobility America, this week said the German manufacturer isn't holding off investing and is moving forward with $6 billion in announced U.S. investments since 2023. He, however, also emphasized the need for stability in trade policy. "I'm really focused on the future and the profitable growth opportunities for Bosch here in North America and specifically in the United States," Thomas said. "To achieve that growth, we are investing." Honoring USMCA and making tweaks as needed would help to offer the industry the stability it needs to make long-term decisions and hopefully provide opportunities to level the playing field for all suppliers looking to invest in the United States, Shaw said. He added that it's also risky to have production consolidated in one place: "We have to have that diversified supply chain so that we're not at risk, whether it's a supply chain shock like we saw with tsunamis, or geopolitical tensions like we're seeing today. We have to have a diversified supply chain." MEMA also is urging certainty on regulations of greenhouse tailpipe emissions. Trump has ordered a reevaluation of rules finalized by the Biden administration and is seeking to remove California's waiver allowing it to have stricter standards that 13 other states and Washington, D.C., have adopted. Delays on launches, production volume changes and less-than-expected demand for EVs have created challenges for suppliers too. MEMA also urges permitting reforms to increase the speed of U.S. expansion, retaining the Inflation Reduction Act that former President Joe Biden signed in 2022 that granted incentives to manufacturers of U.S. batteries, a "pro-business" tax environment, incentives for research and development and support to increase skilled tooling talent in the country, McCarthy said. He said the ability to deduct R&D spending proposed in the Ways and Means Committee's budget is a good step forward. "But that just brings us up to the rest of the world," McCarthy said. "It doesn't give us any advantage." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Time of India
16-05-2025
- Business
- Time of India
Wistron says new US plants will be ready for Nvidia's server production next year
By Wen-Yee Lee TAIPEI: Taiwanese electronics manufacturer Wistron said on Friday that its new U.S. manufacturing facilities for its customer Nvidia would be ready next year and the firm was in talks with potential other customers. Part of the facilities will be used by Nvidia to support its plan to build artificial intelligence servers worth up to $500 billion in the U.S. over the next four years. The U.S. firm said in April it planned to build supercomputer manufacturing plants in Texas, partnering with Foxconn in Houston and Wistron in Dallas. Both sites are expected to increase production within 12 to 15 months. "I believe it's exactly in line with what the customer announced. All our progress will follow the customer's lead," Wistron CEO Jeff Lin said in his first public comments since Nvidia's announcement. He said the company was in discussion with other customers to use the U.S. facilities, which will produce high-performance computing and AI-related products, declining to disclose their names. Wistron's board approved a total investment of $500 million in its new U.S. subsidiary to support business development and strategic growth in the U.S. Commenting on U.S. restrictions on exports of advanced chips to China, Lin said demand outside of China remained very strong. "We expect to grow alongside our customers ... As for developments in the Middle East, most of them are essentially our indirect customers." The United Arab Emirates and the U.S. signed an agreement this week for the Gulf country to build the largest AI campus outside the U.S., in a deal that according to sources could involve purchase of 500,000 of Nvidia's most advanced AI chips per year starting in 2025. As the U.S. threatens sweeping tariffs on many of its trading partners, Wistron said it would also consider producing notebooks in Mexico, noting that such products would not face tariffs under the United States-Mexico-Canada trade agreement.
