Latest news with #countertariffs
CTV News
a day ago
- Politics
- CTV News
Eric Ham: As Trump's anger boils over, Canada's steel industry gets burned
Former Canadian ambassadors to the U.S. Frank McKenna and Derek Burney discuss whether Canada should levy counter-tariffs against the U.S.
BreakingNews.ie
4 days ago
- Business
- BreakingNews.ie
Irish MEP says counter-tariffs should 'avoid EU shooting itself in the foot' in letter to commissioner
Irish MEP Barry Cowen has written to the EU trade commissioner to request the protection of three Irish industries from planned counter-tariffs against the US. The EU is still hoping to make a deal with US president Donald Trump's administration, but a second counter-tariff list is due to take place on July 14th or earlier if negotiations fail. Advertisement In the letter to EU trade commissioner Maroš Šefčovič, seen by Mr Cowen requested additional protections for spirits, medical technologies and aviation. Mr Cowen first outlines his belift that US bourbon whiskey should be excluded form counter-tariffs, as "this risks triggering US retaliatory tariffs - potentially up to 200 per cent - on EU alcohol exports". He adds that Ireland exports 53 times more whiskey than it importants bourbon - €420 million vs €8 million. At the EU level, spirits exports to the US are €2.9 billion annually, while imports stand at €1 billion. With this in mind, Mr Cowen argues that a 'zero-for-zero tariff arrangement on spirits is vital to protect this key sector and avoid a situation of the EU shooting itself in the foot. I urge the Commission to reaffirm this in its updated list". Advertisement Mr Cowen goes on to write that he is "increasingly alarmed at the prospect of tariffs on US-origin medical technologies, components and diagnostics. The current draft includes 577 categories, covering both medtech inputs and finished products. Its implementation would significantly disrupt healthcare systems and the medtech industry across the EU, including Ireland". Ireland's medtech sector employs over 50,000 people and exports €15 billion annually, representing 8 per cent of our total exports. He asks the EU Commission not to include medical technologies in the final counter-tariffs list, "as industry groups have warned, these products are vital to public health and should not be used as leverage in trade disputes". On aviation, Mr Cowen writes: " I would like to highlight the risk to Ireland's aviation and leasing sectors should US aircraft remain on the EU's retaliation list. Alongside Ryanair, Europe's largest airline group, Ireland is home to global aircraft lessors such as AerCap, all heavily reliant on US-made aircraft. Advertisement "Ryanair operates over 600 Boeing aircraft and it, plus Aercap, have hundreds of more on order. Including these in a tariff regime would severely impact Ireland's leasing and airline industries, with wider implications for the European market. I strongly urge the Commission to exclude US aircraft from the list." In conclusion, Mr Cowen class for measures that are "measured, strategic and not harm sectors where the EU - and Ireland - stand to lose far more than we gain".
Free Malaysia Today
19-05-2025
- Business
- Free Malaysia Today
Canada pauses some counter tariffs against US
Canada has temporarily paused some counter tariffs against the US but denied claims that they have all been quietly lifted. (EPA Images pic) OTTAWA : Canada has temporarily paused some counter tariffs against the US, but finance minister Francois-Philippe Champagne on Sunday pushed back against claims they have all been quietly lifted. This came as Prime Minister Mark Carney and US vice president JD Vance discussed trade in Rome after they attended the inauguration mass at the Vatican for Pope Leo XIV. According to a readout from Carney's office, they spoke about 'immediate trade pressures and the need to build a new economic and security relationship.' Vance in a brief statement called it 'a casual meeting' about their two nations' shared interests and goals, 'including fair trade policies.' Carney, who won Canada's April 28 election on a pledge to stand up to US President Donald Trump, had slapped counter tariffs on billions of dollars of imports from the US in response to US tariffs on Canadian goods. During the election campaign, automakers were offered a reprieve, provided they maintained production and investment in Canada. This was outlined on May 7 in the Canada Gazette, the government's official newspaper, along with a pause on tariffs on products used in food and beverage processing and packaging, health, manufacturing, national security and public safety. The moves went mostly unnoticed until Oxford Economics said in a report this week that the exemptions covered so many categories of products that the tariffs rate against the US was effectively dropped to 'nearly zero.' Opposition leader Pierre Poilievre pounced on the claim, cited in the media, to accuse Carney of having 'quietly dropped retaliatory tariffs to 'nearly zero' without telling anyone.' Champagne called those assertions 'falsehoods.' 'To retaliate against US tariffs, Canada launched largest-ever response – including $60B of tariffs on end-use goods. 70% of those tariffs are still in place,' he said on X. Canada's counter tariffs, his office told AFP, were 'calibrated to respond to the US while limiting economic harm to Canada.' Tariff relief was provided for six months to give some Canadian companies 'more time to adjust their supply chains and become less dependent on US suppliers,' Champagne spokesperson Audrey Milette said. Canada continues to charge tariffs on roughly C$43 billion (US$31 billion) of US goods, she added. The nation of 41 million people sends three-quarters of its exports to the US, and the latest jobs report shows tariffs imposed by Trump are already damaging the Canadian economy. The US president has slapped general tariffs of 25% on Canada as well as sector-specific levies on autos, steel and aluminum, but he has suspended some of them pending negotiations.
CNA
19-05-2025
- Business
- CNA
Canada pauses some counter tariffs against US
OTTAWA: Canada has temporarily paused some counter tariffs against the United States, but Finance Minister Francois-Philippe Champagne on Sunday (May 18) pushed back against claims they have all been quietly lifted. This came as Prime Minister Mark Carney and US Vice President JD Vance discussed trade in Rome after they attended the inauguration mass at the Vatican for Pope Leo XIV. According to a readout from Carney's office, they spoke about "immediate trade pressures and the need to build a new economic and security relationship", In a brief statement, Vance called it "a casual meeting" about their two nations' shared interests and goals, "including fair trade policies". Carney, who won Canada's Apr 28 election on a pledge to stand up to US President Donald Trump, had slapped counter tariffs on billions of dollars of imports from the United States in response to US tariffs on Canadian goods. During the election campaign, automakers were offered a reprieve, provided they maintained production and investment in Canada. This was outlined on May 7 in the Canada Gazette, the government's official newspaper, along with a pause on tariffs on products used in food and beverage processing and packaging, health, manufacturing, national security and public safety. The moves went mostly unnoticed until Oxford Economics said in a report this week that the exemptions covered so many categories of products that the tariffs rate against the United States was effectively dropped to "nearly zero". Opposition leader Pierre Poilievre pounced on the claim, cited in the media, to accuse Carney of having "quietly dropped retaliatory tariffs to 'nearly zero' without telling anyone". Champagne called those assertions falsehoods. "To retaliate against US tariffs, Canada launched its largest-ever response – including CA$60B of tariffs on end-use goods. 70 per cent of those tariffs are still in place," he said on X. Canada's counter tariffs, his office told AFP, were "calibrated to respond to the US while limiting economic harm to Canada". Tariff relief was provided for six months to give some Canadian companies "more time to adjust their supply chains and become less dependent on US suppliers", Champagne spokesperson Audrey Milette said. Canada continues to charge tariffs on roughly CA$43 billion (US$31 billion) of US goods, she added. The nation of 41 million people sends three-quarters of its exports to the United States, and the latest jobs report shows tariffs imposed by Trump are already damaging the Canadian economy. The US president has slapped general tariffs of 25 per cent on Canada as well as sector-specific levies on autos, steel and aluminium, but he has suspended some of them pending negotiations.
CTV News
15-05-2025
- Business
- CTV News
Price increases coming to thousands of grocery products: Here's why
Price increases coming to thousands of grocery products: Here's why Retail expert Bruce Winder says product inventory is depleted and new shipments will be subject to Canadian counter-tariffs.
