Latest news with #economicpact
National Post
23-06-2025
- Business
- National Post
After agreeing 30-day timeline, Mark Carney now says ‘nothing's assured' on deal with U.S.
OTTAWA — Prime Minister Mark Carney lowered expectations on Monday about reaching an agreement with the United States for an economic and security pact by July 21. Article content Speaking in Brussels, where he signed a defence partnership with the European Union (EU), Carney was asked which options Canada would be considering, besides higher tariffs on U.S. steel and aluminum, if he does not strike a deal with U.S. President Donald Trump within the next 30 days — as agreed to during the G7 summit last week in Kananaskis. Article content Article content Article content 'We'll do what's right for Canada,' he said. 'We're working hard to get a deal, but we'll only accept the right deal with the United States. The right deal is possible, but nothing's assured.' Article content Article content Carney said earlier this month his team was in 'intensive discussions' with the U.S. and held off on further retaliation on additional tariffs of Canadian steel and aluminum, pending those discussions. In an interview with Radio-Canada days later, the prime minister hinted he was hoping to come to an agreement with Trump during the G7 summit. Article content But the summit in the Canadian Rockies passed without an agreement to end the tariffs, and both men agreed to pursue negotiations toward a deal within the next 30 days. Article content Days later, Carney announced a series of measures that would come into force on July 21 should both countries not come to an agreement — including increasing the existing counter-tariffs on U.S. steel and aluminum, blocking U.S. producers from competing for federal procurement projects and addressing global overcapacity in these sectors. Article content Article content Politico has reported that the Trump administration has 'a lot of fish to fry' given all the trade deals his administration is trying to strike with other countries to lift reciprocal tariffs, and with all the deadlines on the horizon, Canada might simply not be a top priority. Article content Article content In fact, the U.S. Trade Representative's Office recently circulated a draft 'agreement on reciprocal trade' with the EU, according to the Wall Street Journal, which included concessions to existing regulations such as its Digital Markets Act, its carbon-based border tariffs, methane rules and more. Article content The President of the European Commission, Ursula von der Leyen, said she would not go into details of the trade negotiation but said she was 'very clear' that topics that touch the sovereignty of the decision-making process in the EU are 'absolutely untouchable.' Article content 'Of course, we discuss tariff lines, we discuss non-tariff barriers, like standards and norms, for example. We discuss strategic purchases. We discuss all these topics, but where it is the sovereign decision-making process in the European Union and its member states that are affected, this is too far,' she said.
Zawya
13-06-2025
- Business
- Zawya
China says it will remove all tariffs on African exports to boost trade
NAIROBI - China will negotiate and sign a new economic pact with Africa that will get rid of all tariffs on the 53 African states it has diplomatic ties with, it said, a move that could benefit middle-income nations. The Asian economic giant offers duty- and quota-free market access to least developed countries (LDCs), including many in Africa, but the new initiative will level the playing field by also offering middle-income countries similar market access. "China is ready to... welcome quality products from Africa to the Chinese market", China's foreign ministry said after a meeting of senior Chinese officials with African foreign ministers in Changsha to review implementation of commitments made during a summit in Beijing last September. In recognition of the significant disadvantages that businesses from LDCs like Tanzania or Mali could face from their more developed counterparts like South Africa once the market is fully opened, China pledged additional measures to support LDCs, including training and marketing promotion. Beijing's move could help relatively advanced countries, with significant manufacturing bases for value added products, to take advantage of the vast Chinese market, analysts said. "It enables middle-income countries like Kenya, South Africa, Nigeria, Egypt and Morocco... to be able to now enter the Chinese market duty-free," said Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy. Trade between China and Africa has been growing in recent years, but it has been heavily skewed in favour of China, which had a surplus of $62 billion last year. "Unless we have an equivalent increase of African exports to China, then trade deficits will continue to increase," Ryder said, adding that the initiative announced by Beijing could help to balance trade. During last year's summit in Beijing, China pledged 360 billion yuan ($50 billion) to African economies over three years in credit lines and investments, marking its return to big-ticket funding deals for the continent after a pandemic-related hiatus. ($1 = 7.1747 Chinese yuan renminbi)
Wall Street Journal
11-06-2025
- Business
- Wall Street Journal
U.S. Ambassador to Canada Says Breakthrough Possible in Bilateral Talks at G-7 Summit
OTTAWA—President Trump is keen to conclude a new economic-and-security pact with Canada as quickly as possible, with the possibility of a breakthrough when Trump meets Prime Minister Mark Carney at the Group of Seven summit in Alberta, Washington's chief envoy in Ottawa said. U.S. Ambassador to Canada Pete Hoekstra told a blue-chip luncheon crowd in the capital that all indications point to the possibility of a good deal for both countries, although cautioning the imposition of tariffs remains a key policy priority for the president.
CTV News
09-05-2025
- Business
- CTV News
CTV National News: Donald Trump's first trade deal amid tariff war
The details of the economic pact between the U.S. and U.K. are still in the works, but both sides are calling it a win. Joy Malbon on what it means for Canada.
