Latest news with #steelaluminum
Globe and Mail
4 hours ago
- Business
- Globe and Mail
Politics Insider: Trump to sign executive order hiking steel, aluminum tariffs
Hello, welcome to Politics Insider. Let's look at what happened today. Donald Trump will sign an executive order today hiking steel and aluminum tariffs to 50 per cent, an escalation of his global trade war the White House says will disproportionately hit the Canadian economy. Karoline Leavitt, press secretary for the U.S. President, confirmed at a briefing that Trump will proceed with the tariffs, announced last week and set to take effect Wednesday. Adrian Morrow reports that Canada's Intergovernmental Affairs Minister, Dominic LeBlanc, rushed to Washington on Tuesday for a last-minute meeting with U.S. Commerce Secretary Howard Lutnick. LeBlanc and Kirsten Hillman, Canada's U.S. envoy, made no comment as they arrived at the Commerce Department shortly before 3 p.m. ET. Trump imposed 25-per-cent tariffs on both metals in March as part of the trade war that he has since expanded. Canada is the largest supplier of both steel and aluminum to the U.S., accounting for about half of aluminum imports last year and nearly 25 per cent of steel imports in 2023. Meanwhile, the U.S. ambassador to Canada held out hope for the Canadian auto sector despite Trump's talk of cutting it out of the American market. Pete Hoekstra told a Toronto audience Canada may still be able to work together with U.S. automakers under an industrial strategy focused on the threat from Chinese vehicle makers. The ambassador was asked whether Canadians should be worried about the future of their auto and auto parts industries, which are almost entirely reliant on exports to the United States. Hoekstra said Canadians need not worry. 'Our chief competitor is China,' he said. 'How do we use the strengths of the U.S. auto industry, how do we use the strengths, the capabilities of Canada, and how do we bring those together in such a way that we're beating China and not each other?' And Marie Woolf reports that the federal government is proposing to restrict the ability to claim asylum in Canada, while giving authorities new security powers to combat organized crime and fentanyl smuggling. Legislation tabled today would prohibit anyone who has been in Canada for more than a year from having refugee claims heard by a tribunal. It would also give the government the power to halt or cancel the processing of immigration applications en masse if it is deemed in the public interest. Canadian steel tycoon backs Trump, takes aim at Carney in escalating trade war: Barry Zekelman is blaming Canada for bringing the problem on itself by failing to crack down on foreign dumping into the domestic market. Federal officials drafted travel warnings in response to Trump executive orders: Internal documents shed some light on the warnings, which included suggestions Canadians consider returning home if they do not have proper documents to stay in the U.S. Carney lays out federal criteria for fast-tracking infrastructure projects: At the end of a meeting with premiers and territorial leaders this week, Prime Minister Mark Carney said the criteria include strengthening the economy, offering economic benefits and having a high likelihood of successful execution. Olympic champion kayaker Adam can Koeverden takes the helm of Canadian sport: The MP for Burlington North-Milton West in Ontario is the new Secretary of State for Sport, making him the latest politician to step into the leadership of sport in Canada. Prime Minister's Day: In Ottawa, Mark Carney chaired a cabinet meeting and later attended Question Period. Party Leaders: Bloc Québécois Leader Yves-François Blanchet participated in Question Period. Green Party Leader Elizabeth May attended Parliament and, in the evening, attended a reception held by the National Council of Canadian Muslims. No schedules released for other party leaders. McGuinty in Brussels: Defence Minister David McGuinty is scheduled to be in Brussels to attend a Wednesday meeting of the Ukraine Defense Contact Group – an alliance of countries supporting Ukraine in light of Russia's invasion – and a Thursday meeting of NATO Defence Ministers at the organization's headquarters. 'Yes, it was a big love in because all the premiers want to work hard and to keep working hard for our country and for our economy' - Prime Minister Mark Carney, in Question Period, responds to a question from Bloc Québécois Leader Yves-François Blanchet suggesting this week's first ministers' meeting was a 'love in.' In which year did Canada join the G6, a group of six nations that had assembled to deal with economic concerns? Scroll to the bottom of this newsletter for the answer. The risks of bird flu are real. We can't bury our heads in the sand, even for the love of ostriches. Should Canada build a pipeline to the West or the East? Got a news tip that you'd like us to look into? E-mail us at tips@ Need to share documents securely? Reach out via SecureDrop. The answer to today's question: in 1976, Canada joined France, Germany, Italy, Japan, Britain and the United States to form the G7. The other six countries had united in 1975 over economic concerns. Canada is hosting this year's G7 summit in Kananaskis, Alta., from June 15-17.
Globe and Mail
6 hours ago
- Business
- Globe and Mail
Trump to sign order hiking steel and aluminum tariffs to 50% on Tuesday
U.S. President Donald Trump will sign an executive order on Tuesday afternoon hiking steel and aluminum tariffs to 50 per cent, an escalation of his global trade war that will disproportionately hit the Canadian economy, the White House says. Karoline Leavitt, Mr. Trump's press secretary, confirmed at a press briefing that Mr. Trump will go ahead with the tariffs, which he announced on Friday to take effect Wednesday. 'The President will be signing that executive order today, and steel and aluminum tariffs will be going to 50 per cent, yes,' she said. 'He made that announcement in Pennsylvania and he plans to deliver on that promise to Pennsylvanians.' Intergovernmental Affairs Minister Dominic LeBlanc rushed to Washington Tuesday for a last-minute meeting with Commerce Secretary Howard Lutnick. Mr. LeBlanc and Kirsten Hillman, Canada's U.S. envoy, made no comment as they arrived at the Commerce Department shortly before 3 p.m. ET. Mr. Trump imposed 25-per-cent tariffs on both metals in March as part of the trade war that he has since expanded. Canada is the largest supplier of both steel and aluminum to the U.S., accounting for about half of aluminum imports last year and nearly 25-per-cent of steel imports in 2023. The tariffs could backfire on the U.S. by inflating prices. The U.S. imports about a quarter of its steel and more than half of its aluminum, and has only four primary smelters of the latter metal in the country. This could mean many U.S. companies will have to continue importing the metals, paying the tariffs and passing the cost along to consumers. Ms. Leavitt brushed off concerns that Mr. Trump's tariffs were creating uncertainty for U.S. business. 'You also have U.S. business leaders begging to meet with this President and begging to come to the White House to talk to him because they know he is a negotiator in chief, that he is making good deals on behalf of the American worker,' she said. Steel prices in the U.S. have already climbed 16 per cent since Mr. Trump took office in January, according to the government's Producer Price Index. After Canada, Brazil, Mexico and South Korea are the other major steel exporters to the U.S. Mr. Trump announced the doubling of the steel tariffs on Friday at a U.S. Steel plant near Pittsburgh, a move that had not been signalled in advance. Later, he added the aluminum tariffs to the increase via a post on Truth Social. The President said his goal is to keep all steel imports out of the U.S. 'Nobody is going to get around that,' the President said. 'At 25 per cent, they can sort of get over that fence. At 50 per cent, they can no longer get over the fence.' He accused other countries of trying to 'steal' American jobs by exporting metals to the U.S. The President sees tariffs as a tool for keeping out foreign competition in order to create more manufacturing jobs in the U.S. Canada imposed a suite of retaliatory tariffs on the U.S. earlier this year but has since lifted many of them out of fear of increasing costs for Canadians.
Wall Street Journal
17 hours ago
- Business
- Wall Street Journal
Heard on the Street Monday Recap: Heavy Metal
What Happened in Markets Yesterday: Trade tensions boiled over. The Trump administration and China exchanged accusations of violating the fragile trade truce struck in mid-May. President Trump also announced late Friday a doubling of duties on imported steel and aluminum, to 50%. The U.S. dollar and bonds weakened, with the yield on 10-year U.S. Treasurys rising 0.043 percentage point to 4.461%. Gold and silver futures jumped.
Bloomberg
a day ago
- Business
- Bloomberg
EU Warns It Could Accelerate Retaliatory Tariffs Over US Duties
The European Union is preparing for another round of trade talks with the US and warned that it may speed up retaliatory measures if President Donald Trump follows through on his tariff threats, the latest of which includes a 50% levy on steel and aluminum imports. The European Commission, which handles trade matters for the EU, said Monday it 'strongly' regrets the tariff hike — up from an originally planned 25% — and said the move is undermining efforts to reach a solution to the trade conflict.
New York Times
2 days ago
- Business
- New York Times
As Courts Call Tariffs Into Question, Trump Again Turns to His Favorite Tool
The legitimacy of President Trump's tariffs is being questioned by U.S. courts, but the president is showing no signs of backing off his favorite tool. On Wednesday, the tariffs that Mr. Trump imposed on foreign steel and aluminum are set to double to 50 percent, a move that the president has said will better protect domestic metal makers. In the coming days, the U.S. government is set to face off with states and businesses that have sued over the president's tariffs, and both sides will be required to submit more information as judges work toward final decisions on the legality of Mr. Trump's steepest tariffs. Last Wednesday, the Court of International Trade ruled that some of the steep tariffs that Mr. Trump had imposed were illegal, a significant setback for the president's agenda. Less than 24 hours later, a separate court temporarily paused that decision. As judges weigh that appeal, the tariffs in question — which include the levies Mr. Trump imposed on Canada, Mexico and China for what he said was their role in the fentanyl trade, as well as the global tariffs Mr. Trump announced, and then quickly paused, in April — are expected to remain in effect at least until June 9. On Sunday, one of Mr. Trump's top trade advisers insisted that the president would continue to find ways to hit other countries with tariffs even after the trade court ruled against the defining element of Mr. Trump's strategy. Want all of The Times? Subscribe.
