Latest news with #tradeRelations
Wall Street Journal
36 minutes ago
- Business
- Wall Street Journal
Why U.S. Apparel Brands Are Becoming Tough Customers
Forget squabbling over a restaurant check or cab fare—try wrangling over who will cover tariffs on billions of dollars' worth of imports. Apparel companies and their overseas suppliers for weeks have been going back and forth over whether and how to share the cost of President Trump's tariffs. In many cases, they still haven't agreed.
CBC
2 days ago
- Business
- CBC
Carney says Canada having 'intensive discussions' with U.S. following latest tariff punch
Prime Minister Mark Carney says his government is having "intensive discussions" with the United States to remove what he calls an "unjustified and illegal" increase on steel and aluminum tariffs. On Tuesday, U.S. President Donald Trump issued his latest economic wallop to his northern neighbour, signing a proclamation doubling levies on steel and aluminum imports. Stopping briefly to speak to reporters on Wednesday, Carney reiterated what his office said in a written statement, pointing to the retaliatory tariffs already in place and the ongoing discussions between the two countries to chart a new economic and security deal. "We will take some time — not much — some time because we are in intensive discussions right now with the Americans on the trading relationship," Carney said Wednesday ahead of a caucus meeting. "Those discussions are progressing." The president argued the doubling in tariffs is necessary to protect national security and industries in the United States. "They are bad for American workers, bad for American industry and, of course, for Canadian industry as well," countered Carney. WATCH | Trump signs order to hike steel, aluminum tariffs to 50%: Trump signs order to hike steel, aluminum tariffs to 50% 14 hours ago Duration 4:54 In a statement on Tuesday, Carney's office said all funds collected from Canada's retaliatory tariffs on over $90 billion, before remissions, of U.S imports will go to supporting Canadian workers and businesses impacted by the harmful U.S. tariffs. Canadian steel and aluminum industries say doubling the tariffs will have a devastating impact on the industry, which was already dealing with job losses and a drop in shipments to the U.S. Finance Minister François-Philippe Champagne said the government's priority is to fight against the tariffs. "The steel and aluminum industry is key to Canada's prosperity, and we're going to be there fighting," he said.
Bloomberg
3 days ago
- Business
- Bloomberg
US Dollar Will Go Lower But Not in Disorderly Fashion, Nomura's Koo Says
Richard Koo, chief economist at Nomura Research Institute, shares his outlook for the US dollar, trade relations and bond yields. He speaks to Bloomberg's Haslinda Amin at the Nomura Investment Forum Asia in Singapore. (Source: Bloomberg)
Washington Post
23-05-2025
- Business
- Washington Post
Israel allies threaten trade rupture over Gaza. Here's what's at stake.
Several of Israel's top allies and trading partners said this week that they would reconsider trade arrangements with the country over humanitarian conditions in the Gaza Strip, amid an acute humanitarian crisis. Britain said Israel's blockade on Gaza and new ground operation would prevent 'advance discussions' on a new trade pact, without affecting its existing accord with Israel. European Union foreign policy chief Kaja Kallas announced that the 27-member bloc, Israel's largest commercial partner, would launch a review of its trade deal with Israel.
Free Malaysia Today
22-05-2025
- Business
- Free Malaysia Today
China says US trade talks important but multilateralism key to solution
China and the US announced a trade truce, with the US dropping the extra tariffs it imposed on China to 30% from 145%, while China cut its levies to 10% from 125%. (AP pic) GENEVA : China said yesterday that trade talks with the US were an important step toward bridging gaps, but what was really needed was 'indispensable' multilateralism to find a way out of global trade turmoil. 'While bilateral talks may sometimes work, China believes multilateralism is the inevitable and ultimate choice to address global challenges,' the Chinese delegation at the World Trade Organization (WTO) said in a statement at a two-day meeting of the WTO's General Council in Geneva. 'We need to find the way out,' it added. China and dozens of other countries were stung by a slew of so-called reciprocal tariffs announced by US President Donald Trump in April, before talks were held between the two major commercial partners on May 12 to ease tensions over trade imbalances. China and the US announced a trade truce, with the US dropping the extra tariffs it imposed on China to 30% from 145%, while China cut its levies to 10% from 125%. China called at the WTO council session yesterday for member states to stabilise trade relations and anchor trade measures under WTO rules. 'Unilateral tariffs and the threat of 'reciprocal tariffs' are just like adding fuel to the fire, which is simply wrong. 'An open, stable and rules-based international economic and trade order serves the common interests of all,' China said. The US called on members to address what it called failures in commercial relations that had caused huge trade deficits, and for urgent reform of the WTO system. 'The multilateral trading system, as currently constructed, has been unable to address the serious challenges that face the system,' a US statement said. It added that WTO members had not addressed severe trade imbalances and non-market policies that it described as contrary to WTO principles. Some 47 members sponsored a statement requested by Singapore and Switzerland at the meeting, reaffirming their commitment in support of the rules-based multilateral trading system.
