Latest news with #–Mexico–CanadaAgreement
Epoch Times
06-05-2025
- Business
- Epoch Times
Treasury Secretary Says Trade Deals Could Be Announced This Week
Treasury Secretary Scott Bessent on Tuesday said the United States has been receiving 'good offers' in tariff negotiations with major U.S. trading partners and that some trade deals will be announced this week. During a House hearing, Bessent 'I expect that we can see a substantial reduction of the tariffs that we are being charged, as well as non-tariff barriers, currency manipulation and subsidies, both labor and capital investment,' he told the House Appropriations Committee, adding that some countries have made good offers. More than a month ago, President Donald Trump announced baseline tariffs of 10 percent on nearly every country in the world and higher rates for countries that do more significant trade with the United States. The higher tariff rates were paused for 90 days in an announcement from Trump a week later to secure negotiations, though he raised tariffs on China, with an ensuing tit-for-tat ending with 145 percent on the communist regime. He has also separately imposed 25 percent tariffs on autos, steel, and aluminum, as well as 25 percent tariffs on Canada and Mexico. For the two U.S. neighbors, the tariffs were implemented earlier in the year in a bid to offset unchecked illegal immigration and fentanyl trafficking into the country via the two countries. Trump has said that if those issues are dealt with, those tariffs can be reduced or eliminated. Imports that comply with the United States–Mexico–Canada Agreement are exempt from the tariffs. Bessent told the House panel Tuesday that around 97 or 98 percent of the U.S. trade deficit was with approximately 15 countries, most of which were major trading partners, and discussions were proceeding well with many. Related Stories 5/6/2025 5/6/2025 'I would be surprised if we don't have more than 80 or 90 percent of those wrapped by the end of the year, and that may be much sooner,' he said. 'I would think that perhaps as early as this week we will be announcing trade deals with some of our largest trading partners.' Trump told reporters on Sunday that his administration could announce some trade deals this week, but he did not go into specifics. Some administration officials have suggested that India and Japan could be the first countries to sign a trade agreement with the White House to lower the tariff rates Trump has levied. Meanwhile, Bessent's comments on the lack of talks with the Chinese regime came after Trump on Sunday told reporters that he had no plans to speak with Chinese Communist Party leader Xi Jinping this week, but U.S. officials were speaking with Chinese officials about a variety of different things. The president told NBC News in an interview released Sunday that the United States has been 'very tough' with its biggest rival and said that China now wants to come to an agreement. 'They want to make a deal. They want to make a deal very badly. We'll see how that all turns out, but it's got to be a fair deal,' he 'We were losing a trillion dollars' in trade with China, he added. Aside from tariffs, Bessent warned that the U.S. government has been engaged in out-of-control spending that he says needs to be reined in. The current borrowing limit set by his agency is currently on a 'warning track,' he said, adding that he would provide more guidance on when the government will run out of funds. 'We do not have a revenue problem: we have a spending problem,' he said. 'We have to bring this spending under control.' Reuters contributed to this report.
Yahoo
10-04-2025
- Business
- Yahoo
Trump tariffs live updates: US-China trade war reality sets in amid wider 'reciprocal' pause
US stocks sank on Thursday as the reality of a US-China trade war weighed on investor sentiment, even as President Trump instituted a 90-day pause on steep Liberation Day tariffs tariffs and the European Union announced a pause on retaliatory duties. The White House clarified on Thursday that US tariffs on Chinese imports are now at least 145%, not the 125% that Trump had said previously. Separately, a White House official told Yahoo Finance that the baseline 10% tariff that went into effect on April 5 remains in place for all affected imports into the U.S. In terms of the United States–Mexico–Canada Agreement (USMCA), compliant goods are imported tariff-free when traded among the three countries, while non-compliant goods are tariffed at 25% — except for energy and potash, which are tariffed at 10%. Here are the latest updates as the policy reverberates around the world. Hours after the Treasury secretary defended Trump's 'Liberation Day' tariffs, the president backed a 90-day pause — an idea pushed by hedge fund billionaire Bill Ackman, who warned of a 'self-induced, economic nuclear winter.' Earlier that day, Scott Bessent had declared it was 'Main Street's turn' after years of Wall Street dominance. Then, Wall Street logged its best day in 16 years. Bloomberg News reports: Read more here As trade tensions escalate between the US and China, specific manifestations of rebalancing and retaliation are arising. A couple of Bloomberg reports from Thursday morning: Read more here. Read more here. U.S Treasury Secretary Scott Bessent's influence on President Trump amid the tariff policy-fueled market turmoil is on the rise after seemingly being on the outside looking in last week. Reuters reports: Read more here. "Whose throat do I get to choke if this proves to be wrong?" Senator Thom Tillis of North Carolina asked Tuesday, highlighting the growing frustration among Republicans over Trump's tariffs. Yahoo Finance's Ben Werschkul examines how many GOP lawmakers are struggling to grasp the logic behind the president's sweeping trade policies. Read more here The EU will delay its retaliatory tariffs on US goods for 90 days, European Commission President Ursula von der Leyen said on Thursday. The move matches the length of President Trump's pause in implementing like-for-like tariffs on several countries. "We took note of the announcement by President Trump," von der Leyen said in a statement. "We want to give negotiations a chance." "If negotiations are not satisfactory, our countermeasures will kick in," she added, noting that work on the countermeasures is still in process and that all options are still on the table. As my colleague Ben Wershkul noted, Trump pivoted on trade again on Wednesday, saying he would authorize a 90-day pause on his reciprocal tariff plans for all countries except China. That means EU goods will face lower US duties, going from a rate of 20% to the 10% baseline that went into effect on April 5. The easing came even after the bloc approved its counter-tariffs on $23 billion in US goods earlier on Wednesday, but Trump said the EU will get a reprieve because those levies hadn't gone into effect yet. As reported by the Financial Times on Thursday, US consumers are experiencing significant price hikes on bicycles due to President Donald Trump's tariffs, which are severely impacting an industry reliant on Chinese manufacturing. The Financial Times reports: US container imports grew 11% in March compared to last year, maintaining strong monthly gains. However, trade executives warned that President Donald Trump's escalating tariffs are clouding the outlook for the remainder of the year. Reuters reports: Read more here Apple (AAPL) reportedly flew around 600 tons of iPhones—up to 1.5 million units—from India to the U.S., after ramping up production there to get ahead of President Trump's new tariffs, sources told Reuters. Reuters reports: Read more here European Commission President Ursula von der Leyen on Thursday praised President Donald Trump's move to pause most US tariffs but offered no comment on whether the EU would move forward with its own response. AP reports: Read more here President Trump singled out China on Wednesday, granting a tariff reprieve to every other nation while raising across-the-board tariffs on China to 125%. Trump said he raised the tariffs on China due to its "lack of respect" and posted on Truth Social, "At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable." This trade action reveals China to be the chief adversary the Trump administration sees when it comes to trade. As the timeline below outlines, the US and China have been engaged in a tit-for-tat trade war since Trump took office that has targeted small-value imports, energy, agricultural products, and more. President Trump has authorized a 90-day pause on his reciprocal tariff plans for all countries except China. However, the 10% baseline duties that went into effect last weekend will remain in place for all countries ex-China, according to a White House official. China: US tariffs on China have been increased to a cumulative rate of 125%. Trump is also ending the de minimis loophole for cheap products from China and Hong Kong starting May 2. European Union: Although the EU announced retaliatory measures, those tariffs have not gone into effect yet. As a result, the 20% reciprocal tariffs on the EU have been paused, and EU goods bound for the US will be taxed at the 10% baseline rate. Mexico and Canada: Tariffs on the US's neighbors also remain unchanged. Items compliant with the United States-Mexico-Canada (USMCA) agreement can cross the border tariff-free, while non-compliant imports will be tariffed at 25%, with the exception of energy and potash, which are tariffed at 10%. Canada and Mexico were exempted from the 10% baseline tariff on April 5 and will continue to be exempt from that duty. Metal, auto sectors: Previous tariffs on foreign imports of steel and aluminum (tariffed at a rate of 25%) and autos (also 25%) were unchanged by the president's policy update. Read more here. On Wednesday, President Trump finally gave markets what they had been seeking since Trump's "Liberation Day" kicked trade tensions into another gear: a stay on tariffs. Markets were jubilant at the news, which prompted a historic rally in stocks. The benchmark S&P 500 (^GSPC), which started the day perilously close to a bear market, soared 9.5%. The Dow Jones Industrial Average (^DJI) gained roughly 3,000 points, ending the day over 7.8% higher. And the tech-heavy Nasdaq Composite (^IXIC) exploded 12% higher. As of the close, the S&P 500 had its best day since 2008, while the Nasdaq had its best day since 2001. Asked about the pause later on Wednesday, Trump nodded to what he called "yippy" markets as a factor in his decision. "I thought people were jumping a bit out of line," he said. He also seemed to revel in the market's wild upward swing, calling it the "biggest day in financial history." Read more about Wednesday's wild tariff-relief rally. President Trump, asked about his 90-day tariff pause on Wednesday, hinted that a "yippy" stock market was a factor. "Over the last few days, it looked pretty glum," he said, adding, "They were getting a little bit afraid." He also nodded to the bond market, which has experienced volatility in recent days as Treasury yields have surged. "The bond market is very tricky. I was watching it. But if you look at it now, it's beautiful," he said, later adding, "Last night people were getting a little queasy." Just hours before, members of the Trump administration, including Treasury Secretary Scott Bessent, had painted the action largely as part of the plan. "This was his strategy all along," Bessent said. Bill Ackman asked Donald Trump to pause his administration's tariff plans for a length of time. On Wednesday afternoon, that's what the president did. 'Thank you on behalf of all Americans,' Ackman said in a post on X following the announcement from the president's Truth Social account. President Trump stunned market watchers with a social media post around 1 p.m. ET Wednesday authorizing a 90-day pause on his reciprocal tariff plans while keeping the 10% duties in place on most of the world that went into effect last weekend. The president also announced he would unilaterally raise the rate on China to 125% because of "the lack of respect" that China has shown. The temporary reprieve from the massive tariffs was enough to send the S&P 500 index up more than 8% in intraday trading. In a press conference with reporters, US Treasury Secretary Scott Bessent said Trump's decision was not influenced by the major rout seen across markets after the initial unveiling of his sweeping tariff policy a week ago, saying that 'this was his strategy all along.' The 90-day pause allows the US to create a "bespoke" solution with over 75 countries that have engaged with the US for trade talks. 'This was brilliantly executed by Donald Trump. Textbook, Art of the Deal,' Ackman said in a subsequent post. 'We now understand who are our preferred trading partners, and who the problems are,' Ackman said in a later post. 'This is the perfect setup for trade negotiations over the next 90 days.' A billionaire hedge fund manager who runs Pershing Square Holdings (PSHZF) and backed Trump during the 2024 campaign, Ackman started a public campaign to slow down the rollout of President Trump's tariffs beginning Sunday. In a series of posts on X, he called the April 9 launch of "reciprocal" tariffs a "mistake," asked for a 90-day pause, and warned of "a self-induced, economic nuclear winter." Several other billionaires this week offered warnings of their own as the magnitude of what Trump proposed became apparent, with heightened odds of a recession. JPMorgan Chase CEO Jamie Dimon said Wednesday morning that the chance of a US recession is a 'likely outcome,' warning that a negative market reaction to trade policies "could get worse if we don't make some progress." Stocks are indeed soaring on news of President Trump backing off on most reciprocal tariffs. The benchmark S&P 500 (^GSPC) roared up over 7%, while the tech-heavy Nasdaq Composite (^IXIC) rallied over 8%. The Dow Jones Industrial Average (^DJI) was up over 6%, or over 2,000 points. All three of the major averages had previously been lower at some point in the session. Here's a look at the sector action in the aftermath of Trump's Truth Social post announcing the pause (and an escalation in the tit-for-tat trade war with China). Check out our markets live blog for the latest on how markets are reacting. Stocks are ripping higher this afternoon on the Trump tariff pause! But hat tip to the economics team at Goldman Sachs for splashing some cold water onto the rears of the market bulls. Chief economist Jan Hatzius now says a US recession is his baseline scenario. Keep in mind, Hatzius just raised his recession risk probability to 45% on Monday. "We now expect the FOMC to cut by around 200 basis points this year (vs. 75 basis points in our previous non-recession baseline), starting with a 50 basis point cut in June," added Hatzius. Here's a closer look at the sectors the European Union is targeting with its counter-tariffs, courtesy of Yahoo Finance's Brent Sanchez. EU nations approved the measures in retaliation for the 25% duties President Trump imposed on foreign imports of steel and aluminum. "These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome," the European Commission said in a statement. President Trump announced that he is raising the tariffs on China to a total of 125%. For most other countries, Trump said he is instituting a 90-day pause on reciprocal tariffs. "Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately," Trump posted on Truth Social. Trump added: "Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States ... and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately." On Wednesday, China said it would raise its tariff on US goods to 84%, and the EU voted to adopt 25% tariffs on a range of US goods worth roughly $23 billion after new US tariffs on imports kicked in. President Trump has touted a revival in US manufacturing and a necessary shock to the US economic policy as benefits of his tariff "medicine." Yet, as Yahoo Finance's Rick Newman details, there are many instances in which Trump's tariffs will raise prices and impose a net loss on American consumers. Just take a look at sneakers. Rick writes: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Hours after the Treasury secretary defended Trump's 'Liberation Day' tariffs, the president backed a 90-day pause — an idea pushed by hedge fund billionaire Bill Ackman, who warned of a 'self-induced, economic nuclear winter.' Earlier that day, Scott Bessent had declared it was 'Main Street's turn' after years of Wall Street dominance. Then, Wall Street logged its best day in 16 years. Bloomberg News reports: Read more here As trade tensions escalate between the US and China, specific manifestations of rebalancing and retaliation are arising. A couple of Bloomberg reports from Thursday morning: Read more here. Read more here. U.S Treasury Secretary Scott Bessent's influence on President Trump amid the tariff policy-fueled market turmoil is on the rise after seemingly being on the outside looking in last week. Reuters reports: Read more here. "Whose throat do I get to choke if this proves to be wrong?" Senator Thom Tillis of North Carolina asked Tuesday, highlighting the growing frustration among Republicans over Trump's tariffs. Yahoo Finance's Ben Werschkul examines how many GOP lawmakers are struggling to grasp the logic behind the president's sweeping trade policies. Read more here The EU will delay its retaliatory tariffs on US goods for 90 days, European Commission President Ursula von der Leyen said on Thursday. The move matches the length of President Trump's pause in implementing like-for-like tariffs on several countries. "We took note of the announcement by President Trump," von der Leyen said in a statement. "We want to give negotiations a chance." "If negotiations are not satisfactory, our countermeasures will kick in," she added, noting that work on the countermeasures is still in process and that all options are still on the table. As my colleague Ben Wershkul noted, Trump pivoted on trade again on Wednesday, saying he would authorize a 90-day pause on his reciprocal tariff plans for all countries except China. That means EU goods will face lower US duties, going from a rate of 20% to the 10% baseline that went into effect on April 5. The easing came even after the bloc approved its counter-tariffs on $23 billion in US goods earlier on Wednesday, but Trump said the EU will get a reprieve because those levies hadn't gone into effect yet. As reported by the Financial Times on Thursday, US consumers are experiencing significant price hikes on bicycles due to President Donald Trump's tariffs, which are severely impacting an industry reliant on Chinese manufacturing. The Financial Times reports: US container imports grew 11% in March compared to last year, maintaining strong monthly gains. However, trade executives warned that President Donald Trump's escalating tariffs are clouding the outlook for the remainder of the year. Reuters reports: Read more here Apple (AAPL) reportedly flew around 600 tons of iPhones—up to 1.5 million units—from India to the U.S., after ramping up production there to get ahead of President Trump's new tariffs, sources told Reuters. Reuters reports: Read more here European Commission President Ursula von der Leyen on Thursday praised President Donald Trump's move to pause most US tariffs but offered no comment on whether the EU would move forward with its own response. AP reports: Read more here President Trump singled out China on Wednesday, granting a tariff reprieve to every other nation while raising across-the-board tariffs on China to 125%. Trump said he raised the tariffs on China due to its "lack of respect" and posted on Truth Social, "At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable." This trade action reveals China to be the chief adversary the Trump administration sees when it comes to trade. As the timeline below outlines, the US and China have been engaged in a tit-for-tat trade war since Trump took office that has targeted small-value imports, energy, agricultural products, and more. President Trump has authorized a 90-day pause on his reciprocal tariff plans for all countries except China. However, the 10% baseline duties that went into effect last weekend will remain in place for all countries ex-China, according to a White House official. China: US tariffs on China have been increased to a cumulative rate of 125%. Trump is also ending the de minimis loophole for cheap products from China and Hong Kong starting May 2. European Union: Although the EU announced retaliatory measures, those tariffs have not gone into effect yet. As a result, the 20% reciprocal tariffs on the EU have been paused, and EU goods bound for the US will be taxed at the 10% baseline rate. Mexico and Canada: Tariffs on the US's neighbors also remain unchanged. Items compliant with the United States-Mexico-Canada (USMCA) agreement can cross the border tariff-free, while non-compliant imports will be tariffed at 25%, with the exception of energy and potash, which are tariffed at 10%. Canada and Mexico were exempted from the 10% baseline tariff on April 5 and will continue to be exempt from that duty. Metal, auto sectors: Previous tariffs on foreign imports of steel and aluminum (tariffed at a rate of 25%) and autos (also 25%) were unchanged by the president's policy update. Read more here. On Wednesday, President Trump finally gave markets what they had been seeking since Trump's "Liberation Day" kicked trade tensions into another gear: a stay on tariffs. Markets were jubilant at the news, which prompted a historic rally in stocks. The benchmark S&P 500 (^GSPC), which started the day perilously close to a bear market, soared 9.5%. The Dow Jones Industrial Average (^DJI) gained roughly 3,000 points, ending the day over 7.8% higher. And the tech-heavy Nasdaq Composite (^IXIC) exploded 12% higher. As of the close, the S&P 500 had its best day since 2008, while the Nasdaq had its best day since 2001. Asked about the pause later on Wednesday, Trump nodded to what he called "yippy" markets as a factor in his decision. "I thought people were jumping a bit out of line," he said. He also seemed to revel in the market's wild upward swing, calling it the "biggest day in financial history." Read more about Wednesday's wild tariff-relief rally. President Trump, asked about his 90-day tariff pause on Wednesday, hinted that a "yippy" stock market was a factor. "Over the last few days, it looked pretty glum," he said, adding, "They were getting a little bit afraid." He also nodded to the bond market, which has experienced volatility in recent days as Treasury yields have surged. "The bond market is very tricky. I was watching it. But if you look at it now, it's beautiful," he said, later adding, "Last night people were getting a little queasy." Just hours before, members of the Trump administration, including Treasury Secretary Scott Bessent, had painted the action largely as part of the plan. "This was his strategy all along," Bessent said. Bill Ackman asked Donald Trump to pause his administration's tariff plans for a length of time. On Wednesday afternoon, that's what the president did. 'Thank you on behalf of all Americans,' Ackman said in a post on X following the announcement from the president's Truth Social account. President Trump stunned market watchers with a social media post around 1 p.m. ET Wednesday authorizing a 90-day pause on his reciprocal tariff plans while keeping the 10% duties in place on most of the world that went into effect last weekend. The president also announced he would unilaterally raise the rate on China to 125% because of "the lack of respect" that China has shown. The temporary reprieve from the massive tariffs was enough to send the S&P 500 index up more than 8% in intraday trading. In a press conference with reporters, US Treasury Secretary Scott Bessent said Trump's decision was not influenced by the major rout seen across markets after the initial unveiling of his sweeping tariff policy a week ago, saying that 'this was his strategy all along.' The 90-day pause allows the US to create a "bespoke" solution with over 75 countries that have engaged with the US for trade talks. 'This was brilliantly executed by Donald Trump. Textbook, Art of the Deal,' Ackman said in a subsequent post. 'We now understand who are our preferred trading partners, and who the problems are,' Ackman said in a later post. 'This is the perfect setup for trade negotiations over the next 90 days.' A billionaire hedge fund manager who runs Pershing Square Holdings (PSHZF) and backed Trump during the 2024 campaign, Ackman started a public campaign to slow down the rollout of President Trump's tariffs beginning Sunday. In a series of posts on X, he called the April 9 launch of "reciprocal" tariffs a "mistake," asked for a 90-day pause, and warned of "a self-induced, economic nuclear winter." Several other billionaires this week offered warnings of their own as the magnitude of what Trump proposed became apparent, with heightened odds of a recession. JPMorgan Chase CEO Jamie Dimon said Wednesday morning that the chance of a US recession is a 'likely outcome,' warning that a negative market reaction to trade policies "could get worse if we don't make some progress." Stocks are indeed soaring on news of President Trump backing off on most reciprocal tariffs. The benchmark S&P 500 (^GSPC) roared up over 7%, while the tech-heavy Nasdaq Composite (^IXIC) rallied over 8%. The Dow Jones Industrial Average (^DJI) was up over 6%, or over 2,000 points. All three of the major averages had previously been lower at some point in the session. Here's a look at the sector action in the aftermath of Trump's Truth Social post announcing the pause (and an escalation in the tit-for-tat trade war with China). Check out our markets live blog for the latest on how markets are reacting. Stocks are ripping higher this afternoon on the Trump tariff pause! But hat tip to the economics team at Goldman Sachs for splashing some cold water onto the rears of the market bulls. Chief economist Jan Hatzius now says a US recession is his baseline scenario. Keep in mind, Hatzius just raised his recession risk probability to 45% on Monday. "We now expect the FOMC to cut by around 200 basis points this year (vs. 75 basis points in our previous non-recession baseline), starting with a 50 basis point cut in June," added Hatzius. Here's a closer look at the sectors the European Union is targeting with its counter-tariffs, courtesy of Yahoo Finance's Brent Sanchez. EU nations approved the measures in retaliation for the 25% duties President Trump imposed on foreign imports of steel and aluminum. "These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome," the European Commission said in a statement. President Trump announced that he is raising the tariffs on China to a total of 125%. For most other countries, Trump said he is instituting a 90-day pause on reciprocal tariffs. "Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately," Trump posted on Truth Social. Trump added: "Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States ... and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately." On Wednesday, China said it would raise its tariff on US goods to 84%, and the EU voted to adopt 25% tariffs on a range of US goods worth roughly $23 billion after new US tariffs on imports kicked in. President Trump has touted a revival in US manufacturing and a necessary shock to the US economic policy as benefits of his tariff "medicine." Yet, as Yahoo Finance's Rick Newman details, there are many instances in which Trump's tariffs will raise prices and impose a net loss on American consumers. Just take a look at sneakers. Rick writes: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
Ski-Doo maker BRP expects $40M impact from tariffs
This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. The maker of Ski-Doo snowmobiles is bracing for the impact of tariffs on its operations, as it navigates higher costs for the steel and aluminum needed to make its powersport vehicles. Bombardier Recreational Products CFO Sébastien Martel told investors in a March 26 earnings call to expect a $40 million impact on the business, assuming the current tariffs in effect were unchanged throughout the upcoming fiscal year. However, Martel said, the situation is 'very fluid and we are continuously refining our assessment of the potential cost of these tariffs on our business' and as they relate to BRP's tier 2 and tier 3 suppliers. BRP provided no official outlook guidance in its earnings report for the fiscal year that ends Jan. 31, 2026, citing trade policy uncertainty among the world's leading economies. The Canada-based company operates 14 manufacturing sites around the world, including locations in Lansing, Michigan; St. Peter, Minnesota; Spruce Pine, North Carolina and Sturtevant, Wisconsin, according to an investor filing. The U.S. facilities primarily make pontoon and aluminum fishing boats, as well as aircraft systems and components for Rotax combustion engine products. So far all of BRP's vehicles produced in Canada and Mexico are compliant with the United States–Mexico–Canada Agreement and exempt from President Donald Trump's additional 25% tariffs on imported goods from the countries, Martel said in a recent earnings call. 'We currently have operations in a supply chain across all three countries and consequently the ongoing tariff disputes are impacting our business, our suppliers and our customers,' Martel said regarding the company's North American operations. Sea-Doo watercraft and offroad vehicles, such as ATVs and side-by-sides, are mostly made in Mexico, while Ski-Doo snowmobiles are made in Finland or Canada, according to the investor filing. Currently, BRP has limited exposure to tariffs on imports from China into the U.S. and imports from the U.S. into Canada, Martel said. The company is also affected by the 25% tariffs on aluminum and steel imported into the U.S., mostly in its parts and accessories business, he added. To mitigate tariff effects, BRP began front-loading U.S. shipments and renting warehouses for additional capacity last year, CEO José Boisjoli said on the call, which has created about a month-long supply buffer for the company. 'Even if it's too early to ship them to the dealers, we cross the borders and our warehouses that we have in the U.S. are always full,' Boisjoli said. BRP reported revenue of 2.1 billion Canadian dollars ($1.5 billion) in the fourth quarter, a 20% decline from the same period a year ago, driven by lower shipments and higher sales programs. The company also posted a net loss of CA 44.5 million ($31.1 million) for the three months that ended Jan. 31, about a 115% decline from a year ago. While BRP provided no official outlook, Martel said the company is starting to see the effects of trade volatility on customer demand, with earnings per share for the quarter ending April 30 expected to be down 70% over last year. 'We are seeing the uncertainty created by the situation starting to impact the economy and the consumer confidence which makes it very difficult for us to properly forecast our industries and the demand for our products with the level of confidence we require,' Martel said. Recommended Reading McCormick weighs price hikes to tackle tariff impacts
Yahoo
07-03-2025
- Business
- Yahoo
US suspends tariffs on most Mexican, some Canadian goods until April
The United States has suspended tariffs on most goods coming into the US from Mexico and some goods from Canada until April 2, President Donald Trump has announced. The suspension of tariffs applies to all goods under the United States–Mexico–Canada Agreement (USMCA), negotiated by Trump during his first term as president. The announcement came after Trump spoke on the telephone with his Mexican counterpart, Claudia Sheinbaum. "I did this as an accommodation, and out of respect for, President Sheinbaum," Trump posted on his social media platform Truth Social. "Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl," Trump added. "Thank you to President Sheinbaum for your hard work and cooperation!" Sheinbaum thanked Trump for an "excellent and respectful conversation." She said they agreed that cooperation, with respect for sovereignty, has led to good results. "We will continue our collaboration, particularly on issues of migration and security, including the containment of the illegal import of fentanyl into the United States and weapons into Mexico," Sheinbaum wrote on the messaging platform X. Back and forth on tariffs in North America Tariffs on goods imported into the US from Canada and Mexico came into effect on Tuesday. Trump justified these punitive duties of 25% by saying that the two countries were not doing enough to combat cross-border drug trafficking. Canada had responded with retaliatory tariffs of the same rate. Mexico also announced countermeasures, although the exact details were initially left unspecified. On Thursday, Trump signed an executive order stating auto-related imports from Canada that complied with the USMCA would avoid the 25% tariffs for a month. Potash that US farmers import from Canada would be tariffed at 10%, the same as energy resources from Canada. It was unclear if Canada would suspend retaliatory tariffs on US goods. Earlier in the day, Canadian Prime Minister Justin Trudeau said he did not foresee a quick end to the trade conflict with the Trump administration, despite positive signals from Washington. Trudeau said in Ottawa that the tariff dispute would continue "for the foreseeable future." He described a phone call with Trump as "colourful," noting moments of tension during their discussion on resolving the dispute. At the beginning of February, a North American trade war was initially averted at short notice. Trump agreed to concessions, mainly concerning border security, just a few hours before the threatened tariffs on goods from Canada and Mexico were originally due to take effect. In exchange, he postponed the trade restrictions for 30 days - but after the deadline earlier this week, he went ahead with the tariffs. Other trade conflicts continue Trump frequently uses tariff threats as a negotiation tactic to force concessions in other areas. This was already the case in his first term from 2017 to 2021. Since taking office in January, he has not only initiated trade disputes with Canada and Mexico, he also imposed new tariffs on imports from China - initially at 10%, then doubled to 20% in a second step. Europeans are also likely to face tariffs from Trump. The US president has already issued such a threat several times, though without specifying details.
Yahoo
05-03-2025
- Business
- Yahoo
Trump tariff live updates: Trump pauses auto tariffs after speaking with Canada's Trudeau, Big 3 CEOs
US President Donald Trump's tariffs are reshaping US trade policy and overhauling decades of free-trade agreements with friend and foe alike. Here's where things stand with various US trade partners: Canada and Mexico: Trump's 25% across-the-board tariffs on its US neighbors went into effect on Tuesday, March 4. Canada retaliated with a package of tariffs on $107 billion of US products, some immediate. Mexico's president said it would announce retaliatory tariffs, beginning on Sunday. After speaking with Canadian Prime Minister Justin Trudeau and heads of General Motors, Ford, and Stellantis. China: Duties on China went into effect in early February, and China retaliated. Trump's second move doubled the rate of tariffs on Chinese imports to 20% from Tuesday. China has responded with up to 15% duties on US farm goods such as chicken and pork, to start on Monday. European Union: Trump has threatened tariffs on the EU in a move that could bring his trade war across the Atlantic. In February, Trump ordered a 25% tariff on all imports of steel and aluminum into the US from all countries. The trade escalation impacts top trading partners and bolsters industries in US states key to Trump's election. In addition, Trump signed a measure that could lead to the implementation of reciprocal tariffs on US trading partners as soon as April, aiming to fulfill a frequent campaign promise and raise revenue as Republicans ready a tax and spending bill. Trump is also planning new levies on imported automobiles — also for implementation around April. Read more: What are tariffs, and how do they affect you? The trade posturing could have ramifications for inflation, with the potential to push prices higher. That, in turn, could influence where the Federal Reserve takes interest rates in the coming months — and years. President Trump announced a one-month tariff exemption for automakers GM (GM), Stellantis (STLA) and Ford (F) on Wednesday afternoon. "We are going to give a one month exemption on any autos coming through USMCA [United States–Mexico–Canada Agreement]," a White House spokesperson told reporters during a press briefing on Wednesday. "Reciprocal tariffs will still go into effect on April 2nd, but at the request of the companies associated with USMCA, the President is giving them an exemption for one month so they are not at an economic disadvantage." All three automaker stocks had already been rallying on Wednesday in anticipation of the news. President Donald Trump spoke to Canadian Prime Minister Justin Trudeau on Wednesday, saying afterward he told Trudeau that Canada's efforts to stop the alleged flow of fentanyl were "not good enough." Nevertheless, Trump said in a post on his Truth Social platform that the call ended in a "'somewhat' friendly manner." Trump then suggested without evidence that Trudeau is using tariff negotiations to "stay in power." Trudeau has resigned as his party's leader, but has remained as prime minister until a new Liberal leader is selected. The immediate ramifications for US tariffs on Canada, which went into effect Tuesday, were not clear. Over the past day, the administration has hinted that the US could offer some relief to both Canada and Mexico after the 25% across-the-board duties were imposed. Reuters reports: Read more here. President Trump and Canada's Prime Minister Justin Trudeau are scheduled to speak on Wednesday, Reuters reports, after the US and Canada exchanged tariffs and counter-tariffs on Tuesday. Trump is also scheduled to speak over the phone with Mexico President Claudia Sheinbaum on Thursday, Sheinbaum said in a press conference Wednesday morning. The two leaders are expected to discuss the US's 25% tariffs on Mexican goods, according to Reuters. Sheinbaum threatened further retaliatory actions if the tariffs continue and stated that Mexico may shift trade alliances and seek other trading partners "if necessary." If tariffs remain in place, Mexico "will reach out to Canada and other nations," Sheinbaum said. Read more here. President Trump has warned that there may be some short-term pain associated with his trade agenda. But how significant will that pain be? Apollo chief economist Torsten Sløk offered three things for investors to keep in mind as the US economy enters an adjustment period with higher tariffs. (Disclosure: Yahoo Finance is owned by Apollo Global Management.) The impact on markets and the economy depends entirely on how long the 25% tariffs on Canada and Mexico are in place. The bigger risk to markets is sentiment. We are already seeing consumer sentiment and corporate sentiment being affected. From a Fed perspective, the biggest problem is that tariffs increase prices and, therefore, inflation. According to Sløk, "the biggest downside risk is that policy uncertainty could create a sudden stop in the economy where consumers stop buying cars, stop going to restaurants, and stop going on vacation, and companies stop hiring and stop doing capex." He noted that the key indicator to watch over the coming weeks will be jobless claims, which are released on Thursdays at 8:30 a.m. ET. Commerce Secretary Howard Lutnick added to confusion on the state of US tariffs on Canada and Mexico, hinting Wednesday that President Trump could soon announce carveouts to the 25% across-the-board tariffs that went into effect just yesterday. In an interview on Bloomberg Television, Lutnick said Trump could speak later today on tariffs, adding that he is "thinking about which sections of the market ... he'll consider giving some relief." Lutnick subsequently repeated a phrase he used Tuesday evening, which prompted a brief relief rally in markets — that Trump's tariffs could end up "somewhere in the middle." "Somewhere in the middle is a likely outcome," he said. You can watch his full comments below: US copper (HG=F) prices rose more than 4% Wednesday after President Trump suggested in a speech to Congress that larger-than-expected tariffs on imports of the metal could be imposed. Trump has already signed an executive order putting 25% tariffs on steel and aluminum, which are scheduled to go into effect on March 12. Bloomberg reports: Read more here. Trump has taken aim at South Korea, saying its tariffs are worse than China's, while slamming subsidies for foreign chipmakers like Samsung Electronics Co. ( From Bloomberg News: Read more here. A trade deal signed by President Trump in his first term could provide a way to scale down the new 25% tariffs on Canada and Mexico, Commerce Secretary Howard Lutnick has suggested. Lutnick expects "some movement" on the tariffs on Wednesday that will modify but not eliminate the duties. Reuters reports: Read more here. President Trump touched on tariffs during his address to a joint session of Congress, with eyes on Wall Street waiting for the next moves amid a volatile two days of trading. The tl;dr: Though Commerce Secretary Howard Lutnick earlier on Tuesday hinted that some relief could be around the corner for Canada and Mexico, Trump didn't provide any details. Yahoo Finance's Ben Werschkul reports: Read more here. A key test of support for President Donald Trump is being pushed in the stock market as his "short-term pain, long-term gain" strategy finds traders' limits. Bloomberg reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Trade tensions between the US and Canada continued to escalate Tuesday after President Trump indicated he would raise US tariffs on Canadian imports further in the latest tit-for-tat measure. "Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!" Trump posted on Truth Social Tuesday afternoon. Trump appeared to respond to Canadian Prime Minister Justin Trudeau's remarks Tuesday, in which he appealed to Americans and said that a trade war was 'a very dumb thing to do.' Trudeau announced that Canada would continue to roll out retaliatory tariffs on US goods in the weeks ahead if Trump's 25% tariffs on Canadian goods and 10% tariffs on Canadian petroleum imports remain in place. I just wrapped a new taping of Yahoo Finance's Opening Bid podcast with Hasbro (HAS) CEO Chris Cocks. I think my chat with Cocks on tariffs perfectly explains why the market is in a tizzy this week. Tariffs are likely to hammer corporate profits — and the Street has definitely not adjusted estimates (at least those that I have seen!). Cocks tells me it would cost 50% more to make some toys in the US. Tariffs are causing the toy giant to redesign supply chains and how toys are constructed. "My hope is that there's a larger policy goal at play, and we'll be able to get to that relatively quickly, and we'll be able to get prices down as quickly," Cocks said. Cocks added that toy prices could begin climbing in a "few months" as a result of the tariffs. Consumers in certain states may see prices at the pump rise as early as Tuesday after the US imposed new tariffs on Canadian crude oil imports. Yahoo Finance's Ines Ferré reports: Read more here. Canadian Prime Minister Justin Trudeau called President Trump's tariffs "very dumb" and attempted to make a direct appeal to the American people as he announced retaliatory tariffs on billions of dollars of American goods. Saying he wanted to speak directly to one specific American, "Donald," Trudeau said the tariff tit-for-tat would make it harder for the countries to work together, as they have for decades. "It's not in my habit to agree with the Wall Street Journal, but Donald, they point out that even though you're a very smart guy, this is a very dumb thing to do. We two friends fighting is exactly what our opponents around the world want to see," he said. His comments toward Trump came after he addressed the American people, saying that Canada did not want to "hurt" Americans. "But your government has chosen to do this to you," he said. China, Mexico, and Canada wasted no time in retaliating against a new round of tariffs that went into effect Tuesday. Here's a look at how the three countries have responded so far: Canadian Prime Minister Trudeau is expected to deliver remarks on new US tariffs enacted Tuesday and Canada's sweeping counter-measures. Watch the live press conference below: On Tuesday, The US levied a 25% tariff on Canadian imports. Canada countered with a 25% tariff on $30 billion of US goods and promised to levy additional tariffs on items such as cars, steel, and aluminum if the situation continues. 'Our tariffs will remain in place until the US trade action is withdrawn, and should US tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,' Trudeau said in a statement Monday. From the Wall Street Journal: Read more here. On the company's fourth quarter earnings call, Best Buy (BBY) CEO Corie Barry stated that if current tariffs on China, Mexico, and Canada remain in effect, comparable sales later this year may see a "negative impact." Yahoo Finance's Brooke DiPalma reports that Barry also projected price increases for US households, as China and Mexico are Best Buy's top two sources for products. "While Best Buy only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely," Barry said. Best Buy did not specify at the time what sort of price increase would go into effect. Read more here. President Trump announced a one-month tariff exemption for automakers GM (GM), Stellantis (STLA) and Ford (F) on Wednesday afternoon. "We are going to give a one month exemption on any autos coming through USMCA [United States–Mexico–Canada Agreement]," a White House spokesperson told reporters during a press briefing on Wednesday. "Reciprocal tariffs will still go into effect on April 2nd, but at the request of the companies associated with USMCA, the President is giving them an exemption for one month so they are not at an economic disadvantage." All three automaker stocks had already been rallying on Wednesday in anticipation of the news. President Donald Trump spoke to Canadian Prime Minister Justin Trudeau on Wednesday, saying afterward he told Trudeau that Canada's efforts to stop the alleged flow of fentanyl were "not good enough." Nevertheless, Trump said in a post on his Truth Social platform that the call ended in a "'somewhat' friendly manner." Trump then suggested without evidence that Trudeau is using tariff negotiations to "stay in power." Trudeau has resigned as his party's leader, but has remained as prime minister until a new Liberal leader is selected. The immediate ramifications for US tariffs on Canada, which went into effect Tuesday, were not clear. Over the past day, the administration has hinted that the US could offer some relief to both Canada and Mexico after the 25% across-the-board duties were imposed. Reuters reports: Read more here. President Trump and Canada's Prime Minister Justin Trudeau are scheduled to speak on Wednesday, Reuters reports, after the US and Canada exchanged tariffs and counter-tariffs on Tuesday. Trump is also scheduled to speak over the phone with Mexico President Claudia Sheinbaum on Thursday, Sheinbaum said in a press conference Wednesday morning. The two leaders are expected to discuss the US's 25% tariffs on Mexican goods, according to Reuters. Sheinbaum threatened further retaliatory actions if the tariffs continue and stated that Mexico may shift trade alliances and seek other trading partners "if necessary." If tariffs remain in place, Mexico "will reach out to Canada and other nations," Sheinbaum said. Read more here. President Trump has warned that there may be some short-term pain associated with his trade agenda. But how significant will that pain be? Apollo chief economist Torsten Sløk offered three things for investors to keep in mind as the US economy enters an adjustment period with higher tariffs. (Disclosure: Yahoo Finance is owned by Apollo Global Management.) The impact on markets and the economy depends entirely on how long the 25% tariffs on Canada and Mexico are in place. The bigger risk to markets is sentiment. We are already seeing consumer sentiment and corporate sentiment being affected. From a Fed perspective, the biggest problem is that tariffs increase prices and, therefore, inflation. According to Sløk, "the biggest downside risk is that policy uncertainty could create a sudden stop in the economy where consumers stop buying cars, stop going to restaurants, and stop going on vacation, and companies stop hiring and stop doing capex." He noted that the key indicator to watch over the coming weeks will be jobless claims, which are released on Thursdays at 8:30 a.m. ET. Commerce Secretary Howard Lutnick added to confusion on the state of US tariffs on Canada and Mexico, hinting Wednesday that President Trump could soon announce carveouts to the 25% across-the-board tariffs that went into effect just yesterday. In an interview on Bloomberg Television, Lutnick said Trump could speak later today on tariffs, adding that he is "thinking about which sections of the market ... he'll consider giving some relief." Lutnick subsequently repeated a phrase he used Tuesday evening, which prompted a brief relief rally in markets — that Trump's tariffs could end up "somewhere in the middle." "Somewhere in the middle is a likely outcome," he said. You can watch his full comments below: US copper (HG=F) prices rose more than 4% Wednesday after President Trump suggested in a speech to Congress that larger-than-expected tariffs on imports of the metal could be imposed. Trump has already signed an executive order putting 25% tariffs on steel and aluminum, which are scheduled to go into effect on March 12. Bloomberg reports: Read more here. Trump has taken aim at South Korea, saying its tariffs are worse than China's, while slamming subsidies for foreign chipmakers like Samsung Electronics Co. ( From Bloomberg News: Read more here. A trade deal signed by President Trump in his first term could provide a way to scale down the new 25% tariffs on Canada and Mexico, Commerce Secretary Howard Lutnick has suggested. Lutnick expects "some movement" on the tariffs on Wednesday that will modify but not eliminate the duties. Reuters reports: Read more here. President Trump touched on tariffs during his address to a joint session of Congress, with eyes on Wall Street waiting for the next moves amid a volatile two days of trading. The tl;dr: Though Commerce Secretary Howard Lutnick earlier on Tuesday hinted that some relief could be around the corner for Canada and Mexico, Trump didn't provide any details. Yahoo Finance's Ben Werschkul reports: Read more here. A key test of support for President Donald Trump is being pushed in the stock market as his "short-term pain, long-term gain" strategy finds traders' limits. Bloomberg reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Trade tensions between the US and Canada continued to escalate Tuesday after President Trump indicated he would raise US tariffs on Canadian imports further in the latest tit-for-tat measure. "Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!" Trump posted on Truth Social Tuesday afternoon. Trump appeared to respond to Canadian Prime Minister Justin Trudeau's remarks Tuesday, in which he appealed to Americans and said that a trade war was 'a very dumb thing to do.' Trudeau announced that Canada would continue to roll out retaliatory tariffs on US goods in the weeks ahead if Trump's 25% tariffs on Canadian goods and 10% tariffs on Canadian petroleum imports remain in place. I just wrapped a new taping of Yahoo Finance's Opening Bid podcast with Hasbro (HAS) CEO Chris Cocks. I think my chat with Cocks on tariffs perfectly explains why the market is in a tizzy this week. Tariffs are likely to hammer corporate profits — and the Street has definitely not adjusted estimates (at least those that I have seen!). Cocks tells me it would cost 50% more to make some toys in the US. Tariffs are causing the toy giant to redesign supply chains and how toys are constructed. "My hope is that there's a larger policy goal at play, and we'll be able to get to that relatively quickly, and we'll be able to get prices down as quickly," Cocks said. Cocks added that toy prices could begin climbing in a "few months" as a result of the tariffs. Consumers in certain states may see prices at the pump rise as early as Tuesday after the US imposed new tariffs on Canadian crude oil imports. Yahoo Finance's Ines Ferré reports: Read more here. Canadian Prime Minister Justin Trudeau called President Trump's tariffs "very dumb" and attempted to make a direct appeal to the American people as he announced retaliatory tariffs on billions of dollars of American goods. Saying he wanted to speak directly to one specific American, "Donald," Trudeau said the tariff tit-for-tat would make it harder for the countries to work together, as they have for decades. "It's not in my habit to agree with the Wall Street Journal, but Donald, they point out that even though you're a very smart guy, this is a very dumb thing to do. We two friends fighting is exactly what our opponents around the world want to see," he said. His comments toward Trump came after he addressed the American people, saying that Canada did not want to "hurt" Americans. "But your government has chosen to do this to you," he said. China, Mexico, and Canada wasted no time in retaliating against a new round of tariffs that went into effect Tuesday. Here's a look at how the three countries have responded so far: Canadian Prime Minister Trudeau is expected to deliver remarks on new US tariffs enacted Tuesday and Canada's sweeping counter-measures. Watch the live press conference below: On Tuesday, The US levied a 25% tariff on Canadian imports. Canada countered with a 25% tariff on $30 billion of US goods and promised to levy additional tariffs on items such as cars, steel, and aluminum if the situation continues. 'Our tariffs will remain in place until the US trade action is withdrawn, and should US tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,' Trudeau said in a statement Monday. From the Wall Street Journal: Read more here. On the company's fourth quarter earnings call, Best Buy (BBY) CEO Corie Barry stated that if current tariffs on China, Mexico, and Canada remain in effect, comparable sales later this year may see a "negative impact." Yahoo Finance's Brooke DiPalma reports that Barry also projected price increases for US households, as China and Mexico are Best Buy's top two sources for products. "While Best Buy only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely," Barry said. Best Buy did not specify at the time what sort of price increase would go into effect. Read more here. Sign in to access your portfolio
