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Tag: Tariffs

  • The Art of the Tariff Deal: U.S. Nears Trade Agreement With China

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    President Donald Trump’s approach to trade negotiations landed the U.S. in a familiar place over the weekend.

    Announced with fanfare back in April on “Liberation Day,” the sweeping tariffs were met with a market swoon and quickly delayed. Then, businesses began stockpiling inventories, and negotiations with key trading partners began. A few deals – or deal frameworks – were announced. Despite dire warnings from economists, the summer saw a lull in any meaningful inflation from the tariffs.

    Then on Oct. 12, Trump mixed it up again, announcing a 100% tariff on China after the Asian nation said it was limiting exports of rare earth minerals that are key components in semiconductors and other high-tech manufacturing. Markets fell sharply on the news. But Trump assured he would be able to make a deal with Chinese President Xi Jinping, a leader he touts as “very strong.”

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    On Monday, as he headed to Japan, Trump confirmed a deal with China was in the works, potentially settling a critical dispute between the world’s two largest economies. Officials said the two nations had come to an agreement in which the U.S. tariffs are halted and China postpones its export licensing plan for a year.

    It was a familiar pattern for Trump. The threat of a sharp increase in tariffs is consistent with his style of striking first publicly, then letting negotiations go on behind the scenes as he waits for the opportunity to announce a deal that he asserts only he could have made.

    Speaking on NBC’s “Meet the Press” Sunday, Treasury Secretary Scott Bessent said, “President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs, and I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese.”

    Bessent also said the two nations had made progress on a deal to bring relief to U.S. farmers who have struggled under China’s boycott of American soybeans. China bought about half of the U.S. soybean production in 2024.

    Averting more stringent tariffs will be good news for consumers, who are starting to see the effects of the levies moving into the economy and raising overall inflation – still the No. 1 concern for many Americans.

    “Tariffs and the weaker dollar have likely added roughly 0.4 percentage points to headline inflation this year,” said Mark Vitner, chief economist at Piedmont Crescent Capital. “We expect the impact from tariffs to wane next year, while housing costs and prices for services outside of housing ease further.”

    While Trump and Xi may come to a deal, things are not going so smoothly with another key trading partner: Canada.

    The neighboring nation has yet to reach a tariff deal with the U.S. On Friday, after a Canadian province began airing an anti-tariff ad featuring former President Ronald Reagan, Trump said he would slap an additional 10% onto Canada’s tariff rate.

    Ontario Premier Doug Ford had said he would pause the ad campaign but not until after the weekend and that it would continue during the World Series games between the Los Angeles Dodgers and the Toronto Blue Jays.

    En route to Asia Saturday, Trump said he had no intention of meeting with Canadian Prime Minister Mark Carney while the latter is also in Asia for the global meetings.

    Whether Trump’s unconventional trade policy will work with Canada as it appears to have with China remains to be seen.

    Photos You Should See – Oct. 2025

    As reflected in a mirror, President Donald Trump speaks to reporters before signing an executive order in the Oval Office at the White House, Monday, Oct. 6, 2025, in Washington. (AP Photo/Jacquelyn Martin)

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  • Factbox-Corporate Concerns Mount Ahead of Trump and Xi Talks in South Korea

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    (Reuters) -Global companies have a long list of concerns around the U.S.-China trade war. They will closely monitor President Donald Trump and Chinese President Xi Jinping’s expected meeting in South Korea on Thursday, hoping that the world’s two biggest economies begin to resolve their differences.

    Below are the biggest issues for global companies.

    The U.S. semiconductor industry will closely watch the talks for indications of a deal over whether U.S. firms can sell powerful artificial intelligence chips to China. While Nvidia is the market leader, Advanced Micro Devices and Intel are trying to gain market share, and a raft of other chip companies from Broadcom to Marvell Technology that help develop AI chips will feel the impact.  Also critical will be discussions over critical minerals and materials, which affect chip manufacturers such as Intel and GlobalFoundries. Those materials have become a flashpoint in the tussle between the U.S. and China over Chinese access to the tools needed to build out its own semiconductor manufacturing industry. Those tools come from U.S. firms such as Applied Materials, Lam Research and KLA. 

    China is an important manufacturer of both finished pharmaceutical products and key ingredients of drugs used in the U.S. 

    In 2024, China was the eighth-largest exporter of pharmaceutical products to the U.S., accounting for more than 3.5% of those products imported for the year, according to U.S. trade data.

    More importantly, China is the largest manufacturer globally of the key building blocks used to make pharmaceutical ingredients. According to a report published earlier this month by U.S. Pharmacopeia, China is the sole supplier of over 40% of the key starting materials for U.S.-approved pharmaceutical ingredients.

    The top Chinese drug companies include Shanghai Fosun Pharmaceutical, WuXi AppTec, CSPC Pharmaceutical Group and Sinopharm Group.

    U.S. energy companies, particularly LNG exporters including Venture Global LNG and Cheniere Energy, will be paying close attention to see if the Trump-Xi meeting can restart frozen energy flows after China levied a 15% tariff on American LNG in February. 

    China had been a major buyer before that, purchasing nearly 6% of U.S. exports of the fuel in 2024. Since the tariffs were imposed, Chinese companies have not signed any new long-term supply deals with U.S. LNG producers, and the country has been diverting U.S. cargoes to the European market in a move that has tempered global prices. 

    The U.S., meanwhile, has not exported any oil to China since February, when a 10% tariff was also imposed on crude. Exports to China totaled only about 4% of American shipments abroad – about 150,000 barrels per day – in 2024, down 42% from the previous year.

    Top exporters of U.S. crude to China have previously included Occidental Petroleum; Unipec, the trading arm of China’s Sinopec; and Atlantic Trading & Marketing, an arm of French oil major TotalEnergies, according to shipping flows data from Kpler.   

    A wide range of global companies will be watching to see if the Trump administration intends to follow through on a plan to curb an array of software-powered exports to China. If implemented, it would make good on Trump’s threat earlier this month to bar “critical software” exports to China by restricting global shipments of items that contain U.S. software or were produced using U.S. software.  It could disrupt global trade, given that many items are made with U.S. software, like jet engines from General Electric, or cars from companies like Toyota that use software in safety features. Chips worldwide are also produced with U.S. chip-design software from Cadence Design Systems and Synopsys.

    Carmakers have much riding on the geopolitical dynamics between Trump and China, including a slate of still-unresolved tariffs between the two countries. Most pressing, though, is the threat of a shortage of chips from Chinese-owned firm Nexperia. China has banned exports of Nexperia’s finished products amid a dispute with the Dutch government. The inexpensive chips are used widely in car electronics, and automotive lobbying groups that represent Volkswagen, General Motors and Ford have warned of likely factory disruptions if the dispute is not quickly settled. China’s stepped-up export controls on rare-earth metals as well as battery materials and equipment also have raised fears among automakers and suppliers of production snags.  

    Agribusinesses including Archer-Daniels-Midland, Bunge Global and privately held Cargill will be watching for any lifting of tariffs that have halted Chinese purchases of U.S. soybeans and other farm goods and driven crop prices to multiyear lows. Soybeans are the largest U.S. farm export by value, with $12.6 billion in shipments to top buyer China in 2024, according to U.S. government data.  Farm equipment makers such as Deere, AGCO and CNH Industrial will also be eying any easing of duties that have hammered farmer income and chilled sales of tractors and combine harvesters.

    Boeing faces rising pressure as Xi-Trump talks spotlight aerospace trade. Beijing’s push for domestic jets and retaliatory tariffs risk eroding Chinese demand for Boeing aircraft. With China historically a top market for Boeing, escalating trade tensions could threaten the company’s long-term growth. If Trump-Xi talks go well, Boeing could increase its access to China’s aviation market, but if they falter, the company risks deeper isolation. Meanwhile, Trump’s threat to restrict Boeing aircraft parts exports to China could disrupt the nascent jet production of state-owned Commercial Aircraft Corporation of China, which relies on U.S.-made engines and avionics.       

    (Reporting by Karl Plume in Chicago, Stephen Nellis in San Francisco, Mike Erman in New York, Mike Colias in Detroit, Chris Sanders in Washington, Nathan Crooks in Houston and Joe Brock in Los Angeles; Editing by Matthew Lewis)

    Copyright 2025 Thomson Reuters.

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  • Mexico’s Sheinbaum Says She and Trump Agreed to Extend Trade Deadline

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    MEXICO CITY (Reuters) -Mexican President Claudia Sheinbaum said on Monday she spoke with U.S. President Donald Trump on Saturday and that the two agreed to extend a looming trade deadline for “a few more weeks” to discuss pending issues with Washington.

    The U.S. agreed in July to pause for 90 days an increase in tariffs on some Mexican goods to 30% – from 25% – as the two countries continued talks aimed at reaching a new trade deal. That pause was set to end this week.

    “I was interested in making sure that November 1 didn’t arrive without us having communicated and that we were in agreement that our teams were still working,” Sheinbaum said in her regular morning press conference, adding they were aiming to resolve 54 outstanding trade barriers.

    “We’re practically closing this issue,” she said. 

    Mexico’s peso strengthened 0.29% to 18.38 per dollar following Sheinbaum’s comments.

    Mexico has been largely spared the brunt of Trump administration tariffs thanks to the USMCA free trade agreement with the U.S. and Canada that is up for review next year.

    Earlier in October, Sheinbaum said she was confident Mexico would reach a favorable agreement with the U.S. on trade and that she was planning to unveil new advances in projects developing electric vehicles, semiconductors, satellites, drones and an artificial intelligence lab.

    “We continue working and there is no situation in the near future where there could be any special tariff on November 1st,” Sheinbaum said.

    Trump said last week he was ending trade talks with Canada, with the White House citing frustration with how negotiations had been progressing. 

    When asked how Mexico would react and whether Mexico could negotiate separately with Canada, Sheinbaum said last week, “Let’s not get ahead of ourselves.”

    (Reporting by Natalia Siniawski and Raul Cortes; additional reporting by Noe Torres; writing by Cassandra Garrison; editing by Stephen Eisenhammer and Nia Williams)

    Copyright 2025 Thomson Reuters.

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  • Trump predicts China trade deal finalized in days as his Asia tour continues in Japan

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    President Trump arrived Monday in Japan, where new Prime Minister Sanae Takaichi is banking on building a friendly personal relationship with the U.S. leader to ease trade tensions. 

    Mr. Trump’s Asian tour, which kicked off over the weekend, has a heavy focus on business ties, and speaking to journalists as he flew into the Japanese capital, he predicted that a U.S.-China trade agreement would be done before he returned to Washington.

    But first, the meeting with Takaichi will be an early diplomatic test for Japan’s first woman leader. She took office only last week, and has a tenuous coalition backing her.

    During the flight to Tokyo, he came back to the press cabin on Air Force One, along with Secretary of State Marco Rubio, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. He said he’d talk about the “great friendship” between the U.S. and Japan during his visit.

    President Trump gestures after alighting from Air Force One upon arrival at Haneda Airport in Tokyo, Japan, Oct. 27, 2025.

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    “I hear phenomenal things” about Takaichi, Mr. Trump said, noting her closeness with former Prime Minister Shinzo Abe, with whom Mr. Trump had a good relationship during his first term.

    “It’s going to be very good,” he said. “That really helps Japan and the United States.”

    Mr. Trump’s only scheduled event on Monday following his arrival is a meeting at the Imperial Palace with Emperor Naruhito, Japan’s ceremonial head of state. 

    The American leader spent Sunday in Malaysia, participating in a regional summit of Southeast Asian nations where he struck preliminary trade agreements with Malaysia, Thailand, Cambodia and Vietnam.

    Trump says he expects trade deal with China done this week

    Mr. Trump told reporters on Air Force One that he expected to reach a trade agreement with China in the coming days.

    Officials from the world’s two largest economies said Sunday that they’d reached an initial consensus for Mr. Trump and Chinese leader Xi Jinping to try to finalize during a high-stakes meeting later in the week.

    “I have a lot of respect for President Xi,” Mr. Trump told reporters on Air Force One. “I think we’re going to come away with a deal,” Mr. Trump said.

    File:The Best Of U.S. President Donald Trump

    President Trump and Chinese President Xi Jinping greet attendees waving American and Chinese flags during a welcome ceremony outside the Great Hall of the People in Beijing, China, in a Nov. 9, 2017 file photo.

    Qilai Shen/Bloomberg


    Bessent also said Sunday on “Face the Nation with Margaret Brennan” that a TikTok deal announced last month was set to be finalized Thursday during the Trump-Xi meeting.

    After his visit to Japan, Mr. Trump is set to end his Asian tour in South Korea, where he’s expected to meet with Xi on the sidelines of a Pacific Rim summit of the Asia-Pacific Economic Cooperation forum (APEC).

    Trump renews openness to meeting North Korea’s Kim Jong Un

    Mr. Trump also said he would be willing to extend his trip to Asia if there was a chance to talk with reclusive North Korean leader Kim Jong Un Kim. Since South Korea is the president’s last stop before returning to the U.S., “it’s pretty easy to do,” he told reporters on Air Force One.

    Mr. Trump’s overtures to reconnect with Kim have gone unanswered.

    “If he wants to meet, I’ll be in South Korea,” Mr. Trump said.

    Trump downplays notion of becoming U.S. vice president

    On other matters, Mr. Trump rejected the possibility of running for vice president as a way to get back to the presidency, saying, “I’d be allowed to do it” but wouldn’t because “it’s too cute.”

    Steve Bannon, a Trump ally, has repeatedly said the president could serve a third term despite a constitutional prohibition. Mr. Trump himself has flirted with the idea.

    On Air Force One, Mr. Trump said, “I haven’t really thought about it.”

    He praised Rubio and Vance as potential future Republican candidates. “I’m not sure if anybody would run against those two. I think if they ever formed a group, it would be unstoppable,” he said.

    South China Sea, Taiwan, and tariffs

    There’s no shortage of security issues in the region, including access to the South China Sea and the future of Taiwan. But Mr. Trump’s focus has undoubtedly been trade and his desire to realign the international economy in his vision of “America first.”

    For the most part, that means tariffs, or at least the threat of them. Mr. Trump has frequently used taxes on imports — from allies and adversaries alike — in an effort to boost domestic manufacturing or seek more favorable terms.

    However, his unilateral power to enact tariffs remains contested. The president is awaiting a Supreme Court decision in a case that could solidify his authority or limit it.

    The president flew to Tokyo from Kuala Lumpur, Malaysia, where he attended the annual summit of the Association of Southeast Asian Nations. He participated in a ceremonial signing of an expanded ceasefire between Thailand and Cambodia, which fought earlier this year. Trump helped pressure both countries to stop by threatening to withhold trade agreements.

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  • World Leaders Look to Build Economic, Trade Ties After Trump Departs ASEAN Summit

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    By Rozanna Latiff and Danial Azhar

    KUALA LUMPUR (Reuters) -World leaders gathered in Malaysia on Monday will discuss ways to strengthen economic and trade ties in the shadow of looming U.S. tariffs after President Donald Trump left a summit of Southeast Asian nations to continue a tour of the region.

    In a flurry of deal-making on his first Asia stop, Trump oversaw the signing on Sunday of an expanded ceasefire pact between Cambodia and Thailand and four regional trade deals.

    None of those framework deals reduced steep U.S. tariffs on Cambodia, Malaysia, Thailand and Vietnam, the White House said, though they left room for some exemptions.

    “Our message to the nations of Southeast Asia is that the United States is with you 100% and we intend to be a strong partner for many generations,” Trump said on a day when U.S. and Chinese negotiators agreed to a tariff pause in their trade war.

    While Trump and Secretary of State Marco Rubio fly to Japan, top officials from China and the leaders of Brazil, Canada, the European Council and the 11-strong ASEAN bloc will work to solidify economic partnerships and hammer out trade pacts.

    Chinese officials are expected to press for trade multilateralism and look to shore up regional relationships, while other U.S. officials attend the summit after Rubio’s departure.

    Also on the cards is a summit of the China-backed Regional Comprehensive Economic Partnership, which groups 10 ASEAN members with Australia, Japan, New Zealand and South Korea.

    The world’s largest trading bloc, RECP covers about 30% of global gross domestic product and is touted by some analysts as a potential buffer against U.S. tariffs.

    European Council President Antonio Costa met Chinese Premier Li Qiang and said he conveyed strong concern about Beijing’s expansion of export controls on critical raw materials.

    “I urged him to restore as soon as possible fluid, reliable and predictable supply chains,” Costa said after the meeting, adding that he had also sought China’s help in efforts to end Russia’s war in Ukraine.

    Rare earth magnets and minerals have been a major sticking point in Beijing’s trade war with Washington, with China using its control over 90% of global supply as leverage to combat U.S. tariffs.

    Brazilian President Luiz Inacio Lula da Silva said his meeting with Trump on Sunday “guaranteed” a more favourable trade deal.

    The United States has imposed tariffs of 50% on Brazilian products in retaliation for the sentencing of former President Jair Bolsonaro.

    “I told him it was extremely important to take into account Brazil’s experience as the largest country in South America, as the most economically important country that has almost all of South America as a neighbour,” Lula, as he is popularly known, said on Monday.

    The Association of Southeast Asian Nations (ASEAN) groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, East Timor and Vietnam.

    (Reporting by Rozanna Latiff, Xinghui Kok and Danial Azhar; Editing by Clarence Fernandez)

    Copyright 2025 Thomson Reuters.

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  • Trump Heads to Tokyo for Trade, Security Talks Before Xi Summit

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    By John Geddie, Tim Kelly and Trevor Hunnicutt

    TOKYO/KUALA LUMPUR (Reuters) -U.S. President Donald Trump departed for Tokyo on Monday, where he was scheduled to meet Japan’s emperor and newly elected Prime Minister Sanae Takaichi as part of an Asia trip aimed at securing trade deals, investment and increased defence spending.

    Trump, on his longest journey abroad since taking office in January, announced a slew of deals with Southeast Asian countries and oversaw the signing of a ceasefire agreement between Thailand and Cambodia during his first stop in Malaysia.

    His trip is expected to conclude in a summit with Chinese President Xi Jinping in South Korea on Thursday, as negotiators for the world’s top two economies seek to avert rekindling a devastating trade war.

    While Trump has already landed a $550 billion investment pledge from Japan in exchange for respite on punishing import tariffs, Takaichi is hoping to further impress Trump with promises to purchase U.S. pickup trucks, soybeans and gas.

    “Just leaving Malaysia, a great and very vibrant Country. Signed major Trade and Rare Earth Deals, and yesterday, most importantly, signed the Peace Treaty between Thailand and Cambodia. NO WAR! Millions of lives saved,” Trump said in a post on Truth Social shortly before his departure.

    “Such an honor to have gotten this done. Now, off to Japan!!!”

    Takaichi, who became Japan’s first female prime minister last week, told Trump that strengthening their countries’ alliance was her “top priority” in their first phone call on Saturday.

    Thousands of police have been deployed across the Japanese capital for Trump’s arrival, with the arrest of a knife-wielding man outside the U.S. embassy on Friday and an anti-Trump protest planned in downtown Shinjuku adding to the tension.

    Commerce Secretary Howard Lutnick and his Japanese counterpart Ryosei Akazawa, architects of the tariff deal agreed in July, are set to hold a working lunch on Monday. Treasury Secretary Scott Bessent, travelling with Trump alongside Secretary of State Marco Rubio, is also expected to meet with his new counterpart Satsuki Katayama for the first time.

    IMPERIAL WELCOME FOR RETURN OF TRUMP

    Trump’s first engagement in Japan will be to meet Emperor Naruhito at the Imperial Palace in the heart of Tokyo.

    Trump was the first foreign leader to meet Naruhito after he came to the throne in 2019, continuing an imperial line that some claim is the world’s oldest hereditary monarchy. Naruhito’s role, however, is purely symbolic and it will be with Takaichi on Tuesday that the meaty diplomacy will take place.

    Takaichi was a close ally of assassinated Japanese premier Shinzo Abe, who formed a bond with Trump over hours spent on the golf course during his first term, and appears to have already impressed the U.S. president.

    “She’s great… we’re going to be seeing her very soon. She’s very friendly,” Trump told reporters on Saturday after their call. “She was a very, very close ally and friend of Prime Minister Abe and you know he was one of my favourites.”

    The two are due to meet at the nearby Akasaka Palace, the same venue that Trump met Abe six years ago, where Trump will be welcomed by a military honour guard.

    As well as investment pledges, Takaichi is expected to reassure Trump that Tokyo is willing to do more on security after telling lawmakers on Friday that she will accelerate Japan’s biggest defence build-up since World War Two.

    Japan plays host to the biggest concentration of U.S. forces abroad and Trump has previously complained that Tokyo is not spending enough towards defending its islands from an increasingly assertive China.

    “Some kind of statement on standing shoulder-to-shoulder together to deter and respond to attempts to change the status quo in the region by force or coercion would be useful,” said Kevin Maher, a Japan expert at NMV Consulting in Washington and former U.S. diplomat.

    While Takaichi has said she will accelerate a plan to increase defence spending to 2% of GDP, she will struggle to commit Japan to any further increases that Trump asks for due to her weak political standing, sources told Reuters earlier.

    To do that she would need to win approval from parliament. Her coalition government is two seats short of a majority in the decision-making lower house.

    (Reporting by Tim Kelly and John Geddie in Tokyo and Trevor Hunnicut in Kuala Lumpur; Editing by Lincoln Feast.)

    Copyright 2025 Thomson Reuters.

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  • Trump Sets 10 Percent Hike in Tariffs on Canada After Ad Airs During World Series

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    U.S. President Donald Trump said on Saturday he was increasing tariffs on Canada by an additional 10 percent “above what they’re paying now,” as he reacted again to an ad by Canada’s Ontario province, a day after it was aired during the World Series broadcast.

    Trump on Thursday ended trade talks with Ottawa over the tariff-related ad, which Trump said was misleading.

    Trump announced the higher tariffs in a Truth Social post on Saturday referencing the ad, which features a video of former President Ronald Reagan, a Republican icon, saying that tariffs cause trade wars and economic disaster. The ad had already been running for some days before Trump first reacted to it on Thursday night.

    Ontario Premier Doug Ford said on Friday that after discussions with Canadian Prime Minister Mark Carney, Ontario would pause the U.S. ad campaign on Monday so that trade talks could resume.

    The advertisement aired Friday during the broadcast for Game 1 of Major League Baseball’s World Series, in which the Toronto Blue Jays are facing off against the Los Angeles Dodgers.

    “Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump posted.

    “Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10 percent over and above what they are paying now,” he wrote.

    Trump posted the message while he was aboard Air Force One on his way to Malaysia, the first stop on a trip through East Asia that will largely focus on trade issues.

    The U.S. Commerce Department, the White House and the office of the Canadian prime minister did not immediately respond to requests for comment.

    Most Canadian exports are exempt from U.S. tariffs

    It was not clear what goods would be affected by Trump’s newly announced tariffs. The majority of Canadian exports to the U.S. are exempt from tariffs because of the United States-Mexico-Canada Agreement (USMCA) that was signed during Trump’s first term.

    The Trump administration in August imposed a 35% tariff on Canadian goods not covered by the USMCA. But Canada’s economy has suffered from sector tariffs of 50 percent imposed this year by Trump on steel and aluminum from all countries.

    Carney said on Friday that Canada stood ready to resume trade talks with the United States. Trump and Carney will both be at the Association of Southeast Asian Nations summit in Malaysia, but he told reporters on Air Force One he has no plans to meet with the Canadian leader.

    The Canadian prime minister had removed most of Canada’s retaliatory tariffs on U.S. imports imposed by his predecessor, but White House adviser Kevin Hassett said on Friday that Trump was frustrated with Canada and trade talks have not been going well.

    The ad by the Ontario government has a voiceover of Reagan criticizing tariffs on foreign goods while saying they cause job losses and trade wars. The video uses five complete sentences from the five-minute weekly address, spliced together out of sequence.

    The ad does not mention that Reagan was using the address to explain that tariffs imposed on Japan by his administration should be seen as a sadly unavoidable exception to his basic belief in free trade as the key to prosperity.

    Reporting by Jasper Ward, Valerie Volcovici and Caroline Stauffer; Editing by Leslie Adler and Sergio Non

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  • Brazil and U.S. to Meet ‘Immediately’ to Seek Tariff Solutions

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    Brazil’s President Luiz Inacio Lula da Silva said he had a positive meeting on Sunday with U.S. President Donald Trump, and their respective teams will start “immediately” to discuss tariffs and other matters.

    Trump and Lula spoke on the sidelines of the ASEAN summit in Kuala Lumpur, Malaysia in a meeting to overcome tensions between Brazil and the United States after Trump increased tariffs on U.S. imports of most Brazilian goods to 50 percent from 10 percent in August.

    “We agreed that our teams will meet immediately to advance the search for solutions to the tariffs and sanctions against Brazilian authorities,” Lula said in a social media post following the meeting.

    Trump had linked the tariff move to what he called a “witch hunt” against Jair Bolsonaro, the South American country’s former president. The U.S. government also put sanctions on a number of Brazilian officials, including Supreme Court Justice Alexandre de Moraes, who oversaw the trial that led to Bolsonaro’s conviction for attempting a coup.

    Ahead of the meeting on Sunday though, Trump said he could reach some agreements with Lula.

    “I think we should be able to make some pretty good deals for both countries,” Trump said.

    Lula previously described the tariff hike as a “mistake”, citing a $410 billion U.S. trade surplus with Brazil over 15 years.

    Brazil’s Foreign Minister Mauro Vieira said negotiations will start immediately to work on solutions and a meeting with the U.S. delegation was planned for Sunday.

    “We will establish a negotiation schedule and establish the sectors we will talk about so that we can move forward,” Vieira told journalists at the summit, adding that Brazil had requested that tariffs be suspended during the negotiation process.

    It was not immediately clear if the United States agreed to the request.

    U.S. Treasury Secretary Scott Bessent, Secretary of State Marco Rubio and Trade Representative Jamieson Greer were present at the meeting, Vieira said.

    “We hope to conclude bilateral negotiations that address each of the sectors of the current American (tariffs on) Brazil in the near future, in a few weeks,” Vieira added.

    Bolsonaro was not mentioned in the meeting, said Marcio Rosa, the executive secretary for Brazil’s ministry of development, industry and commerce, who stood next to Vieira.

    Higher U.S. tariffs on Brazilian goods have begun reshaping the global beef trade, pushing up prices in the United States and encouraging triangulation via third countries such as Mexico, while Brazilian exports to its biggest beef market, China, are booming.

    Brazilian beef industry group Abiec said it viewed the meeting between the two leaders as a positive step.

    “The understanding between the two countries can preserve the competitiveness of the Brazilian product, guarantee predictability for exporters and expand the presence of (Brazilian) beef in the North American market,” it said in a statement.

    Globally, Brazil’s total beef exports, including fresh and processed meat, edible offal and tallow, generated $1.92 billion in revenue in September, with volumes reaching 373,867 metric tons, up 49 percent in value and 17 percent in volume year-on-year.

    Brazilian coffee industry group ABIC said it was confident in the historic partnership between the two countries. Brazil is the world’s top coffee producer and exporter, while the United States is the biggest importer.

    “The recent meetings between the presidents of the United States and Brazil have been more positive, and at ABIC we are optimistic,” ABIC president Pavel Cardoso said in a statement.

    Reporting by Trevor Hunnicutt and Eduardo Simoes; Additional reporting by Roberto Samora; Writing by Oliver Griffin; Editing by John Mair, David Stanway, Will Dunham and Elaine Hardcastle

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  • Thailand, US Reach Framework Agreement on Trade

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    (Reuters) -The United States and Thailand on Sunday announced a framework for reciprocal trade that would see the U.S. maintain a 19% tariff on Thai products while identifying products where tariffs could potentially be adjusted or cut to zero.

    Thailand would in turn eliminate tariff barriers on approximately 99% of goods, covering a full range of U.S. industrial and food and agricultural products, the two countries said in a joint statement issued by the White House.

    Thailand is also committed to addressing barriers to U.S. exports, including the acceptance of U.S. made vehicles, the joint statement said.

    (Reporting by Orathai Sriring; Writing by Martin Petty; Editing by David Stanway)

    Copyright 2025 Thomson Reuters.

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  • Trump Headlines ASEAN Summit, Thailand-Cambodia to Sign Ceasefire Deal

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    By Trevor Hunnicutt and Rozanna Latiff

    KUALA LUMPUR (Reuters) -U.S. President Donald Trump landed in Malaysia for the ASEAN Summit on Sunday, where he is set to witness an expanded ceasefire deal between Thailand and Cambodia and oversee pivotal trade talks.

    Trump’s first order of business at the Association of Southeast Asian Nations summit will involve watching over a ceasefire deal between Cambodia and Thailand after he helped broker an end to a deadly five-day border conflict in July.

    The agreement builds on a truce signed three months ago after Trump called the then-leaders of the two countries, urging them to end hostilities or risk their respective trade talks with Washington being put on hold.

    Both sides blame each other for starting the five-day exchange of rockets and heavy artillery, which killed at least 48 people and temporarily displaced an estimated 300,000 in their worst fighting in recent history.

    Thailand’s Prime Minister Anutin Charnvirakul nearly missed the signing after the death of the kingdom’s Queen Mother Sirikit on Friday, but later decided to fly in for the ceremony.

    Trump was greeted by Malaysia’s Prime Minister Anwar Ibrahim and a troupe of ceremonial dancers when he landed at Kuala Lumpur International Airport. He stopped on the red carpet to dance with the performers before taking a U.S. flag in one hand and a Malaysian flag in the other and jumping into his limousine to travel to the city with Anwar.

    As Trump mingles with other leaders, U.S. and Chinese negotiators will meet on the sidelines to avert further escalations in a trade war between the world’s two largest economies.

    Asked by a reporter if rare earths were discussed at the talks, which started on Saturday, U.S. Trade Representative Jamieson Greer said a broad range of topics were discussed, including extending the truce on trade measures.

    “I think that we’re getting to a spot where the leaders will have a very productive meeting,” Greer said.

    Trump is also expected to discuss sharp U.S. tariffs with Brazilian President Luiz Inácio Lula da Silva, who is among several world leaders attending the weekend summit.

    Lula said he plans to argue that the 50% tariffs imposed by Washington on Brazilian goods were a “mistake”, citing a $410 billion U.S. trade surplus with Brazil over 15 years. Trump signalled on his way to Asia that he was open to lowering the tariffs.

    EAST TIMOR BECOMES NEWEST ASEAN MEMBER

    Asia’s youngest nation East Timor became the 11th member of the ASEAN bloc on Sunday, fulfilling a vision set out by its current president nearly a half-century ago while the country was a Portuguese colony. 

    Also known as Timor-Leste, the country of 1.4 million people is among Asia’s poorest and hopes to see gains from integrating its fledgling economy, which at about $2 billion represents only a tiny fraction of ASEAN’s collective $3.8 trillion gross domestic product.

    East Timor’s accession follows a 14-year wait and though its membership is not expected to be transformative, it represents a symbolic victory for its President Jose Ramos-Horta and Prime Minister Xanana Gusmao, the heroes of its struggle for independence.

    (Reporting by Rozanna Latiff and Trevor Hunnicut; Additional reporting by Danial Azhar and Yukin Zhang; Editing by Kate Mayberry)

    Copyright 2025 Thomson Reuters.

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  • China Trade Negotiator, Vice Premier Arrive for Second Day of US-China Trade Talks

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    KUALA LUMPUR (Reuters) -China’s top trade negotiator Li Chenggang and Chinese Vice Premier He Lifeng arrived on Sunday at a venue in Kuala Lumpur for a second day of trade talks between the United States and China.

    The Chinese economic officials are meeting with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer on the sidelines of the Association of Southeast Asian Nations summit to de-escalate a trade war.

    The world’s two largest economies are looking to avert an escalation of their trade war after U.S. President Donald Trump threatened new 100% tariffs on Chinese goods and other trade curbs starting on November 1, in retaliation for China’s vastly expanded export controls on rare earth magnets and minerals.

    A U.S. Treasury spokesperson told reporters on Saturday that the first day of talks had been “very constructive”.

    A positive outcome for the talks would remove roadblocks for a meeting next week between Trump and Chinese President Xi Jinping in South Korea.

    The White House has officially announced the meeting, but Beijing has yet to confirm that the two leaders will meet.

    Trump is expected to arrive in the Malaysian capital on Sunday morning for the summit, as part of a five-day trip in Asia.

    (Reporting by Xinghui Kok; Writing by Mei Mei Chu and Yukun Zhang; Editing by John Mair and Sonali Paul)

    Copyright 2025 Thomson Reuters.

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  • Trump hikes tariffs on Canada by another 10% in response to Ontario’s anti-tariff ad

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    President Trump announced Saturday that he is raising U.S. tariffs on Canada by an additional 10% in response to the continued airing of an anti-tariff advertisement created by the local government of the Canadian province of Ontario.

    In a post to Truth Social Saturday afternoon, Mr. Trump described the airing of the ad during Friday night’s Game 1 of the World Series as a “hostile act.”

    “Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now,” Mr. Trump wrote.

    The move comes even though Ontario’s leader said the ad would be halted beginning Monday.

    CBS News has reached out to the White House for comment on when such an increase would take effect and what imports it would apply to, and to Global Affairs Canada.

    Earlier this month, Ontario officials began airing an ad featuring excerpts from a 1987 radio address by the late President Ronald Reagan in which he said tariffs work “only for a short time” and “hurt every American worker and consumer.” 

    The ad drew the ire of Mr. Trump Thursday, who reacted by terminating trade negotiations with Canada. The president also pointed to a statement from the Ronald Reagan Foundation alleging that the ad had misrepresented Reagan’s original radio address.

    Following Mr. Trump’s comments, Ontario Premier Doug Ford said the ad campaign will be put on hold starting Monday “so that trade talks can resume.”

    “Our intention was always to initiate a conversation about the kind of economy that Americans want to build and the impact of tariffs on workers and businesses,” Ford wrote on social media Friday. “We’ve achieved our goal, having reached U.S. audiences at the highest levels.”

    In his post Saturday, however, Mr. Trump claimed that Ontario officials had indicated the ad “was to be taken down, IMMEDIATELY.”

    The president claimed Ontario’s government allowed the ad to run Friday during the World Series between the Toronto Blue Jays and Los Angeles Dodgers “knowing that it was a FRAUD.”

    Trade tensions between the U.S. and Canada have been ongoing for months amid the White House’s global trade war. Over the summer, Mr. Trump hiked tariffs on the country to 35%, though a large share of goods are exempt because they’re covered by the 2020 U.S.-Mexico-Canada Trade Agreement.

    Back in March, Canada imposed 25% retaliatory tariffs on many U.S. products not covered by the USMCA. But in August, as part of efforts to reach a deal on tariffs, Canadian Prime Minister Mark Carney said those retaliatory tariffs were being lifted. The two nations have yet to reach such a deal.  

    Joe Walsh

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  • 10/25: Saturday Morning

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    Caribbean officials prepare for Melissa’s impacts; Food writer Anna Ansari releases new cookbook inspired by international travel.

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    What’s behind the latest inflation numbers?; Reporter’s Notebook: How art museums can make us more attentive.

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  • 10/24: The Daily Report

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    Lindsey Reiser reports on trade tensions between the U.S. and Canada over an anti-tariff ad and the U.S. sending an aircraft carrier to Latin America.

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  • Inflation moving away from Fed’s target

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    A key inflation report compiled before the start of the government shutdown showed that prices continued to climb last month as consumer confidence fell. CBS News MoneyWatch correspondent Kelly O’Grady has more.

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  • Did a Canadian ad mislead on Reagan’s tariffs comments?

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    After the government of the Canadian province of Ontario released an anti-tariff ad taking aim at U.S. trade policy, President Donald Trump said the United States was cutting off trade negotiations with its northern neighbor.

    In an Oct. 23 Truth Social post, Trump referenced a statement from The Ronald Reagan Presidential Foundation and Institute. 

    Trump wrote, “The Ronald Reagan Foundation has just announced that Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs.” The Ronald Reagan Presidential Foundation and Institute is a nonprofit based in Simi Valley, Calif., created by Reagan to advance his legacy and principles. 

    The Reagan Foundation said the Canadian ad — which featured Reagan’s April 25, 1987, radio address — used “selective audio and video” and “mispresents the Presidential Radio Address.”

    The one-minute ad included some of Reagan’s remarks out of chronological order. It also omitted that Reagan recorded the address after imposing duties on some Japanese products. A duty is a tax imposed on goods; a tariff is a type of duty imposed on imported or exported goods.

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    However, the ad’s overall message doesn’t misrepresent Reagan’s views on tariffs. Reagan said he believed that in the long-term tariffs would lead to trade wars and hurt Americans.

    We asked the Reagan Foundation how the ad misrepresented Reagan’s address, but we did not receive a response by publication.

    When we asked the White House what was fake about the ad, spokesperson Kush Desai said, “Even The Ronald Reagan Presidential Foundation and Institute is calling out Ontario’s misleading and selective editing of President Reagan’s remarks.” 

    Ontario Premier Doug Ford said Oct. 14 that a $75 million ad buy was planned and would air on major networks. On Oct. 24 — after Trump canceled trade talks with Canada — Ford said the ad would continue to air during the first two World Series games but will pause after that, “so that trade talks can resume.”

    The clips from Reagan’s address used in the ad

    The ad shows Reagan delivering the address. In the ad, he says: 

    “When someone says, ‘Let’s impose tariffs on foreign imports,’ it looks like they’re doing the patriotic thing by protecting American products and jobs. And, sometimes for a short while, it works, but only for a short time. But over the long run, such trade barriers hurt every American worker and consumer.

    “High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. Then the worst happens: markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs.

    “Throughout the world, there’s a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition. America’s jobs and growth are at stake.”

    Some sentences in the ad are not in the same order as Reagan delivered them, but the reordering did not change his meaning.  (The sentence, “But over the long run, such trade barriers hurt every American worker and consumer,” was actually delivered earlier in Reagan’s remarks. The ad also edited in the word “but.” Reagan said, “And in a moment I’ll mention the sound economic reasons for this: that over the long run such trade barriers hurt every American worker and consumer.”)

    In its edit, the ad also omitted additional comments Reagan made in the same address. Reagan also said that he had recently placed new duties on some Japanese products because Japan had not been enforcing a trade agreement on semiconductors. Reagan said he would discuss trade disagreements with Japan’s Prime Minister, Yasuhiro Nakasone, at the White House the week after the address. 

    Reagan framed the action against Japan as an unusual case of leveraging trade policies to counteract specific behavior by one trading partner on one group of products.

    In another part of the address not quoted in the ad, Reagan said the actions involving “Japanese semiconductors were a special case” to “deal with a particular problem, not begin a trade war.” 

    Reagan also said, “Now, imposing such tariffs or trade barriers and restrictions of any kind are steps that I am loath to take.”

    He said the result of a trade war would be “more and more tariffs, higher and higher trade barriers, and less and less competition. So, soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying.”

    Ad did not capture additional Reagan tariff history 

    Like the address, Reagan’s overall trade record often supported free trade, but was at times nuanced.

    Reagan pushed for several international free-trade agreements, including the 1988 U.S.-Canada Free Trade Agreement, which later incorporated Mexico and evolved into the North American Free Trade Agreement. 

    Reagan’s administration “launched the most comprehensive set of global trade-barrier-reducing negotiations yet completed — the Uruguay Round, which eventually established the World Trade Organization,” I.M. Destler, a University of Maryland public policy professor, told us in 2016; Destler died in 2025. That negotiation continued under President George H.W. Bush and was concluded and ratified, with large bipartisan margins, under President Bill Clinton.

    In a 1985 address to business leaders, Reagan said, “Our trade policy rests firmly on the foundation of free and open markets — free trade.” 

    He also spoke about the merits and drawbacks of free trade. “I believe that if trade is not fair for all, then trade is free in name only,” he said. “I will not stand by and watch American businesses fail because of unfair trading practices abroad. I will not stand by and watch American workers lose their jobs because other nations do not play by the rules.”

    Reagan sometimes bent to public pressure for more protectionist measures, as he did with Japanese semiconductors.

    In 1982, Reagan imposed quotas on sugar, which resulted in higher prices. His administration negotiated more stringent provisions for textile and apparel imports, though not as tight as the industry wanted. And the administration set import quotas on machine tools from South Korea and imposed tariffs on Canadian lumber.

    His most significant protectionist trade moves were a pair of “voluntary export restraints” on steel and on cars. These policies limited how many units foreign producers could ship to the United States, giving domestic producers some breathing room from foreign competition so they could retool their businesses. (The policies also raised prices for U.S. consumers and sometimes led to shortages.)

    Our ruling

    The Ronald Reagan Presidential Foundation and Institute said Ontario’s ad “misrepresents” Reagan’s 1987 address about tariffs.

    The ad edits together some sentences from a 1987 address, and it leaves out that in the address, Reagan said he would levy duties on some Japanese products. 

    However, Reagan’s address framed the actions against Japan as exceptions to his general support of free trade, a position he championed not only in the parts quoted in the ad but also throughout much of the address. 

    We rate this statement Mostly False.

    RELATED: MAGA-Meter: Trump’s second term promises including about tariffs

    RELATED: All of our fact-checks about trade

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  • US Launches Investigation Into China’s Compliance With 2020 Trade Deal

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    WASHINGTON (Reuters) -The U.S. Trade Representative on Friday announced the start of an investigation into China’s implementation of a trade deal signed during President Donald Trump’s first term.

    “The initiation of this investigation underscores the Trump Administration’s resolve to hold China to its Phase One Agreement commitments, protect American farmers, ranchers, workers, and innovators, and establish a more reciprocal trade relationship with China for the benefit of the American people,” USTR Jamieson Greer said in a statement.

    (Reporting by Jasper Ward)

    Copyright 2025 Thomson Reuters.

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  • ASEAN to Host Trump at Summit as US and China Seek to Avert Trade War Escalation

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    KUALA LUMPUR (Reuters) -The bloc of Southeast Asian nations will host world leaders at a summit this weekend that will run alongside pivotal trade talks between the United States and China and serve as the first stop for U.S. President Donald Trump’s swing through Asia.

    The Association of Southeast Asian Nations will press for trade multilateralism and deeper ties with new partners, while managing the fallout from Trump’s global tariff offensive at its annual meeting in Malaysia’s capital.

    Trump will be in Kuala Lumpur on Sunday to begin a five-day trip through Malaysia, Japan and South Korea, aimed at bolstering his diplomatic credentials, as U.S. and Chinese officials work to avert a trade war escalation ahead of his planned meeting with China’s President Xi Jinping in South Korea next week. 

    WHO’S WHO AT ASEAN SUMMIT?

    Leaders will gather on Sunday ahead of engagements with partners including Trump, Chinese Premier Li Qiang, Brazilian President Luiz Inácio Lula da Silva, South Africa’s Cyril Ramaphosa and Japan’s newly elected Prime Minister Sanae Takaichi.

    “This represents a new strategic direction for Malaysia and ASEAN in expanding diplomatic and trade ties with other regions, including Africa and Latin America,” Malaysian Prime Minister Anwar Ibrahim, the summit’s host, said on Wednesday.

    ASEAN, which also includes Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, will formally welcome East Timor as its 11th member on Sunday.

    Commonly known as Timor-Leste, its accession to ASEAN is seen as a political win for one of the world’s poorest countries, though analysts say the economic benefits remain uncertain.

    TRUMP TO WITNESS THAI-CAMBODIA CEASEFIRE DEAL

    ASEAN’s regional outreach comes even as its unity remains tested by internal disputes.

    Border tensions between Thailand and Cambodia erupted into a deadly five-day conflict in July, killing dozens of people and temporarily displacing about 300,000 in their most intense fighting in recent history.

    Malaysia helped secure an initial ceasefire on July 28, aided by decisive calls from Trump to the leaders of both countries.

    Thai Defence Minister Natthaphon Narkphanit said this week the two countries have made “meaningful progress” on a broader ceasefire agreement, which will require both sides to remove all mines and heavy artillery from their borders.

    The deal is expected to be signed on Sunday in the presence of Trump, Malaysian officials said.

    ASEAN, however, remains split over how to end a deadly civil war in Myanmar sparked by a military coup in 2021.

    Fighting has intensified despite repeated calls for de-escalation, with ASEAN making little progress in getting Myanmar’s military rulers to adhere to a peace plan it agreed to months after the coup.

    ASEAN foreign ministers will discuss on Friday whether to send regional observers to Myanmar’s general election, Malaysia’s Foreign Minister Mohamad Hasan said this week. 

    Critics have derided the election, set to begin in December, as a sham exercise to legitimise military rule. 

    U.S.-CHINA TRADE TALKS, TARIFFS IN FOCUS 

    Trump is expected to be accompanied on his Asia trip by top U.S. officials, including Secretary of State Marco Rubio, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer.

    Bessent and Greer plan to hold talks with Chinese officials in Malaysia to iron out issues ahead of the meeting between Trump and Xi, after Beijing expanded export curbs on rare earths. China said the talks with its vice premier He Lifeng will run until October 27.     

    Trump said he expected to reach agreements with Xi that could range from resumed soybean purchases by China to limits on nuclear weapons.    

    Trump could also meet with Brazil’s Lula in Malaysia, sources have said, as Rio looks to lower hefty U.S. tariffs on Brazilian goods.  

    Washington’s levies are expected to remain high on the ASEAN summit agenda, with Southeast Asian foreign and economic ministers due to hold a joint meeting for the first time in the bloc’s history on Saturday. 

    The United States has imposed tariffs of between 10% and 40% on Southeast Asian imports, with the majority of ASEAN countries hit with a 19% rate.

    The countries will seek to formalise trade deals with the United States with Trump present, Malaysian officials said.   

    Malaysia also plans to host a gathering of leaders of the Regional Comprehensive Economic Partnership, the world’s largest trading bloc, on the sidelines of the ASEAN summit.     

    The RCEP, which includes all ASEAN members as well as China, Japan, South Korea, Australia and New Zealand, is touted by some analysts as a potential counter to U.S. tariffs, but it is considered weaker than some other regional trade deals due to competing interests among its members. 

    (Reporting by Rozanna Latiff; Editing by Martin Petty)

    Copyright 2025 Thomson Reuters.

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  • Trump says he’s cutting off all trade talks with Canada over anti-tariff ad

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    President Trump said late Thursday he’s ending trade talks with Canada, citing an anti-tariff ad campaign by the province of Ontario that uses late President Ronald Reagan’s voice.

    “Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” the president wrote on Truth Social.

    The president appeared to be referencing an ad released last week by Ontario that includes excerpts from a 1987 radio address given by Reagan, in which the former president said tariffs work “only for a short time” and “hurt every American worker and consumer.” 

    “High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars,” Reagan said, as quoted by the ad.

    CBS News has reached out to the White House, Global Affairs Canada, and the Ontario premier’s office for comment. 

    Earlier Thursday, the Ronald Reagan Foundation said in a statement posted to X the ad used “selective audio” and “misrepresents the Presidential Radio Address.” The foundation also said the government of Ontario didn’t seek permission to use snippets from Reagan’s address, and said it is “reviewing its legal options in this matter.”

    Mr. Trump pointed to the Ronald Reagan Foundation’s statement in his Truth Social post, calling Ontario’s ad “FAKE” and claiming it “only did this to interfere with the decision of the U.S. Supreme Court” — referring to a pending case on the legality of Mr. Trump’s tariff strategy.

    Canada is the second-largest trading partner for the U.S. after Mexico, with the U.S. importing $412.7 billion worth of Canadian goods last year, and Canada buying $349.4 billion in American goods, according to U.S. statistics.

    But relations between the U.S. and its northern neighbor have frayed amid Mr. Trump’s trade strategy. He initially imposed higher tariffs on Canada earlier this year, accusing the country of not doing enough to stem the flow of illicit drugs and migration across the border — allegations that Canadian officials pushed back on.

    Over the summer, Mr. Trump hiked tariffs on the country to 35%, though a large share of goods are exempt because they’re covered by the 2020 U.S.-Mexico-Canada Trade Agreement.

    Back in March, Canada imposed 25% retaliatory tariffs on many U.S. products not covered by the USMCA. But in August, as part of efforts to reach a deal on tariffs, Canadian Prime Minister Mark Carney said those retaliatory tariffs were being lifted. The two nations have yet to reach such a deal.  

    Meanwhile, Carney said earlier this week the country would seek to double its exports to countries other than the U.S., citing the “pall of uncertainty” caused by American tariffs.

    Still, Carney has sought to negotiate with Mr. Trump, visiting the White House earlier this month.

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