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Tag: Trade

  • As Trump and Xi Get Set to Talk Trade, Asia Worries About Impact on Its Security

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    President Trump put the world on notice in his first term that the U.S. was preparing for an era of intensified military and economic competition with Beijing.

    But as he left for his first trip to Asia since returning to the White House, striking a new trade deal with Chinese leader Xi Jinping has moved to the top of Trump’s agenda, spurring apprehensions among allies that the dealmaking might come at their expense.

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  • As Putin Digs In, a Long—and Different—War With Ukraine Looms

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    Russia’s refusal of a cease-fire and an aborted peace summit in Budapest have raised the grim prospect that the war in Ukraine will rage for years to come—even as the nature of the conflict transforms.

    President Vladimir Putin remains convinced that Russia will eventually wear down its smaller neighbor, causing a collapse of the Ukrainian economy and society. An elusive victory would allow him to make the case that the devastating war he unleashed nearly four years ago was worth it, after all.

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    Yaroslav Trofimov

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  • How One Ad Sent U.S.-Canada Trade Talks Into a Tailspin

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    Canadian officials were just starting to get their hopes up.

    Negotiators from Ottawa and Washington had spent weeks hashing out a potential deal to reduce punishing 50% tariffs President Trump had imposed on steel and aluminum, and the Canadians were growing optimistic in recent days, according to people familiar with the talks. The discussions were punctuated by an amicable Oval Office meeting earlier this month between Trump and Canadian Prime Minister Mark Carney. Both leaders expressed confidence that they could get the trade relationship back on track.

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    Vipal Monga

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  • President Trump Says He’s Ending Trade Talks With Canada Over TV Ads – KXL

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    WASHINGTON (AP) — President Donald Trump announced he’s ending “all trade negotiations” with Canada because of a television ad opposing U.S. tariffs that he said misstated the facts and was aimed at influencing U.S. court decisions.

    The post on Trump’s social media site came Thursday night after Canadian Prime Minister Mark Carney said he aims to double his country’s exports to countries outside the U.S. because of the threat posed by Trump’s tariffs. Trump’s call for an abrupt end to negotiations could further inflame trade tensions that have been building between the two neighboring countries for months.

    Trump posted, “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 ad was paid for by the Ontario provincial government, not the Canadian federal government. The Ontario government said it planned to pay $54 million (about $75 million Canadian) for the ads to air across multiple American television stations using audio and video of then-President Reagan speaking about tariffs in 1987.

    “They only did this to interfere with the decision of the U.S. Supreme Court, and other courts,” Trump wrote on his social media site. “TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.”

    Ontario Premier Doug Ford didn’t back down, posting on Friday that Canada and the U.S. are friends, neighbors and allies “and Reagan knew that both are stronger together.” Ford then provided a link to a Reagan speech where the late president voices opposition to tariffs.

    Carney said his government remains ready to continue talks to reduce tariffs in certain sectors.

    “We can’t control the trade policy of the United States. We recognize that that policy has fundamentally changed from the 1980s,” he said Friday morning before boarding a flight for a summit in Asia. Trump is set to travel to the same summit Friday evening.

    “We have to focus on what we can control and realize what we can’t control,” Carney said.

    Ford is a populist conservative who doesn’t belong to the same party as Carney, a Liberal.

    Trump, on Friday morning, furiously posted on his social media site that “CANADA CHEATED AND GOT CAUGHT!!!” on the tariff ad.

    “THE UNITED STATES IS WEALTHY, POWERFUL, AND NATIONALLY SECURE AGAIN, ALL BECAUSE OF TARIFFS!” he wrote in a separate post on his Truth Social account. “THE MOST IMPORTANT CASE EVER IS IN THE UNITED STATES SUPREME COURT. GOD BLESS AMERICA!!!”

    Earlier Thursday night, the Ronald Reagan Presidential Foundation and Institute posted on X that an ad created by the government of Ontario “misrepresents the ‘Presidential Radio Address to the Nation on Free and Fair Trade’ dated April 25, 1987.” It added that Ontario did not receive foundation permission “to use and edit the remarks.”

    The foundation said it is “reviewing legal options in this matter” and invited the public to watch the unedited video of Reagan’s address.

    As for the Supreme Court, Trump is referring to a case scheduled for early November in which the justices will consider the legality of his sweeping tariffs. Two lower courts have determined that Trump cannot unilaterally impose wide-ranging tariffs under an emergency powers law. His administration argues otherwise, saying he can regulate importation and that includes tariff policy.

    Carney met with Trump earlier this month to try to ease trade tensions, as the two countries and Mexico prepare for a review of the U.S.-Mexico-Canada Agreement, a trade deal Trump negotiated in his first term but has since soured on.

    More than three-quarters of Canadian exports go to the U.S., and nearly $3.6 billion Canadian ($2.7 billion U.S.) worth of goods and services cross the border daily.

    Trump said earlier this week that he had seen the ad on television and said that it showed that his tariffs were having an impact.

    “I saw an ad last night from Canada. If I was Canada, I’d take that same ad also,” he said then.

    In his own post on X last week, Ford — the leader of Canada’s most populous province — posted a link to the ad and the message: “It’s official: Ontario’s new advertising campaign in the U.S. has launched.”

    He continued, “Using every tool we have, we’ll never stop making the case against American tariffs on Canada. The way to prosperity is by working together.”

    Ford previously got Trump’s attention with an electricity surcharge to U.S. states. Trump responded by doubling steel and aluminum tariffs.

    The president has moved to impose steep U.S. tariffs on many goods from Canada. In April, Canada’s government imposed retaliatory levies on certain U.S. goods — but it carved out exemptions for some automakers to bring specific numbers of vehicles into the country, known as remission quotas.

    Trump’s tariffs have especially hurt Canada’s auto sector, much of which is based in Ontario. This month, Stellantis said it would move a production line from Ontario to Illinois.

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    Grant McHill

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  • Opinion | ‘Does India Even Have Any Cards?’

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    Sadanand Dhume writes a biweekly column on India and South Asia for WSJ.com. He focuses on the region’s politics, economics and foreign policy.

    Mr. Dhume is also a resident fellow at the American Enterprise Institute in Washington, D.C. Previously he worked as the New Delhi bureau chief of the Far Eastern Economic Review (FEER), and as Indonesia correspondent for FEER and The Wall Street Journal Asia.

    Mr. Dhume is the author of “My Friend the Fanatic: Travels with a Radical Islamist,” (Skyhorse Publishing, 2009), which charts the rise of the radical Islamist movement in Indonesia. His next book will look at India’s transformation since the election of Prime Minister Narendra Modi in 2014.

    Mr. Dhume holds a bachelor’s degree in sociology from the University of Delhi, a master’s degree in international relations from Princeton University and a master’s degree in journalism from Columbia University. He lives in Washington, D.C. with his wife, and travels frequently to India.

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    Sadanand Dhume

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  • Apple, Trade Thaw Lift Stocks Toward New Highs

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    Easing trade tensions and a big gain in Apple shares helped drive stocks back toward records on Monday, the start of a heavy week of corporate earnings.

    Indexes opened with gains, with some investors saying sentiment was buoyed by President Trump saying he will soon meet with China’s leader, Xi Jinping, and Treasury Secretary Scott Bessent’s Friday comments that he will meet with his Chinese counterpart in person this week. 

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  • China reacts to latest Trump trade threat over cooking oil

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    China said that its position on trade wars remains consistent and clear—that they have no winners and are in no one’s interests—as it responded to U.S. President Donald Trump’s latest threat over soybean purchases and cooking oil.

    Lin Jian, spokesperson for the Chinese foreign ministry, gave Beijing’s response at a regular press briefing on Wednesday.

    He said the U.S. and China “should resolve differences through dialogue and consultation based on equality, mutual respect, and mutual benefit,” according to the Chinese state-run Global Times publication.

    Trump on Tuesday accused China in a post on Truth Social of “purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act.”

    “We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution. As an example, we can easily produce Cooking Oil ourselves, we don’t need to purchase it from China,” Trump said.

    The U.S.-China trade war has reignited after Beijing imposed a new set of restrictions on rare earth exports, which the Trump administration says broke earlier tariff-cutting agreements between the two sides.

    Trump said he would impose a 100 percent tariff on China as a consequence, triggering a sell-off in global markets eyeing the potential economic fallout.

    This is a breaking news story. Updates to follow.

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  • China, Betting It Can Win a Trade War, Is Playing Hardball With Trump

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    In its trade standoff with Washington, Beijing thinks it has found America’s Achilles’ heel: President Trump’s fixation on the stock market.

    China’s leader, Xi Jinping, is betting that the U.S. economy can’t absorb a prolonged trade conflict with the world’s second-largest economy, according to people close to Beijing’s decision-making. China is holding a firm line because of its conviction, the people said, that an escalating trade war will tank markets, as it did in April after Trump announced his so-called Liberation Day tariffs, prompting Beijing to hit back.

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    Lingling Wei

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  • China Adds Hanwha Ocean’s Units to Sanctions List

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    Hanwha Ocean’s 042660 -5.76%decrease; red down pointing triangle shares slid Tuesday after Beijing added five of the South Korean shipbuilder’s subsidiaries to a sanctions list over their alleged role in a U.S. probe into the Chinese shipping industry.

    The stock plunged as much as 9% before paring losses. It closed 5.8% lower at 103,100 won, equivalent to $72.28, compared with the benchmark Kospi’s 0.6% fall.

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    Kwanwoo Jun

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  • How China and the U.S. Are Racing to De-Escalate the Trade War

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    President Trump is trying to publicly de-escalate tensions with China to soothe markets while privately keeping up pressure on Beijing—a difficult balancing act that is being closely watched by Wall Street.

    After threatening additional 100% tariffs on Chinese imports starting Nov. 1, Trump in recent days spoke with senior officials, including Treasury Secretary Scott Bessent, about sending a message to the world that the U.S. wants to de-escalate trade tensions with China, according to people familiar with the matter.

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    Brian Schwartz

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  • Opinion | Europe Joins the Steel Tariff Game

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    A feature of the Trump era is that while foreign governments object to the American President’s protectionism, in practice they often jump at the opportunity to join him in imposing tariffs. Witness the new levies the European Union proposed on imported steel last week.

    Brussels plans to cut in half the volume of steel allowed to enter the EU tariff-free each year, to 18.3 million tons. For imports above that level, the tariff rate will rise to 50% from 25%. This is a gift to struggling European steel makers that have long begged for protection.

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    The Editorial Board

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  • China’s Exports Rise at Fastest Pace in Six Months Despite U.S. Tariffs

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    China’s exports rose at the fastest pace in six months in September, beating market expectations and underscoring the sector’s continued role as a key growth driver for the world’s second-largest economy.

    Outbound shipments rose 8.3% from a year earlier, accelerating from August’s 4.4% increase and exceeding the 6.0% growth forecast by economists in a Wall Street Journal poll, according to data released Monday by the General Administration of Customs.

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  • Nuggets vs. Clippers: Christian Braun, Peyton Watson adding to their game in preseason

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    The Nuggets improved to 2-1 this preseason with a 102-94 win over the Los Angeles Clippers on Sunday night at Intuit Dome. Here are our three initial observations.

    David Adelman takes off training wheels

    The Nuggets have reached the phase of the preseason where they feel ready to try more stuff. After using a full-bench lineup for the majority of second-unit minutes in the first two exhibitions — and subsequently struggling against ball pressure — they went to a Jamal Murray stagger Sunday.

    Notably, that meant taking out Murray for Tim Hardaway Jr. as their earliest substitution, a sign of David Adelman’s trust in Nikola Jokic and Aaron Gordon to initiate offense without a traditional point guard on the floor. It could be a sensible rotation template. Hardaway seems best suited to share most of his minutes with Jokic and benefit from the resulting open 3-point looks, while Murray’s ball-in-hand burst and authority are qualities the second unit needs. The star guard has also been highly engaged at the defensive end this preseason.

    Adelman also briefly went to a double-big lineup with Jokic and Jonas Valanciunas for the first time. They screened for each other off the ball in a couple of actions and played at the bottom of a zone together on defense. Schematically, Denver did a lot of stunting, tried out some zone looks and defended the ball more aggressively. (The last part landed the Clippers in the bonus regularly.)

    Rookie extension candidates showing out

    With less than two weeks left to sign rookie-scale extensions with Denver, Christian Braun and Peyton Watson are both making their presence felt this preseason. Braun followed up an 8-for-8 shooting performance by contributing 11 more points and three assists in Los Angeles.

    He went 4 for 5 from the floor and registered the best plus-minus in Denver’s starting lineup (plus-nine). Not only does Braun’s spot-up 3-pointer look more polished than ever, but he continues to hint at new layers to his game. In the first quarter Sunday, he drove for a contested layup as a pick-and-roll ball-handler with Jokic.

    Watson is also on the ball way more frequently than he was in his first two years, bringing it up and running some pick-and-rolls with Valanciunas. He’s always been an underrated passer, but that skill has mostly functioned as connective tissue on the baseline. His play-making could be central to the second unit this season.

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    Bennett Durando

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  • China Vows to Stand Firm Against Trump’s 100 Percent Tariff Threat

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    China signaled Sunday that it would not back down in the face of a 100 percent tariff threat from President Donald Trump, urging the U.S. to resolve differences through negotiations instead of threats. U.S. Vice President JD Vance defended Trump’s position and seemed to warn China not to be aggressive in its response.

    “China’s stance is consistent,” the Commerce Ministry said in a statement posted online. “We do not want a tariff war but we are not afraid of one.”

    It was China’s first official comment on Trump’s threat to jack up the tax on imports from China by Nov. 1 in response to new Chinese restrictions on the export of rare earths, which are vital to a wide range of consumer and military products.

    The back and forth threatens to derail a possible meeting between Trump and Chinese leader Xi Jinping and end a truce in a trade war in which new tariffs from both sides briefly topped 100 percent in April.

    In response, Vance said Sunday that Trump is committed to protecting America’s economic livelihoods while making the United States more self-sufficient. He said the fact that China has “so much control over critical supply in the United States of America” is the definition of a national emergency and therefore justifies Trump’s move to impose tough tariffs.

    “It’s going to be delicate dance and a lot of it is going to depend on how the Chinese respond. If they respond in a highly aggressive manner, I guarantee you the president of the United States has far more cards than the People’s Republic of China,” Vance said on Fox News Channel’s “Sunday Morning Futures.”

    “If, however, they’re willing to be reasonable, then Donald Trump is always willing to be a reasonable negotiator. We’re going to find out a lot in the weeks to come about whether China wants to start a trade war with us or whether they actually want to be reasonable,” Vance continued. “I hope they choose the path of reason. The president of the United States is going to defend America regardless.”

    Trump has raised taxes on imports from many U.S. trading partners since taking office in January, seeking to win concessions. China has been one of the few countries that hasn’t backed down, relying on its economic clout.

    “Frequently resorting to the threat of high tariffs is not the correct way to get along with China,” the Commerce Ministry said in its post, which was presented as a series of answers from an unnamed spokesperson to four questions from unspecified media outlets.

    The statement called for addressing any concerns through dialogue.

    “If the U.S. side obstinately insists on its practice, China will be sure to resolutely take corresponding measures to safeguard its legitimate rights and interests,” the post said.

    In addition to the 100 percent tariff, Trump threatened to impose export controls on what he called “critical software,” without specifying what that means.

    Both sides accuse the other of violating the spirit of the truce by imposing new restrictions on trade.

    Trump said in a social media post that China is “becoming very hostile” and that it is holding the world captive by restricting access to rare earth metals and magnets.

    The Chinese Commerce Ministry post said the U.S. has introduced several new restrictions in recent weeks, including expanding the number of Chinese companies subject to U.S. export controls.

    On rare earths, the ministry said that export licenses would be granted for legitimate civilian uses, noting that the minerals also have military applications.

    The new regulations include a requirement that foreign companies get Chinese government approval to export items that contain rare earths sourced from China, no matter where the products are manufactured.

    China accounts for nearly 70 percent of the world’s rare earths mining and controls roughly 90 percent of their global processing. Access to the material is a key point of contention in trade talks between Washington and Beijing.

    The critical minerals go into many products, from jet engines, radar systems and electric vehicles to consumer electronics including laptops and phones. China’s export controls have hit European and other manufacturers, as well as American ones.

    The Commerce Ministry statement said that the U.S. is also ignoring Chinese concerns by going forward with new port fees on Chinese ships that take effect Tuesday. China announced Friday that it would impose port fees on American ships in response.

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    Associated Press

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  • Trump’s Fresh Tariff Assault Threatens China’s Fragile Economy

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    Beijing was already seeing growth slow before Trump announced the latest 100% tariff increase, part of a trade-war flare-up that China has blamed on the U.S.

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    Hannah Miao

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  • Four Things to Know About Beijing’s Rare-Earths Bombshell

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    Ahead of a potential meeting between President Trump and Chinese leader Xi Jinping, Beijing dropped a bombshell: China was further restricting access to the supplies that American companies need for computer chips, cars and other technology. The move gives China leverage ahead of expected trade talks with Washington.

    Here’s what to know.

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    Stu Woo

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  • China’s Rare-Earth Escalation Threatens Trade Talks—and the Global Economy

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    China’s newest restrictions on rare-earth materials would mark a nearly unprecedented export control that stands to disrupt the global economy, giving Beijing more leverage in trade negotiations and ratcheting up pressure on the Trump administration to respond.

    The rule, put out Thursday by China’s Commerce Ministry, is viewed as an escalation in the U.S.-China trade fight because it threatens the supply chain for semiconductors. Chips are the lifeblood of the economy, powering phones, computers and data centers needed to train artificial-intelligence models. The rule also would affect cars, solar panels and the equipment for making chips and other products, limiting the ability of other countries to support their own industries. China produces roughly 90% of the world’s rare-earth materials.

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    Amrith Ramkumar

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  • Opinion | Ukraine is Starving Russia of Oil

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    Ukrainian President Volodymyr Zelensky has labeled his military’s strikes on Russia’s oil infrastructure “the most effective sanctions.” Meanwhile, reports indicate that alongside urging Europe and India to halt purchases of Russian oil, Washington plans to share additional intelligence with Ukraine on Russian refineries, pipelines and other energy infrastructure.

    Most discussions about these “sanctions” have focused on their financial implications for Russia. Vladimir Putin relies heavily on corruption and patronage, with oil and gas serving as key revenue streams. Disrupting the flow could force Mr. Putin to choose between sustaining the war and maintaining the payouts to oligarchs and citizens that secure his political backing—though such an economic squeeze would take some time.

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    Michael Bohnert

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  • BMO report: U.S. tariffs could slow growth or trigger recession in Canada – MoneySense

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    A worst-case scenario with a 35% tariff across the board could mean a moderate recession in the short-term and 5% shaved off long-term economic growth, while a middle scenario of tariffs averaging 15%, similar to other trading partners like Europe or Japan, could mean significantly slower growth in the near-term and 2.5% cut to growth.

    ‘Muddle through’ scenario expected as Canada-U.S. trade talks continue

    BMO chief economist Douglas Porter said the most likely path seems to be a continuation of current tariff rates. “We call it the ‘muddle through’ scenario,” Porter said. “We do believe that something close to the average tariff on Canada is about what we’re going to be left with.” He said there could be some changes in industry-specific tariffs, but that change could go both ways.

    Prime Minister Mark Carney is to meet with U.S. President Donald Trump on Tuesday. The pair are expected to talk trade and security as the ongoing tariff dispute shows few public signs of progress.

    “We are hopeful that one of the things that we might hear from this week’s meeting between the prime minister and the president is some sort of relief on steel tariffs,” Porter said. “But on the other hand, it could be replaced with something else down the line, because we know they have a long list of sectoral tariffs that the administration is looking at.”

    CUSMA’s future looms as trade talks signal potential renegotiations

    The bulk of Canadian goods continue to enter the U.S. tariff-free thanks to an exemption under the Canada-U.S.-Mexico trade agreement; however, the U.S. has continued to expand its use of sector-specific tariffs, including the recent addition of fresh levies on furniture, pharmaceuticals, and lumber. Goods that don’t fall under the trade deal are subject to 35% tariffs, hence the reference point in the report’s worst-case scenario.

    The future of CUSMA is the big question lurking in the background of trade talks, as it’s set for review next year. The extent of those negotiations are still not clear, but a key signal of how much change could be ahead will be if Trump seeks Trade Promotion Authority from Congress, allowing all aspects of the deal to be renegotiated, the report noted.

    Canada uses monetary and fiscal tools to cushion impact of U.S. tariffs

    To soften the hit from tariffs, Canada can respond with easier monetary policy, fiscal stimulus, and reoriented trade policies, which the Bank of Canada and federal government have already started doing, Porter said. “Both have to some extent already responded, and that’s one of the reasons why the economy has held up a bit better than we and others were thinking earlier this year.”

    The Bank of Canada dropped its key rate by a quarter percentage point to 2.5% in September, with another cut expected by financial markets before the end of the year. The cut happened as lower oil prices have helped soften inflation fears, while economic indicators suggested the Canadian economy could use the help.

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    Real GDP declined 1.6% on an annualized basis in the second quarter. Statistics Canada has measured July growth of 0.2%, but preliminary data for August suggested no growth. 

    While economic growth has been muted, it hasn’t stopped Canada’s stock market from trading around all-time highs, pointing to the targeted hit of tariffs so far, Porter said. “So far, the effect of the trade war is very narrow on Canada. It’s the steel and aluminum sector, the auto sector, copper, and now lumber. And aside from that, we’ve mostly, not entirely, but mostly been free of tariffs, as long as you’re USMCA compliant.”

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    About The Canadian Press


    About The Canadian Press

    The Canadian Press is Canada’s trusted news source and leader in providing real-time stories. We give Canadians an authentic, unbiased source, driven by truth, accuracy and timeliness.

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  • Report: Slips in employer optimism tied to Trump tariffs

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    BOSTON — The state’s economy may be on solid footing but employers are becoming increasingly pessimistic about the impact of President Donald Trump’s tariffs on their bottom lines, according to a new report.

    The latest Business Confidence Index, which is compiled by the pro-business group Associated Industries of Massachusetts, shows overall enthusiasm among employers “grew darker” after slipping 1.4 points to 47.5 on a 100-point scale in September.


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    By Christian M. Wade | Statehouse Reporter

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