U.S. Consider Reducing Tariffs on Canada Amid Trade Tensions
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“I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” Trump posted on Truth Social less than two hours before the 12:01 a.m. Wednesday deadline.
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ZeroHedge"I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL! The great Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!" Trump wrote on Truth Social late Tuesday night.
MarketWatchPresident Donald Trump has backed away from imposing new 50% tariffs on $20 billion worth of Canadian goods that had been slated to kick in early Wednesday.
Epoch Times BusinessTrump announced on Truth Social that the two countries have reached a deal. “I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” he wrote.
CNBCLess than two hours before massive U.S. tariffs on certain Canadian goods were set to switch on, President Donald Trump announced a tentative deal to stave off the new duties.
BloombergTrump Says US Has ‘Come to a Deal With Canada’ President Donald Trump declared on Wednesday that the US has reached an agreement with Canada on trade, saying that Canadian representatives “gave us the points we had to have.” Trump spoke with Bloomberg’s Tyler Kendall at the White House. (Source: Bloomberg)
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The United States Trade Representative wrote on X, "The deal will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners."
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CNBCThe same evening, U.S. Trade Representative Jamieson Greer wrote in an X post that the deal "will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners."
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On July 20, the White House announced the additional tariffs on certain Canadian goods, in retaliation for “unreasonable and unequal treatment” of U.S. alcohol, automotive, and dairy exports.
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ZeroHedgeA White House proclamation explained that the tariffs were suspended after Canada committed to removing discriminatory treatment across US automobiles, dairy products, and alcohol.
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Canadian Prime Minister Mark Carney and U.S. officials acknowledged intense, last-minute talks before the deadline. The White House declined to comment at the time of publication.
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Washington Times BusinessCanadian Prime Minister Mark Carney and Trump had spoken twice by phone in the past two days about the ongoing negotiations, including a call Tuesday afternoon, Carney’s office said, underscoring the last-minute push for a deal.
BBC BusinessPrime Minister Mark Carney kept details of the talks close to his chest when pressed by reporters on Monday, saying that given the "very delicate and intense" negotiations, it is "not the time to negotiate in public".
ZeroHedgeCanadian Prime Minister Mark Carney released a statement offering a more cautious view and stopped short of confirming that a final deal had been reached.
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Reports suggest the U.S. may reduce, but not fully remove, some tariffs in exchange for Canadian concessions such as lifting provincial bans on U.S. alcohol and removing certain countertariffs.
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BBC BusinessIt has also asked for the ban on US alcohol sales, imposed early last year by most Canadian provinces in retaliation for Trump's tariffs, be removed.
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Dominic LeBlanc, Canada’s minister for U.S. trade, met with Greer on Monday. He was tight-lipped afterward.
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BBC Business"Our job is not yet done," US-Canada Trade Minister Dominic LeBlanc said on Monday as he left Greer's office.
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But the political impact would likely have been bigger than the economic one. Canada had threatened to retaliate against any new tariffs with levies of its own, aggravating a trade fight between countries that sold each other $880 billion worth of goods and services last year.
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Looking for an off ramp Nearly 72% of Canadian goods exports last year went to the United States. And the Trump administration might be wary of imposing a hefty new tariff - paid by U.S. importers who try to pass along the cost to consumers via higher prices - ahead of November’s midterm elections. American voters are already frustrated with the high cost of living.
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Trump has made tariffs the centerpiece of his second-term economic agenda. Last year, he imposed double-digit import taxes on almost every country, justifying them by declaring the longstanding U.S. trade deficit a national emergency. The Supreme Court in February ruled that he’d overstepped his authority, striking down those tariffs and setting the stage for the federal government to pay refunds to importers.
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Nearly a century ago, with the U.S. and world economies in collapse, Congress passed the 1930 tariff law, imposing hefty taxes on imports from around the world. Known as the Smoot-Hawley tariffs, for their congressional sponsors, they are notorious among economists and historians for limiting world commerce and making the Great Depression worse.
10 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 ZeroHedge "Substantial progress has been made, although there is important work still to be done," Carney said in the statement. "While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home."
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02 BBC Business Published "Intense" trade talks are going down to the wire as Canada seeks to avoid a fresh round of tariffs from the Trump administration due to come into effect in less than 48 hours.
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03 MarketWatch Washington Watch Trump holds off on new 50% tariffs for Canadian goods President announces three-day pause for new import taxes because U.S. and Canada are close to a deal
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04 RealClearMarkets The first family’s self-enriching war economy is on full display as Trump’s tariffs on foreign-made drones boosted the stock price of a U.S. drone developer in which Donald Trump Jr. is invested. Read Full Article »
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05 Financial Times Canada faces deadline to stop US tariffs on $20bn of exports Mark Carney spoke to Donald Trump on Tuesday in a final push to avert American trade levies
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06 CNBC The postponement could be just a brief respite for businesses who warn that the planned 50% tariffs on imports of wine, hockey sticks and a range of other Canadian products are already taking a toll.
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07 Common Dreams 5 #000000 #FFFFFF After the passage of a law that allows people with Canadian ancestry going back generations to apply for citizenship, archivists are also seeing an increase in requests for genealogical records.
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08 Jacobin The overcharging of these activists is more than just an attempt at chilling resistance and setting a precedent to criminalize the standard course of organizing; its entire logic is based around the notion that these fifteen people presented an unusually pressing threat to the state and its agents. The primary difference between them and tens of thousands of Minnesotans, and millions of those pushing back on Immigration and Customs Enforcement (ICE) around the country, is that all fifteen are union members, many of them union leaders — and given the weight of Minneapolis’s labor movement in the fight against ICE, their organizing was understood as a serious threat to the Trump administration’s attempt to occupy the city.
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09 Washington Times Business The Trump administration on Wednesday proposed new rules that would limit illegal immigrants’ ability to apply for some refundable tax credits, calling it a type of welfare that is supposed to be barred under federal law.
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10 Epoch Times Business This represents about 0.5 percent of goods exported to the United States, and about 0.8 percent of Canadian GDP.
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