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Yahoo
5 days ago
- Business
- Yahoo
'I'm a tariff person': Trump searching for new trade deals in Canada as 'Liberation Day 2.0' deadline draws closer
President Trump kicked off a series of meetings in Canada this week by saying "our primary focus will be trade," but with little evidence so far of progress on new deals as his "Liberation Day 2.0" deadline draws closer. "I'm a tariff person. I've always been a tariff person," Trump offered at the start of a G7 summit in Kananaskis, Alberta, Monday alongside Canadian Prime Minister Mark Carney. For the president, it was the first in a marathon series of meetings with other trade-focused nations such as Germany, Mexico, and others on the docket. The president did announced the finalization of one previous pact, appearing alongside UK Prime Minister Keir Starmer to ink implementation of a previous deal announced in May. 'We just signed it and it's done,' Trump said Monday afternoon standing alongside Starmer to tout the finalization of provisions around things like auto tariffs and agriculture purchases. 'It's going to produce a lot of jobs and a lot of incoming,' Trump added. Monday's gatherings with Carney and others also saw Trump offer words of praise to his fellow leaders while at time acknowledging deep differences in opinion. In the case of Canada, Trump suggested a deal could still be possible and said of the dueling approaches, "We're going to look at both." Monday's remarks offered a kickoff to what is expected to be an eventful week ahead. The larger G7 gathering is set to focus largely on national security issues — such as strikes between Israel and Iran and the war in Ukraine — but Trump repeatedly underlined Monday that tariffs are front and center for him. The trade focus comes as at least some market watchers are warning of potential new tensions that could be around the corner, especially if few or no deals materialize. As Ed Yardeni of Yardeni Research put it in a note Monday, "President Donald Trump doesn't seem as ready to pivot away from his trade war as hoped," adding that tensions could move back to the front burner "this week or next." The meeting comes with only about three weeks left until a key deadline in Trump's trade war, with the scheduled expiration of his 90-day pause on his "Liberation Day" tariffs set for July 9. It also comes after Trump and his team repeatedly promised that trade deals are around the corner, but with only the limited pact with the UK and a temporary truce with China in evidence so far. Trump and his aides have laid out a range of scenarios for exactly what this coming deadline will look like, from another round of pauses to Trump simply dictating tariffs. Some combination of those outcomes is expected. Read more: What Trump's tariffs mean for the economy and your wallet The meeting with Carney on Monday kicked things off with members of Trump's trade team — including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer — in attendance and Trump joking, "I see my top economy people." The brief remarks with Canada's Carney saw Trump weigh in on other topics, such as Russia's former membership in the group, but he often returned to trade. "I think we're gonna accomplish a lot, and I think our primary focus will be trade and trade with Canada," Trump told Carney. Indeed, trade watchers will be watching closely for any signs of progress, especially with Europe and the US's closest neighbors, with Trump in close proximity to those Western allies this week and trade tensions with China at a lower temperature for now. As for what to expect from the three-day summit, the president was vague Sunday as he left for the meetings, telling reporters, "I think we'll have a few new trade deals," but also reiterating his regular refrain that he may simply dictate tariffs. In addition to G7 trading partners — Britain, Canada, France, Germany, Italy, and Japan — the meeting includes non-G7 members eager to talk trade. Mexican President Claudia Sheinbaum is in attendance, as are leaders of nations such as India, Australia, and South Korea. Nearly all these nations are in the middle of active trade talks with foreign leaders and are expected to jump at the rare chance to make their case directly to Trump. The hope for many is for a breakthrough with a series of long-promised but currently stalled deals. For example, Trump's team has repeatedly telegraphed pacts with Japan and India that have yet to materialize. The meeting also came as a report from a German newspaper suggested that European negotiators are prepared to accept blanket 10% tariffs across EU exports to the US in return for concessions. Others are expecting less progress this week, with Pangaea Policy's Terry Haines predicting of the overall gathering, "Expect nothing more than hot air this week from Kananaskis." This post has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
'I'm a tariff person': Trump searching for trade deals in Canada as 'Liberation Day 2.0' deadline draws closer
President Trump kicked off three days of meetings in Canada, saying "our primary focus will be trade," but with minimal evidence of progress to offer on long-promised deals as his "Liberation Day 2.0" deadline draws closer. "I'm a tariff person. I've always been a tariff person," Trump offered at the start of a G7 summit in Kananaskis, Alberta, during an appearance Monday with Canadian Prime Minister Mark Carney. For the president, it was just the first in what is set to be a marathon series of meetings with other trade-focused nations such as Germany, Mexico, the UK, and others on the docket. Monday's gathering with Carney also saw Trump say the two men had a good relationship while acknowledging what he called a different approach to trade. He suggested a deal could still be possible and said of the dueling approaches, "We're going to look at both." Monday's remarks offered a kickoff to what is expected to be an eventful week ahead. The larger G7 gathering is set to focus largely on national security issues — such as strikes between Israel and Iran and the war in Ukraine — but Trump repeatedly underlined Monday that tariffs are front and center for him. The trade focus comes as at least some market watchers are warning of potential new tensions that could be around the corner, especially if few or no deals materialize. As Ed Yardeni of Yardeni Research put it in a note Monday, "President Donald Trump doesn't seem as ready to pivot away from his trade war as hoped," adding that tensions could move back to the front burner "this week or next." The meeting comes with only about three weeks left until a key deadline in Trump's trade war, with the scheduled expiration of his 90-day pause on his "Liberation Day" tariffs set for July 9. It also comes after Trump and his team repeatedly promised that trade deals are around the corner, but with only a limited pact with the UK and a temporary truce with China in evidence so far. Trump and his aides have laid out a range of scenarios for exactly what this coming deadline will look like, from another round of pauses to Trump simply dictating tariffs. Some combination of those outcomes is expected. Read more: What Trump's tariffs mean for the economy and your wallet The meeting with Carney on Monday kicked things off with members of Trump's trade team — including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer — in attendance and Trump joking, "I see my top economy people." The brief remarks with Canada's Carney saw Trump weigh in on other topics, such as Russia's former membership in the group, but he often returned to trade. "I think we're gonna accomplish a lot, and I think our primary focus will be trade and trade with Canada," Trump told Carney. Indeed, trade watchers will be watching closely for any signs of progress, especially with Europe and the US's closest neighbors, with Trump in close proximity to those Western allies this week and trade tensions with China at a lower temperature for now. As for what to expect from the three-day summit, the president was vague Sunday as he left for the meetings, telling reporters, "I think we'll have a few new trade deals," but also reiterating his regular refrain that he may simply dictate tariffs. In addition to G7 trading partners — Britain, Canada, France, Germany, Italy, and Japan — the meeting includes non-G7 members eager to talk trade. Mexican President Claudia Sheinbaum is in attendance, as are leaders of nations such as India, Australia, and South Korea. Nearly all these nations are in the middle of active trade talks with foreign leaders and are expected to jump at the rare chance to make their case directly to Trump. The hope for many is for a breakthrough with a series of long-promised but currently stalled deals. For example, Trump's team has repeatedly telegraphed pacts with Japan and India that have yet to materialize. The meeting also came as a report from a German newspaper suggested that European negotiators are prepared to accept blanket 10% tariffs across EU exports to the US in return for concessions. Others are expecting less progress this week, with Pangaea Policy's Terry Haines predicting of the overall gathering, "Expect nothing more than hot air this week from Kananaskis." Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
'I'm a tariff person': Trump searching for trade deals in Canada as Liberation Day 2.0 deadline draws closer
President Trump kicked off three days of meetings in Canada saying "our primary focus will be trade" but with minimal evidence of progress to offer on long-promised deals as his "Liberation Day 2.0" deadline draws closer. "I'm a tariff person, I've always been a tariff person," Trump offered at the start of a G7 summit in Kananaskis, Alberta, during an appearance Monday with Canadian Prime Minister Mark Carney. For the president, it was just the first in what is set to be a marathon series of meetings with other trade-focused nations such as Germany, Mexico, the United Kingdom, and others on the docket. Monday's gathering with Carney also saw Trump say the two men had a good relationship while acknowledging what he called a different approach to trade. He suggested a deal could still be possible and said of the dueling approaches "we're going to look at both." Monday's remarks offered a kickoff to what is expected to be an eventful week ahead. The larger G7 gathering is set to focus largely on national security issues — such as strikes between Israel and Iran as well as the war in Ukraine — but Trump repeatedly underlined Monday that tariffs are front and center as well for him. And the trade focus comes as at least some market watchers are warning of potential new tensions that could be around the corner — especially if few or no deals materialize. As Ed Yardeni of Yardeni Research put it in a note Monday, "President Donald Trump doesn't seem as ready to pivot away from his trade war as hoped," adding that tensions could move back to the front burner "this week or next." The meeting comes with only about three weeks left until a key deadline in Trump's trade war, with the scheduled expiration of his 90-day pause on his "Liberation Day" tariffs set for July 9. It also comes after Trump and his team have repeatedly promised trade deals are around the corner but with only a limited pact with the UK and a temporary truce with China in evidence so far. Trump and his aides have laid out a range of scenarios for exactly what this coming deadline will look like, from another round of pauses to Trump simply dictating tariffs. Some combination of those outcomes is expected. The meeting with Carney Monday kicked things off with members of Trump's trade team — including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer — in attendance and Trump joking "I see my top economy people." The brief remarks with Canada's Carney saw Trump weigh in on other topics such as Russia's former membership in the group but he often returned to trade. "I think we're gonna accomplish a lot, and I think our primary focus will be trade and trade with Canada," Trump told Carney. Indeed, trade watchers will be watching closely for any signs of progress, especially with Europe and America's closest neighbors with Trump in close proximity to those western allies this week and trade tensions with China at a lower temperature for now. As for what to expect from the three-day summit, the president was vague Sunday as he left for the meetings, telling reporters "I think we'll have a few new trade deals" but also reiterating his regular refrain that he may simply dictate tariffs. In addition to G7 trading partners — Britain, Canada, France, Germany, Italy, and Japan — the meeting also includes non G7 members. Other nations will be represented eager to talk trade with Mexican President Claudia Sheinbaum in attendance as well as leaders of nations like India, Australia, and South Korea. Nearly all these nations are in the middle of active trade talks with foreign leaders expected to jump at the rare chance to make their case directly to Trump. The hope for many is for a breakthrough with a series of long promised — but currently stalled — deals. A pact with Japan, as one example, has been repeatedly telegraphed by Trump's team but has yet to materialize. Likewise with ongoing talks with India. The meeting also came as a report from a German newspaper suggested that European negotiators are prepared to accept blanket 10% tariffs across European Union exports to the United States in return for concessions. Others are expecting less progress this week with Pangaea Policy's Terry Haines predicting of the overall gathering "expect nothing more than hot air this week from Kananaskis." Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices
Yahoo
13-06-2025
- Business
- Yahoo
Trump's Treasury Sec Admits It's Another TACO Day With China
President Donald Trump is 'highly likely' to extend the 90-day tariff pause for countries negotiating with the U.S. in 'good faith,' Treasury Secretary Scott Bessent said Wednesday. During a House Ways and Means Committee hearing, Virginia Rep. Don Beyer asked Bessent if Americans should prepare for a 'Liberation Day 2.0,' referencing the early April ceremony where Trump unveiled his market-crashing tariffs. Bessent said the Trump administration was working to secure deals with '18 important trading partners' ahead of the July 9 deadline. 'We are working toward deals on those and it is highly likely that those countries that are... negotiating in good faith, we will roll the date forward to continue good faith negotiations,' he said. 'If someone is not negotiating, then we will not.' 'It will be up to President Trump, but it is my belief that if someone is negotiating in good faith, that an extension will be possible,' Bessent added. Earlier on Wednesday, Trump announced in a Truth Social post that U.S. officials had struck a preliminary deal with China, pending approval from both him and Chinese President Xi Jinping, following two days of talks in London. Under the fresh truce, China will supply the U.S. with rare earths, and the Trump administration will allow Chinese students into American universities. There will also be a 55 percent tariff on Chinese goods. A White House official told NBC News that the figure is nothing new, explaining that it reflects the 30 percent tariffs that Trump earlier added to preexisting 25 percent levies. 'President Xi and I are going to work closely together to open up China to American Trade,' Trump said. 'This would be a great WIN for both countries!!!' Trump declared America's 'liberation' from unfair trading policies on April 2, sending the stock market into a nosedive with his announcement of sweeping levies on most of the country's trading partners. Days later, as stocks continued to tank, Trump hit pause on his trade war and declared a 90-day reprieve on tariffs for most countries, just as he backed off his tariffs on Canadian goods and lowered his sky-high duties on Chinese imports. The on-again, off-again tariff rollout has earned an acronym on Wall Street: TACO, for Trump Always Chickens Out. Financial Times columnist Robert Armstrong first coined the term 'TACO trade,' which quickly became popular among stockbrokers. The president had a meltdown last month when a reporter asked him about the term. 'I chicken out?' he asked. 'I've never heard that… It's called negotiation!' 'Don't ever say what you said. That's a nasty question,' he told the reporter, later adding: 'I usually have the opposite problem. They say I am too tough.'
Yahoo
12-06-2025
- Business
- Yahoo
Trump tax bill could cost nearly $3 trillion more on top of tariffs
Many economists are finding that President Trump's "big, beautiful" tax and spending bill may actually cost upwards of $3 trillion. This would add to the national debt, which is further exacerbated by the administration's tariff policies. Yahoo Finance Washington correspondent Ben Werschkul comes on Catalysts to explain how previous savings and national revenue forecasts from the bill are off by $11 trillion, when factoring in Trump's tariffs, and the three different scenarios on how Liberation Day 2.0 could play out. To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
