Latest news with #US-produced
Time of India
11 hours ago
- Business
- Time of India
Canada may raise counter-tariffs on US metals as trade talks continue
Canada could increase its counter-tariffs on US-produced steel and aluminium if it does not reach a broader trade agreement with the United States within 30 days, Prime Minister Mark Carney said on Thursday. Earlier this month, US President Donald Trump raised import duties on steel and aluminium from 25 per cent to 50 per cent, leading to calls from the metals industry in Canada for a formal response. Canada is the largest exporter of steel and aluminium to the US. Carney said he and Trump had agreed to aim for a new economic and security agreement by 21 July, according to Reuters. 'Canada will adjust its existing counter-tariffs on US steel and aluminium products on 21 July to levels consistent with progress made in the broader trading agreement with the United States,' Carney told a press conference. Procurement rules, market stabilisation measures announced Rather than immediately matching the US tariff hike, Carney said he would wait to see how the ongoing discussions progressed. Canada had earlier imposed 25 per cent retaliatory tariffs on steel products worth C$12.6 billion and aluminium products worth C$3 billion on 13 March. Carney also announced new procurement rules. Under these, Canadian producers and trading partners with reciprocal tariff-free access will be eligible to compete for federal steel and aluminium contracts. Canada will introduce tariff-rate quotas equivalent to 100 per cent of 2024 import levels on steel products from countries without free trade agreements. Carney said this was to 'stabilise the domestic market and prevent harmful trade diversion.' According to the Royal Bank of Canada, Canada exports over 90 per cent of its steel and aluminium to the US, while it imports around 20 per cent of US steel exports and 50 per cent of its aluminium exports. Carney said the federal government would prioritise the use of Canadian steel and aluminium in public projects, including defence, pipelines and housing. 'We are united in working on all forms of support for the industry... that starts with buying Canadian steel and aluminium for federal projects,' Carney said. The government also plans to support the use of Canadian metals in domestically manufactured products and will establish a task force to monitor developments in the steel and aluminium markets under the current tariff regime.
New Straits Times
16 hours ago
- Business
- New Straits Times
Canada could slap more duties on US steel and aluminium, says Carney
OTTAWA: Canada could increase counter-tariffs on US-produced steel and aluminium if it does not reach a broader trade deal with President Donald Trump within 30 days, Prime Minister Mark Carney said on Thursday. Trump increased import duties on steel and aluminium to 50 per cent from 25 per cent earlier this month, prompting industry calls for an official response. Trump's move could hurt Canada, which is the largest seller of the metals to the US. Carney said on Monday he had agreed with Trump that the two nations should try to wrap up a new economic and security deal by July 21. "Canada will adjust its existing counter-tariffs on US steel and aluminium products on July 21 to levels consistent with progress made in the broader trading agreement with the United States," Carney told a press conference. Carney refrained from immediately matching Trump's June tariff hike, saying he wanted to see progress on talks to create a new economic and security relationship. On March 13, Canada imposed 25 per cent retaliatory tariffs on a list of steel products worth C$12.6 billion and aluminium products worth C$3 billion. As part of Thursday's announcement, Canada will implement new procurement rules, under which Canadian producers and trading partners who have tariff-free reciprocal access can compete for federal procurements of steel and aluminium. Carney said Canada would establish new tariff-rate quotas of 100 per cent of 2024 levels on imports of steel products from non-free trade agreement partners "to stabilise the domestic market and prevent harmful trade diversion." Canada ships over 90 per cent of its total steel and aluminium exports to the US and consumes about one-fifth of US exports of steel and 50 per cent of its aluminium exports, according to the Royal Bank of Canada, highlighting the critical metals trade between the two countries. Under Carney, Canada has also lined up an array of projects to build infrastructure, starting from defence, oil and gas pipelines to doubling housing capacity – all of which will require tonnes of steel and aluminium. "We are united in working on all forms of support for the industry... that starts with buying Canadian steel and aluminium for federal projects," Carney said while addressing questions from the media. As part of the new measures, the government will also favour the use of Canadian steel and aluminium in Canadian-made products and will create a task force to monitor how the steel and aluminium markets are evolving under the tariff regime.
Express Tribune
11-06-2025
- Business
- Express Tribune
US China trade deal: Chinese stocks surge as Hang Seng Index rises after US-China trade deal announced
Chinese stocks rose on June 11, bolstered by signs of easing trade tensions between the United States and China after a two-day meeting in London. The meeting saw both countries agree on a preliminary framework to de-escalate trade conflicts, which helped restore investor confidence. As reported by Bloomberg, the onshore CSI 300 Index, which tracks the largest companies on the Shanghai and Shenzhen stock exchanges, gained 1%, marking its most significant rise in nearly a month. Meanwhile, a measure of Chinese stocks listed in Hong Kong advanced by 0.9%, reaching its highest point since March. The market rally followed the announcement of an agreement between the US and China, which focused on the implementation of consensus reached earlier in Geneva. Progress made in the trade talks, coupled with positive rhetoric from both sides, has raised hopes that the dispute between the two largest economies in the world could be heading towards resolution. The agreement also addresses China's export restrictions on rare earth minerals and magnets, which have been a point of contention between the two nations. US Commerce Secretary Howard Lutnick confirmed the framework at the conclusion of the London talks, highlighting its potential to put the trade truce back on track. US and Chinese officials agreed on a framework to put their trade truce back on track and resolve China's export restrictions on rare earth minerals and magnets, US Commerce Secretary Howard Lutnick said — Reuters (@Reuters) June 11, 2025 However, market reactions were largely muted, with S&P 500 futures showing little movement, and only modest fluctuations in the offshore yuan. Chris Weston, head of research at Pepperstone, noted that the lack of significant market reaction suggested that the outcome of the talks had already been priced in. The Daily Fix – Big trading levels in full view US-China talks continue to progress well – superficially, at least – with talks set to spill over for a third day - a factor that keeps the bid in risk and the sellers feeling they may be able to execute orders at higher/better… — Chris Weston (@ChrisWeston_PS) June 10, 2025 'The devil will be in the details,' Weston said, emphasising the importance of how rare earths exports to the US are handled and the subsequent access for US-produced chips to China. Despite the limited immediate impact on market movements, the outlook for a resolution in the trade conflict has provided Chinese and Hong Kong stocks with a positive boost ahead of further details from the ongoing trade talks.
TimesLIVE
11-06-2025
- Politics
- TimesLIVE
US wants Rwandan troops out of DRC before peace deal signed, sources say
The US is promoting a deal that would require Rwanda to pull troops from eastern Democratic Republic of Congo (DRC) before the two sides sign a peace agreement, sources say, a condition sure to rankle Kigali, which has described DRC-based armed groups as an existential threat. US President Donald Trump's administration is holding talks to end fighting in eastern DRC and bring billions in Western investment to the region, which is rich in minerals including tantalum, gold, cobalt, copper and lithium. Massad Boulos, Trump's senior adviser for Africa, told Reuters in May Washington wanted a peace agreement finalised 'within about two months', an ambitious timeline for resolving a conflict with roots in the Rwandan genocide more than three decades ago. A draft peace agreement seen by Reuters said a condition for signature is that Rwanda withdraws troops, weapons and equipment from the DRC. The authenticity of the document, which is undated, was confirmed by four diplomatic sources, who said it was written by US officials. The draft goes beyond a declaration of principles that the two countries' foreign ministers signed at a ceremony in Washington in April with US secretary of state Marco Rubio. The document said the two sides would address any security concerns in a manner that respected each other's territorial integrity and sovereignty. Rwanda has sent between 7,000 and 12,000 soldiers to eastern DRC to support M23 rebels, analysts and diplomats told Reuters earlier this year, after the rebel group seized the region's two largest cities in a lightning advance. Rwanda has long denied providing arms and troops to M23, saying its forces are acting in self-defence against the DRC's army and ethnic Hutu militiamen linked to the 1994 genocide that killed about 1-million people, mostly ethnic Tutsis. Rwanda had not responded to the US-produced draft agreement as of last week, two sources told Reuters. Rwandan foreign minister Olivier Nduhungirehe said experts from the DRC and Rwanda would meet this week in Washington to discuss the agreement. The US state department did not immediately respond to a request for comment. A senior official in the office of DRC President Felix Tshisekedi accused Rwanda of 'dragging their feet' on the draft and said Rwanda's withdrawal was necessary for the peace process to move forward. 'We demand the total withdrawal of Rwandan troops as a precondition for signing the agreement, and we will not compromise,' the source said. The US-produced draft agreement also calls for a 'joint security co-ordination mechanism' that could include Rwandan and 'foreign military observer personnel' to deal with security issues, including the continued presence in the DRC of Rwandan Hutu militias. Analysts said the most commonly cited group, the Democratic Forces for the Liberation of Rwanda, no longer poses much of a threat to Rwanda, though President Paul Kagame's government continues to describe it as a serious threat. The draft agreement also said the DRC would commit to allowing M23 to participate in a national dialogue 'on equal footing with other DRC non-state armed groups', a major concession for Kinshasa, which sees M23 as a terrorist group and Rwandan proxy. The DRC is engaged in separate direct talks with M23 over a possible deal to end the latest cycle of fighting. The draft agreement said Rwanda 'shall take all possible measures to ensure' M23 withdraws from territory it controls, in line with terms agreed in Doha. A source briefed on the process told Reuters last week Qatar had presented a draft proposal to the two delegations which would consult their leaders before resuming talks. However, a rebel official said there had been little progress towards a final deal that would see M23 cede territory.
Irish Examiner
03-06-2025
- General
- Irish Examiner
Major evacuation in Cologne after Second World War bombs discovered
The biggest evacuation in Cologne since the second world war is under way after the discovery of three unexploded bombs dropped by allied forces 80 years ago. About 20,000 people are having to leave their homes and businesses, while hotels, a care home for elderly people and a hospital are being evacuated. Three bridges over the Rhine have been closed and rail traffic has been halted or diverted. Numerous schools, kindergartens, museums and the tram network, as well as the home of the city's philharmonic orchestra, have had to close after the entire old town was brought to a halt. The broadcaster RTL had to shift its news programmes to studios in Berlin as its Cologne building sits inside the evacuation area of about 1,000 metres in radius. Several programmes that were due to be transmitted live had to be recorded instead, the broadcaster said. The bombs are due to be defused on Wednesday morning. They are US-produced bombs, two of 20 tons and one of 10 tons. They were discovered on Monday on the right bank of the Rhine during building works near the Deutz shipworks. All three are equipped with impact fuzes intended to cause detonation on contact with a hard surface. Volunteers, police and other city authorities will carry out a round of checks ringing on doorbells, calling through letter boxes and gathering information from residents about their neighbours on Wednesday morning before attempts to defuse the bombs can start. Police have said they have the authority to use force to remove anyone who refuses to leave voluntarily. Locals can call a hotline or refer to a website for advice. Tents and other facilities such as sport halls and churches outside the evacuated area will be open to provide people with food, refreshments and support, city authorities said. Eighty years after the end of the second world war, such finds are still not unusual in Cologne, which was among Germany's most heavily bombed cities during the conflict. It was hit in 262 air raids carried out by the RAF, sometimes using US-produced bombs, especially towards the end of the conflict. About 20,000 people were killed in the bombing raids. On the night of 30 May 1942, the city was the target of the RAF's first 'thousand-bomber raid' on a German city. More than 1,000 aircraft were dispatched, flying in a narrow 'bomber stream' formation, the density of which had the effect of overwhelming German radar and defences. On this single night, 868 bombers attacked the city with 1,455 tons of bombs in what was known as Operation Millennium. It is not yet known exactly when the bombs currently awaiting defusing were dropped. - The Guardian Read More Fresh search for Madeleine McCann gets under way in Portugal
