US President Donald Trump on Sunday (Feb 2) said that Americans may feel economic "pain" from his tariffs on key trading partners, but argued it would be "worth the price" to secure US interests.
In a post on Truth Social, the US President said, &ldquo;THIS WILL BE THE GOLDEN AGE OF AMERICA! WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!). BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID. WE ARE A COUNTRY THAT IS NOW BEING RUN WITH COMMON SENSE &mdash; AND THE RESULTS WILL BE SPECTACULAR!!!&rdquo;
Also read | <a href="https://www.wionews.com/world/that-train-has-left-trump-reacts-after-us-state-departments-trans-search-results-suggests-trains-8684279">&lsquo;That train has left&rsquo;: Trump reacts after US State Department&rsquo;s &lsquo;trans&rsquo; search results suggests &lsquo;trains&rsquo;</a>
<h2 dir="ltr">Trump slams Wall Street Journal newspaper&nbsp;</h2>
Trump further slammed the Wall Street Journal newspaper for its piece over his proposed tariffs and said, &ldquo;The &ldquo;Tariff Lobby,&rdquo; headed by the Globalist, and always wrong, Wall Street Journal, is working hard to justify Countries like Canada, Mexico, China, and too many others to name, continue the decades-long RIPOFF OF AMERICA, both with regard to TRADE, CRIME, AND POISONOUS DRUGS that are allowed to so freely flow into AMERICA. THOSE DAYS ARE OVER!&rdquo;
&ldquo;The USA has major deficits with Canada, Mexico, and China (and almost all countries!), owes 36 Trillion Dollars, and we&rsquo;re not going to be the &ldquo;Stupid Country&rdquo; any longer. MAKE YOUR PRODUCT IN THE USA AND THERE ARE NO TARIFFS! Why should the United States lose TRILLIONS OF DOLLARS IN SUBSIDIZING OTHER COUNTRIES, and why should these other countries pay a small fraction of the cost of what USA citizens pay for Drugs and Pharmaceuticals, as an example?&rdquo; the US President added.
Also read | <a href="https://www.wionews.com/world/trump-releases-video-of-us-airstrike-on-is-targets-in-somalia-8684137">Trump releases video of US airstrike on IS targets in Somalia</a>
<h2 dir="ltr">Trump calls for Canada to become "51st State" again</h2>
In another post, Trump called again for Canada to become a US state, promising &ldquo;much lower taxes, and far better military protection for the Canadians&rdquo;.
&ldquo;We pay hundreds of Billions of Dollars to SUBSIDIZE Canada. Why? There is no reason. We don&rsquo;t need anything they have. We have unlimited Energy, should make our own Cars, and have more Lumber than we can ever use. Without this massive subsidy, Canada ceases to exist as a viable Country. Harsh but true! Therefore, Canada should become our Cherished 51st State. Much lower taxes, and far better military protection for the people of Canada &mdash; AND NO TARIFFS!&rdquo; he wrote on Truth Social.
(With inputs from agencies)

World: US President Donald Trump acknowledged potential economic challenges from tariffs but insisted they are necessary to protect and advance US strategic interests.

US President Donald Trump on Sunday (Feb 2) said that Americans may feel economic "pain" from his tariffs on key trading partners, but argued it would be "worth the price" to secure US interests. In a post on Truth Social, the US President said, “THIS WILL BE THE GOLDEN AGE OF AMERICA! WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!). BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID. WE ARE A COUNTRY THAT IS NOW BEING RUN WITH COMMON SENSE — AND THE RESULTS WILL BE SPECTACULAR!!!” Also read | ‘That train has left’: Trump reacts after US State Department’s ‘trans’ search results suggests ‘trains’ Trump slams Wall Street Journal newspaper Trump further slammed the Wall Street Journal newspaper for its piece over his proposed tariffs and said, “The “Tariff Lobby,” headed by the Globalist, and always wrong, Wall Street Journal, is working hard to justify Countries like Canada, Mexico, China, and too many others to name, continue the decades-long RIPOFF OF AMERICA, both with regard to TRADE, CRIME, AND POISONOUS DRUGS that are allowed to so freely flow into AMERICA. THOSE DAYS ARE OVER!” “The USA has major deficits with Canada, Mexico, and China (and almost all countries!), owes 36 Trillion Dollars, and we’re not going to be the “Stupid Country” any longer. MAKE YOUR PRODUCT IN THE USA AND THERE ARE NO TARIFFS! Why should the United States lose TRILLIONS OF DOLLARS IN SUBSIDIZING OTHER COUNTRIES, and why should these other countries pay a small fraction of the cost of what USA citizens pay for Drugs and Pharmaceuticals, as an example?” the US President added. Also read | Trump releases video of US airstrike on IS targets in Somalia Trump calls for Canada to become "51st State" again In another post, Trump called again for Canada to become a US state, promising “much lower taxes, and far better military protection for the Canadians”. “We pay hundreds of Billions of Dollars to SUBSIDIZE Canada. Why? There is no reason. We don’t need anything they have. We have unlimited Energy, should make our own Cars, and have more Lumber than we can ever use. Without this massive subsidy, Canada ceases to exist as a viable Country. Harsh but true! Therefore, Canada should become our Cherished 51st State. Much lower taxes, and far better military protection for the people of Canada — AND NO TARIFFS!” he wrote on Truth Social. (With inputs from agencies)

'Pain, but worth the price' for Americans: Trump says as Canada, Mexico hit back over tariffs row

US President Donald Trump has reiterated that he plans to impose fresh tariffs on imports from Canada and Mexico, alongside China on February 1. Watch this report for more details!

World awaits Trump's tariff implementation

China on Wednesday vowed to defend its "national interests" against tariff threats from US President Donald Trump after warning he could impose a 10 per cent duty on imports from the country by the end of next week.
Trump, speaking to reporters at the White House a day after his inauguration, also warned the European Union it could face stiff levies while taking aim once again at Beijing over fentanyl trafficking.
"They treat us very, very badly. So they're going to be in for tariffs," Trump said of the EU. "You can't get fairness unless you do that."
Also read: <a href="https://www.wionews.com/world/donald-trumps-secretary-of-state-marco-rubio-warns-china-as-quad-nations-push-for-free-indo-pacific-8642469" rel="dofollow">Trump's Secretary of State Rubio warns China as Quad nations push for free Indo-Pacific</a>
A day earlier, the new president accused the bloc of not importing enough American products, saying he would "straighten that out" by imposing tariffs or by urging for more oil and gas purchases.
On China, Trump reiterated his threat Tuesday to impose a 10 percent duty, saying it was "based on the fact that they're sending fentanyl to Mexico and Canada".
When asked how soon they could be put in place, he said, "Probably February 1st is the date we're looking at."
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That is the same date he had previously said he could impose 25 per cent tariffs on Canada and Mexico, having accused them of failing to stop illegal immigration and fentanyl trafficking into the United States.
Mexico, Canada, and China are leading sources of US imports, according to official trade data.
Beijing on Wednesday vowed to defend its "national interests" in response to Trump's threats.
"We have always believed that there are no winners in a trade war or a tariff war," foreign ministry spokeswoman Mao Ning said.
Also read: <a href="https://www.wionews.com/autonews/china-cautiously-optimistic-as-trump-returns-to-the-white-house-8638126" rel="dofollow">China cautiously optimistic as Trump returns to the White House</a>
She added that Beijing was "willing to maintain communication with the US, properly handle differences, expand mutually beneficial cooperation, and promote the stable, healthy, and sustainable development of China-US relations".
<h2>'Common interests'&nbsp;</h2>
The Trump White House imposed tariffs on imports from China during his first term, citing alleged unfair practices by Beijing.
His successor, Joe Biden, kept up the pressure with sweeping rules aimed at restricting Chinese access to high-tech chips.
Trump threatened to go even further during his election campaign, vowing even higher tariffs if he won another term in office.
China's economy remains heavily reliant on exports to drive growth despite official efforts to raise domestic consumption.
The EU's economy commissioner also vowed this week that the bloc stood ready to defend its interests.
Also read: <a href="https://www.wionews.com/world/donald-trump-likely-to-visit-china-india-after-he-assumes-office-report-8634444" rel="dofollow">Donald Trump likely to visit China, India after he assumes office: Report</a>
Speaking at an annual economic gathering in Davos, Switzerland, EU chief Ursula von der Leyen declared that Europe was ready to negotiate with Trump while maintaining that Washington remained an important partner.
The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with the president, she said.
"We will be pragmatic, but we will always stand by our principles, to protect our interests and uphold our values."
Trump on Monday vowed an immediate overhaul of the US trade system, promising to "tariff and tax foreign countries to enrich our citizens".
He signed an order directing agencies to study a range of trade issues, including deficits, unfair practices, and currency manipulation.
The investigations could pave the way for further duties.
Europeans are fretting the most about Trump's return, while countries from Brazil to China and India to Turkey believe he will be good for their countries and global peace, according to a recent survey from the European Council on Foreign Relations.
Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

World: Trump, speaking to reporters at the White House, also warned the European Union that it could face stiff levies while taking aim once again at Beijing over fentanyl trafficking.

China on Wednesday vowed to defend its "national interests" against tariff threats from US President Donald Trump after warning he could impose a 10 per cent duty on imports from the country by the end of next week. Trump, speaking to reporters at the White House a day after his inauguration, also warned the European Union it could face stiff levies while taking aim once again at Beijing over fentanyl trafficking. "They treat us very, very badly. So they're going to be in for tariffs," Trump said of the EU. "You can't get fairness unless you do that." Also read: Trump's Secretary of State Rubio warns China as Quad nations push for free Indo-Pacific A day earlier, the new president accused the bloc of not importing enough American products, saying he would "straighten that out" by imposing tariffs or by urging for more oil and gas purchases. On China, Trump reiterated his threat Tuesday to impose a 10 percent duty, saying it was "based on the fact that they're sending fentanyl to Mexico and Canada". When asked how soon they could be put in place, he said, "Probably February 1st is the date we're looking at." Also read: ‘China is operating…,’ Trump vows to ‘take back’ Panama Canal; Panamanian prez fires back That is the same date he had previously said he could impose 25 per cent tariffs on Canada and Mexico, having accused them of failing to stop illegal immigration and fentanyl trafficking into the United States. Mexico, Canada, and China are leading sources of US imports, according to official trade data. Beijing on Wednesday vowed to defend its "national interests" in response to Trump's threats. "We have always believed that there are no winners in a trade war or a tariff war," foreign ministry spokeswoman Mao Ning said. Also read: China cautiously optimistic as Trump returns to the White House She added that Beijing was "willing to maintain communication with the US, properly handle differences, expand mutually beneficial cooperation, and promote the stable, healthy, and sustainable development of China-US relations". 'Common interests' The Trump White House imposed tariffs on imports from China during his first term, citing alleged unfair practices by Beijing. His successor, Joe Biden, kept up the pressure with sweeping rules aimed at restricting Chinese access to high-tech chips. Trump threatened to go even further during his election campaign, vowing even higher tariffs if he won another term in office. China's economy remains heavily reliant on exports to drive growth despite official efforts to raise domestic consumption. The EU's economy commissioner also vowed this week that the bloc stood ready to defend its interests. Also read: Donald Trump likely to visit China, India after he assumes office: Report Speaking at an annual economic gathering in Davos, Switzerland, EU chief Ursula von der Leyen declared that Europe was ready to negotiate with Trump while maintaining that Washington remained an important partner. The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with the president, she said. "We will be pragmatic, but we will always stand by our principles, to protect our interests and uphold our values." Trump on Monday vowed an immediate overhaul of the US trade system, promising to "tariff and tax foreign countries to enrich our citizens". He signed an order directing agencies to study a range of trade issues, including deficits, unfair practices, and currency manipulation. The investigations could pave the way for further duties. Europeans are fretting the most about Trump's return, while countries from Brazil to China and India to Turkey believe he will be good for their countries and global peace, according to a recent survey from the European Council on Foreign Relations. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

China vows to defend its 'national interests' after Trump threatens with 10 per cent tariffs

Donald Trump's trade tariff threats are setting off concerns on global supply chains. The supply logistics have already been distorted, first by the pandemic and then by the wars in West Asia and on the edge of Europe. Trump's attitude towards China is not new, but he has threatened India with reciprocal tariffs. Take a look at this next report to understand what those threats mean for India and China. Watch in for more details!

Trump's tariff threats setting off global supply chain 'freakout'

Canadian businessman and investor Kevin O&rsquo;Leary expressed interest in breaking a deal with US President-elect Donald Trump to create some sort of "economic reunion" between the US and Canada, stressing that at least half of Canada's population would support such deal.&nbsp;
O&rsquo;Leary, who is also a "Shark Tank" star, said that over the last two days, Canadians have been talking about this.&nbsp;
&ldquo;Canadians over the holidays, the last two days, have been talking about this,&rdquo; O&rsquo;Leary said of Trump&rsquo;s proposal during an interview with Fox Business.&nbsp;
&ldquo;They want to hear more," he added.&nbsp;
Also read: <a href="https://www.wionews.com/world/ed-probes-canadian-colleges-for-trafficking-indians-into-us-8567625">ED probes Canadian colleges for trafficking Indians into US</a>
This comes after Trump has repeatedly suggested that Canada should become "our 51st State".&nbsp;
O&rsquo;Leary further highlighted that he will visit Trump's Mar-a-Lago estate to discuss his proposal to merge Canada with the US.&nbsp;
However, he also noted that "there&rsquo;s obviously a lot of issues&rdquo; that would arise if Canada attempted to join the US, adding that Trump's interest in the matter "could be the beginning of an economic reunion".&nbsp;
"Think about the power of combining the two economies, erasing the border between Canada and the United States and putting all that resource up to the northern borders where China and Russia are knocking on the door,&rdquo; he stressed.&nbsp;
Also read: <a href="https://www.wionews.com/world/eric-trump-posts-image-of-donald-trump-buying-canada-greenland-and-panama-canal-in-a-new-social-media-post-786466">Eric Trump posts image of Donald Trump &lsquo;Buying&rsquo; Canada, Greenland and Panama Canal in new social media post</a>
He added that the northern territories would be secured, adding that it would give a common currency, figure out taxes across the board, and create a new, almost EU-like passport. "I like this idea and at least half of Canadians are interested," sa
He further acknowledged that currently, a major obstacle is the "collapsing" Canadian government under Liberal Party Prime Minister Justin Trudeau, who is very likely to resign or be voted out of office by October 2025.&nbsp;
<h2>Trump calls Canada a 'US state'</h2>
For weeks now, the US president-elect has been taunting Trudeau by referring to Canada as a prospective US "state" and the prime minister as its "governor".&nbsp;
&ldquo;Nobody wants Trudeau to negotiate this deal,&rdquo; O&rsquo;Leary argued. &ldquo;I don&rsquo;t want him doing it for me. So I&rsquo;m going to go to Mar-A-Lago. I&rsquo;ll start the narrative.&rdquo;&nbsp;
Also read: <a href="https://www.wionews.com/world/trump-says-us-subsidies-to-canada-make-no-sense-suggests-canada-become-51st-us-state-785043" rel="dofollow">Trump says US subsidies to Canada make no sense, suggests it become 51st US state</a>
&ldquo;The 41 million Canadians, I think most of them would trust me on this deal," he said.&nbsp;
<h2>'Tariff row'</h2>
Trump has also threatened to impose new tariffs on Canada once he takes office in January 2025.&nbsp;
Trump, in a Christmas Day Truth Social Post, argued that Canada should become a US state because the taxes of its citizens "are far too high".&nbsp;
He further declared that "if Canada was to become our 51st State, their Taxes would be cut by more than 60 per cent.&rdquo;&nbsp;
Trump stressed that Canadian businesses also &ldquo;would immediately double in size, and they would be militarily protected like no other Country anywhere in the World."
(With inputs from agencies)

World | Canadians have been actively discussing Trump's proposal over the holidays, highlighting its significant impact on international conversations and cross-border relations.

Canadian businessman and investor Kevin O’Leary expressed interest in breaking a deal with US President-elect Donald Trump to create some sort of "economic reunion" between the US and Canada, stressing that at least half of Canada's population would support such deal. O’Leary, who is also a "Shark Tank" star, said that over the last two days, Canadians have been talking about this. “Canadians over the holidays, the last two days, have been talking about this,” O’Leary said of Trump’s proposal during an interview with Fox Business. “They want to hear more," he added. Also read: ED probes Canadian colleges for trafficking Indians into US This comes after Trump has repeatedly suggested that Canada should become "our 51st State". O’Leary further highlighted that he will visit Trump's Mar-a-Lago estate to discuss his proposal to merge Canada with the US. However, he also noted that "there’s obviously a lot of issues” that would arise if Canada attempted to join the US, adding that Trump's interest in the matter "could be the beginning of an economic reunion". "Think about the power of combining the two economies, erasing the border between Canada and the United States and putting all that resource up to the northern borders where China and Russia are knocking on the door,” he stressed. Also read: Eric Trump posts image of Donald Trump ‘Buying’ Canada, Greenland and Panama Canal in new social media post He added that the northern territories would be secured, adding that it would give a common currency, figure out taxes across the board, and create a new, almost EU-like passport. "I like this idea and at least half of Canadians are interested," sa He further acknowledged that currently, a major obstacle is the "collapsing" Canadian government under Liberal Party Prime Minister Justin Trudeau, who is very likely to resign or be voted out of office by October 2025. Trump calls Canada a 'US state' For weeks now, the US president-elect has been taunting Trudeau by referring to Canada as a prospective US "state" and the prime minister as its "governor". “Nobody wants Trudeau to negotiate this deal,” O’Leary argued. “I don’t want him doing it for me. So I’m going to go to Mar-A-Lago. I’ll start the narrative.” Also read: Trump says US subsidies to Canada make no sense, suggests it become 51st US state “The 41 million Canadians, I think most of them would trust me on this deal," he said. 'Tariff row' Trump has also threatened to impose new tariffs on Canada once he takes office in January 2025. Trump, in a Christmas Day Truth Social Post, argued that Canada should become a US state because the taxes of its citizens "are far too high". He further declared that "if Canada was to become our 51st State, their Taxes would be cut by more than 60 per cent.” Trump stressed that Canadian businesses also “would immediately double in size, and they would be militarily protected like no other Country anywhere in the World." (With inputs from agencies)

Half of Canadians interested in Trump's offer to merge US, Canada, says Shark Tank's Kevin O’Leary

The Mexican President Claudia Sheinbaum said there will not be "a potential tariff war" between the US and Mexico after a "very kind" conversation over a call with the US President-elect Donald Trump.&nbsp;

The Mexican president talked to&nbsp;reporters on Thursday (Nov 28) after Trump threatened to impose a 25 per cent tariff on Mexico and Canada and an additional 10 per cent on Chinese products.&nbsp;

On November 27, Trump took to Truth Social claiming that Sheinbaum had “agreed to stop Migration through Mexico, and into the United States, effectively closing our Southern Border”.

In her address on November 28, Sheinbaum clarified that she did not agree to close the border.

Also read |&nbsp;<a href="https://www.wionews.com/world/canadas-trudeau-meets-premiers-as-trump-threatens-to-hit-canadian-goods-with-25-tariff-779848">Canada's Trudeau holds emergency meeting as Trump threatens to hit Canadian goods with 25% tariff</a>

"I guarantee you, that we never – additionally, we would be incapable of doing so – proposed that we would close the border in the north [of Mexico], or in the south of the United States. It has never been our idea and, of course, we do not agree with that," The Guardian reported Sheinbaum as saying.&nbsp;

She further added that the duo did not discuss tariff but the conversation assured her that no tariff battle would be needed in future.&nbsp;

<h2>Trump's tariff plan</h2>

US President-elect Donald Trump on Monday (Nov 25) said that he will impose a massive 25 per cent tariff on all products which will be imported from Mexico and Canada over the neighbouring countries' failure to crack down on illegal immigration and drug trade. He also vowed to slap another 10 per cent tariff on China over drug trafficking.

“As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs to levels never seen before,” wrote Trump on his social media platform Truth Social.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/biden-readies-725-million-arms-aid-package-for-ukraine-sources-779861">Biden readies $725 million arms aid package for Ukraine: Sources</a>

It is important to levy the duty to crack down on drug smuggling and illegal immigration in the northern and southern parts of America, he said while announcing the many first decisions that he would take as the US commander-in-chief.

“Right now a caravan coming from Mexico, composed of thousands of people, seems to be unstoppable in its quest to come through our currently Open Border," Trump added.

(With inputs from agencies)

The Mexican President Claudia Sheinbaum said there will not be "a potential tariff war" between the US and Mexico after a "very kind" conversation over a call with the US President-elect Donald Trump.

The Mexican President Claudia Sheinbaum said there will not be "a potential tariff war" between the US and Mexico after a "very kind" conversation over a call with the US President-elect Donald Trump. The Mexican president talked to reporters on Thursday (Nov 28) after Trump threatened to impose a 25 per cent tariff on Mexico and Canada and an additional 10 per cent on Chinese products. On November 27, Trump took to Truth Social claiming that Sheinbaum had “agreed to stop Migration through Mexico, and into the United States, effectively closing our Southern Border”. In her address on November 28, Sheinbaum clarified that she did not agree to close the border. Also read | Canada's Trudeau holds emergency meeting as Trump threatens to hit Canadian goods with 25% tariff "I guarantee you, that we never – additionally, we would be incapable of doing so – proposed that we would close the border in the north [of Mexico], or in the south of the United States. It has never been our idea and, of course, we do not agree with that," The Guardian reported Sheinbaum as saying. She further added that the duo did not discuss tariff but the conversation assured her that no tariff battle would be needed in future. Trump's tariff plan US President-elect Donald Trump on Monday (Nov 25) said that he will impose a massive 25 per cent tariff on all products which will be imported from Mexico and Canada over the neighbouring countries' failure to crack down on illegal immigration and drug trade. He also vowed to slap another 10 per cent tariff on China over drug trafficking. “As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs to levels never seen before,” wrote Trump on his social media platform Truth Social. Also read | Biden readies $725 million arms aid package for Ukraine: Sources It is important to levy the duty to crack down on drug smuggling and illegal immigration in the northern and southern parts of America, he said while announcing the many first decisions that he would take as the US commander-in-chief. “Right now a caravan coming from Mexico, composed of thousands of people, seems to be unstoppable in its quest to come through our currently Open Border," Trump added. (With inputs from agencies)

Mexican president says 'no tariff war' in future with US after 'very kind' call with Trump

China has reaffirmed its commitment to global cooperation amid rising trade tensions with the united states. This comes after U.S. President-elect Donald Trump threatened additional tariffs on Chinese imports, reigniting fears of economic decoupling. Our next report dives into the latest developments and their implications for the global economy. Take a look.

China Responds To Trump's Tariff Plans With Open Markets Appeal

US President-elect Donald Trump has announced plans to impose sweeping tariffs on imports from China, Mexico, and Canada. Citing the need to combat illegal drugs and migration, trump proposed a 10% tariff on all goods from China and a 25% tariff on products from Mexico and Canada.

China, Mexico and Canada Face New Tariff Hikes Under Donald Trump

Canadian Prime Minister Justin Trudeau has cautioned that imposing tariffs or trade barriers on Canadian goods would not only damage Canada’s economy but also hurt American workers and jobs according to a detailed report by Bloomberg.

Speaking at a press conference in Vancouver, Trudeau emphasized the deep economic ties between the United States and Canada, highlighting the intertwined nature of their supply chains. "The interconnectedness between the supply chains in Canada and the United States means that any barriers at the border will inevitably hurt American workers and American jobs," Trudeau stated, addressing the potential consequences of US protectionist trade policies, the Bloomberg report explained further.

Trudeau’s remarks came in response to US President Donald Trump’s trade stance, which includes imposing a 10 per cent tariff on all imports to the US Trump’s protectionist agenda aims to bolster American manufacturing and bring production back to the US, but Trudeau stressed that such measures could end up being counterproductive.

A report by economists at Desjardins forecasts that Canada’s real GDP could face a 1.7 per cent decline by 2028 if these tariffs are implemented, illustrating the far-reaching impact of trade barriers between the neighbouring countries.

The Canadian Prime Minister also pointed out that Trump’s approach, which seeks to limit imports in favour of domestic production, could have unintended consequences for the American workforce. "Tariffs or a thickening of the border will create disruptions in both economies," Trudeau warned, adding that the flow of goods between the two nations is essential for the prosperity of both.

Canada shares common ground with the US

Trudeau made it clear that Canada shares common ground with the US in addressing global trade imbalances, especially with China. Both countries have imposed tariffs on Chinese steel, aluminium, and electric vehicles, aiming to curb what they view as unfair trade practices.

Despite these shared objectives, Trudeau emphasized that the US-Canada trade relationship is a vital and mutually beneficial one, and measures that increase trade friction would have a detrimental effect on both sides.

In a direct appeal to US blue-collar workers, Trudeau argued that the trade barriers Trump advocates could backfire, impacting American jobs that rely on Canadian exports. He reiterated that Canada is a reliable and valuable partner for the US and that close cooperation between the two countries remains essential for maintaining their competitive edge in the global market.

Ultimately, Trudeau's message was clear: any moves to disrupt cross-border trade would harm not just Canadian workers but American ones as well. Both nations, he suggested, would be better served by strengthening their trade ties rather than weakening them.

Canadian Prime Minister Justin Trudeau has cautioned that imposing tariffs or trade barriers on Canadian goods would not only damage Canada’s economy but also hurt American workers and jobs according to a detailed report by Bloomberg.

Canadian Prime Minister Justin Trudeau has cautioned that imposing tariffs or trade barriers on Canadian goods would not only damage Canada’s economy but also hurt American workers and jobs according to a detailed report by Bloomberg. Speaking at a press conference in Vancouver, Trudeau emphasized the deep economic ties between the United States and Canada, highlighting the intertwined nature of their supply chains. "The interconnectedness between the supply chains in Canada and the United States means that any barriers at the border will inevitably hurt American workers and American jobs," Trudeau stated, addressing the potential consequences of US protectionist trade policies, the Bloomberg report explained further. Trudeau’s remarks came in response to US President Donald Trump’s trade stance, which includes imposing a 10 per cent tariff on all imports to the US Trump’s protectionist agenda aims to bolster American manufacturing and bring production back to the US, but Trudeau stressed that such measures could end up being counterproductive. A report by economists at Desjardins forecasts that Canada’s real GDP could face a 1.7 per cent decline by 2028 if these tariffs are implemented, illustrating the far-reaching impact of trade barriers between the neighbouring countries. The Canadian Prime Minister also pointed out that Trump’s approach, which seeks to limit imports in favour of domestic production, could have unintended consequences for the American workforce. "Tariffs or a thickening of the border will create disruptions in both economies," Trudeau warned, adding that the flow of goods between the two nations is essential for the prosperity of both. Canada shares common ground with the US Trudeau made it clear that Canada shares common ground with the US in addressing global trade imbalances, especially with China. Both countries have imposed tariffs on Chinese steel, aluminium, and electric vehicles, aiming to curb what they view as unfair trade practices. Despite these shared objectives, Trudeau emphasized that the US-Canada trade relationship is a vital and mutually beneficial one, and measures that increase trade friction would have a detrimental effect on both sides. In a direct appeal to US blue-collar workers, Trudeau argued that the trade barriers Trump advocates could backfire, impacting American jobs that rely on Canadian exports. He reiterated that Canada is a reliable and valuable partner for the US and that close cooperation between the two countries remains essential for maintaining their competitive edge in the global market. Ultimately, Trudeau's message was clear: any moves to disrupt cross-border trade would harm not just Canadian workers but American ones as well. Both nations, he suggested, would be better served by strengthening their trade ties rather than weakening them.

Trudeau warns US tariffs on Canada would harm American workers

The Biden administration has officially confirmed a series of substantial tariff increases on Chinese imports, marking a significant escalation in the ongoing trade tensions between the United States and China. The U.S. Trade Representative's office announced on Friday that many of these tariffs, including a striking 100% duty on Chinese electric vehicles (EVs), will take effect on September 27, 2023.

This decision, which concludes a comprehensive two-year review of tariffs initially imposed during the Trump administration, largely maintains the increases proposed by President Joe Biden in May. The new tariff structure includes a 50% duty on solar cells and a 25% tariff on steel, aluminium, EV batteries, and key minerals. Additionally, a 50% duty on Chinese semiconductors, now expanded to include silicon wafers and polysilicon used in solar panels, is scheduled to begin in 2025.

The administration has also retained the tariffs implemented by former President Donald Trump on over USD 300 billion worth of Chinese goods. These existing tariffs, ranging from 7.5% to 25%, cover a wide array of products including toys, textiles, internet routers, and industrial machinery.

Lael Brainard, the top White House economic adviser, defended the decision in an interview, emphasising the need to counter China's state-driven subsidies and technology transfer policies. Brainard stated, "The 100% tariff on electric vehicles here does reflect the very significant unfair cost advantage that Chinese electric vehicles in particular are using to dominate car markets at a breathtaking pace in other parts of the world."

The move has drawn criticism from various industry sectors, with concerns raised about potential supply chain disruptions and the effectiveness of tariffs in addressing China's industrial practices. Jason Oxman, President of the Information Technology Industries Council, expressed disappointment, noting that previous tariffs have cost American businesses and consumers USD 221 billion without significantly altering Chinese trade policies.

Automakers' pleas for lower tariffs on critical minerals and graphite used in EV battery production were largely disregarded, reflecting the administration's determination to reduce dependence on Chinese supplies in strategic industries. This stance aligns with broader U.S. efforts to invest heavily in domestic EV, solar, and semiconductor sectors through tax subsidies.

The tariff decision comes at a politically sensitive time, with both Vice President Kamala Harris and former President Donald Trump courting voters in auto and steel-producing states ahead of the November presidential election. Trump has gone further, vowing to impose 60% tariffs on all Chinese imports if re-elected.

Internationally, the U.S. move mirrors similar actions by the European Union and Canada, with the latter matching the 100% duties on Chinese EVs.

The final tariff structure does include some concessions and temporary relief measures. U.S. port operators facing a new 25% tariff on large ship-to-shore cranes will be granted exclusions for orders placed before May 14, 2023, as long as they are delivered by May 14, 2026. This provision aims to mitigate the immediate impact on an industry where China is the dominant supplier with no U.S. producers.

In the medical sector, tariffs on face masks and surgical gloves have been increased to 50% from the initially proposed 25%, but with a delayed start to allow for a transition to non-Chinese suppliers. Notably, the duty on Chinese syringes will immediately rise to 100%, with a temporary one-year exclusion for enteral syringes used in infant feeding.

The USTR has also indicated it will consider requests for tariff exclusions in five Chinese industrial machinery categories, including equipment for purifying or filtering liquids, industrial robots, and printing machinery.

China's response to these tariff hikes has been swift and critical. A spokesperson for the Chinese embassy in Washington warned that the tariffs would "backfire" and fail to suppress China or resolve U.S. industrial problems. The spokesperson stated, "The 301 tariff is the product of unilateralism and protectionism, and it reflects the hegemonic nature of U.S. power politics," adding that China would take all necessary measures to protect its interests.

The Biden administration has officially confirmed a series of substantial tariff increases on Chinese imports, marking a significant escalation in the ongoing trade tensions between the United States and China.

The Biden administration has officially confirmed a series of substantial tariff increases on Chinese imports, marking a significant escalation in the ongoing trade tensions between the United States and China. The U.S. Trade Representative's office announced on Friday that many of these tariffs, including a striking 100% duty on Chinese electric vehicles (EVs), will take effect on September 27, 2023. This decision, which concludes a comprehensive two-year review of tariffs initially imposed during the Trump administration, largely maintains the increases proposed by President Joe Biden in May. The new tariff structure includes a 50% duty on solar cells and a 25% tariff on steel, aluminium, EV batteries, and key minerals. Additionally, a 50% duty on Chinese semiconductors, now expanded to include silicon wafers and polysilicon used in solar panels, is scheduled to begin in 2025. The administration has also retained the tariffs implemented by former President Donald Trump on over USD 300 billion worth of Chinese goods. These existing tariffs, ranging from 7.5% to 25%, cover a wide array of products including toys, textiles, internet routers, and industrial machinery. Lael Brainard, the top White House economic adviser, defended the decision in an interview, emphasising the need to counter China's state-driven subsidies and technology transfer policies. Brainard stated, "The 100% tariff on electric vehicles here does reflect the very significant unfair cost advantage that Chinese electric vehicles in particular are using to dominate car markets at a breathtaking pace in other parts of the world." The move has drawn criticism from various industry sectors, with concerns raised about potential supply chain disruptions and the effectiveness of tariffs in addressing China's industrial practices. Jason Oxman, President of the Information Technology Industries Council, expressed disappointment, noting that previous tariffs have cost American businesses and consumers USD 221 billion without significantly altering Chinese trade policies. Automakers' pleas for lower tariffs on critical minerals and graphite used in EV battery production were largely disregarded, reflecting the administration's determination to reduce dependence on Chinese supplies in strategic industries. This stance aligns with broader U.S. efforts to invest heavily in domestic EV, solar, and semiconductor sectors through tax subsidies. The tariff decision comes at a politically sensitive time, with both Vice President Kamala Harris and former President Donald Trump courting voters in auto and steel-producing states ahead of the November presidential election. Trump has gone further, vowing to impose 60% tariffs on all Chinese imports if re-elected. Internationally, the U.S. move mirrors similar actions by the European Union and Canada, with the latter matching the 100% duties on Chinese EVs. The final tariff structure does include some concessions and temporary relief measures. U.S. port operators facing a new 25% tariff on large ship-to-shore cranes will be granted exclusions for orders placed before May 14, 2023, as long as they are delivered by May 14, 2026. This provision aims to mitigate the immediate impact on an industry where China is the dominant supplier with no U.S. producers. In the medical sector, tariffs on face masks and surgical gloves have been increased to 50% from the initially proposed 25%, but with a delayed start to allow for a transition to non-Chinese suppliers. Notably, the duty on Chinese syringes will immediately rise to 100%, with a temporary one-year exclusion for enteral syringes used in infant feeding. The USTR has also indicated it will consider requests for tariff exclusions in five Chinese industrial machinery categories, including equipment for purifying or filtering liquids, industrial robots, and printing machinery. China's response to these tariff hikes has been swift and critical. A spokesperson for the Chinese embassy in Washington warned that the tariffs would "backfire" and fail to suppress China or resolve U.S. industrial problems. The spokesperson stated, "The 301 tariff is the product of unilateralism and protectionism, and it reflects the hegemonic nature of U.S. power politics," adding that China would take all necessary measures to protect its interests.

U.S. finalises steep tariff hikes on Chinese imports

Former President Donald Trump has pledged to impose a 100 percent tariff on countries that move away from using the US Dollar in international trade. Speaking at a rally in Wisconsin, Trump said any nation abandoning the Dollar would face severe trade penalties with the United States.

Donald Trump pledges 100% tariff on countries moving away from US Dollar

The European Union (EU) has announced tariffs of up to 37.6% on electric vehicles (EVs) imported from China, a move that is expected to heighten trade tensions between Brussels and Beijing. The tariffs, effective from Friday, are part of the EU's largest trade case to date and are aimed at countering what the EU sees as unfair competition from Chinese EV manufacturers benefiting from state subsidies.

Provisional tariffs and ongoing negotiations

The European Commission, the EU's executive arm, has imposed these provisional duties, ranging from 17.4% to 37.6%, with a four-month window for negotiations. During this period, intensive talks are expected to continue between the EU and China, with Beijing threatening wide-ranging retaliation.

Addressing market distortion

EU Commission President Ursula von der Leyen has emphasised that these measures are designed to prevent a flood of cheap EVs that are built with significant state subsidies from China. The detailed tariff rates are outlined in a 208-page document published on Thursday, following minor adjustments after initial errors were identified by companies.

Also read:&nbsp;<a href="https://www.wionews.com/autonews/teslas-indian-market-plans-face-major-hurdles-amidst-global-challenges-738139">Tesla's Indian market plans face major hurdles amidst global challenges</a>

Beijing's response

In response, Beijing has vowed to take "all necessary measures" to safeguard its interests. Potential retaliatory actions could include tariffs on European exports to China, such as cognac and pork. EU Trade Chief Valdis Dombrovskis has countered, stating that there is no basis for China's retaliation, as the EU aims to ensure fair competition and a level playing field.

The scope of the anti-subsidy investigation

The EU's anti-subsidy investigation has nearly four more months to run. At its conclusion, the Commission could propose definitive duties, typically applying for five years, on which EU member states would vote. Dombrovskis has indicated that ongoing talks with China could yield a mutually beneficial solution, potentially avoiding the application of tariffs if market distortions are addressed.

Tariff impact on Chinese automakers

Several Chinese automakers, including BYD, Geely, and SAIC, are facing significant duties. BYD faces tariffs of 17.4%, Geely 19.9%, and SAIC 37.6%, on top of the EU's standard 10% duty on car imports. Western carmakers with manufacturing in China, such as Tesla and BMW, will also be subject to tariffs of 20.8% if they cooperated with the investigation, and 37.6% if they did not.

Strategic decisions for Chinese EV makers

Chinese EV manufacturers now face a strategic decision: whether to absorb the tariffs or pass the increased costs onto European consumers. This decision comes at a time when Chinese automakers are eager to expand their sales outside of China, where a domestic price war is taking a toll on their profitability.

Potential consequences for the European market

Opponents of the tariffs argue that increased EV costs for European consumers could undermine the EU's goal of becoming carbon-neutral by 2050. Chinese brands like MG and Nio have suggested they might raise prices in Europe later this year, while Tesla has already announced plans to increase the prices of its Model 3.

Investment in European manufacturing

The prospect of hefty tariffs might spur Chinese automakers to invest in manufacturing facilities in Europe, despite higher labour and production costs. On Thursday, Xpeng became the latest EV maker to consider setting up manufacturing operations in the region to circumvent the tariffs.

Reactions from the European automotive industry

Europe's largest carmaker, Volkswagen, was quick to criticise the EU's decision. A spokesperson for Volkswagen stated that the negative effects of the tariffs outweigh any benefits for the European, particularly the German, automotive industry. Auto industry executives have expressed concerns about potential Chinese counter-measures, which could further affect the competitiveness of European cars in China, a critical market for German carmakers.

Market dynamics and future prospects

The EU Commission estimates that Chinese brands' share of the EU market has risen to 8% from below 1% in 2019 and could reach 15% by 2025. Chinese EVs are typically priced about 20% lower than EU-made models, contributing to their growing market share.

Historical context and policy challenges

European policymakers are wary of repeating past mistakes, such as those made with solar panels a decade ago, when limited action against Chinese imports led to the collapse of many European manufacturers. The EU launched its anti-subsidy investigation into Chinese EVs last October, reflecting its proactive stance.

Navigating a complex trade landscape

The issue will soon face an advisory vote by EU members, testing support for the Commission's case. Despite the provisional nature of the tariffs, the ongoing discussions highlight the complexity of balancing trade protection with market dynamics. The evolving scenario underscores the EU's challenge in fostering fair competition while navigating the intricate landscape of international trade relations.

(Inputs from Reuters)

The European Union (EU) has announced tariffs of up to 37.6% on electric vehicles (EVs) imported from China, a move that is expected to heighten trade tensions between Brussels and Beijing.

The European Union (EU) has announced tariffs of up to 37.6% on electric vehicles (EVs) imported from China, a move that is expected to heighten trade tensions between Brussels and Beijing. The tariffs, effective from Friday, are part of the EU's largest trade case to date and are aimed at countering what the EU sees as unfair competition from Chinese EV manufacturers benefiting from state subsidies. Provisional tariffs and ongoing negotiations The European Commission, the EU's executive arm, has imposed these provisional duties, ranging from 17.4% to 37.6%, with a four-month window for negotiations. During this period, intensive talks are expected to continue between the EU and China, with Beijing threatening wide-ranging retaliation. Addressing market distortion EU Commission President Ursula von der Leyen has emphasised that these measures are designed to prevent a flood of cheap EVs that are built with significant state subsidies from China. The detailed tariff rates are outlined in a 208-page document published on Thursday, following minor adjustments after initial errors were identified by companies. Also read: Tesla's Indian market plans face major hurdles amidst global challenges Beijing's response In response, Beijing has vowed to take "all necessary measures" to safeguard its interests. Potential retaliatory actions could include tariffs on European exports to China, such as cognac and pork. EU Trade Chief Valdis Dombrovskis has countered, stating that there is no basis for China's retaliation, as the EU aims to ensure fair competition and a level playing field. The scope of the anti-subsidy investigation The EU's anti-subsidy investigation has nearly four more months to run. At its conclusion, the Commission could propose definitive duties, typically applying for five years, on which EU member states would vote. Dombrovskis has indicated that ongoing talks with China could yield a mutually beneficial solution, potentially avoiding the application of tariffs if market distortions are addressed. Tariff impact on Chinese automakers Several Chinese automakers, including BYD, Geely, and SAIC, are facing significant duties. BYD faces tariffs of 17.4%, Geely 19.9%, and SAIC 37.6%, on top of the EU's standard 10% duty on car imports. Western carmakers with manufacturing in China, such as Tesla and BMW, will also be subject to tariffs of 20.8% if they cooperated with the investigation, and 37.6% if they did not. Strategic decisions for Chinese EV makers Chinese EV manufacturers now face a strategic decision: whether to absorb the tariffs or pass the increased costs onto European consumers. This decision comes at a time when Chinese automakers are eager to expand their sales outside of China, where a domestic price war is taking a toll on their profitability. Potential consequences for the European market Opponents of the tariffs argue that increased EV costs for European consumers could undermine the EU's goal of becoming carbon-neutral by 2050. Chinese brands like MG and Nio have suggested they might raise prices in Europe later this year, while Tesla has already announced plans to increase the prices of its Model 3. Investment in European manufacturing The prospect of hefty tariffs might spur Chinese automakers to invest in manufacturing facilities in Europe, despite higher labour and production costs. On Thursday, Xpeng became the latest EV maker to consider setting up manufacturing operations in the region to circumvent the tariffs. Reactions from the European automotive industry Europe's largest carmaker, Volkswagen, was quick to criticise the EU's decision. A spokesperson for Volkswagen stated that the negative effects of the tariffs outweigh any benefits for the European, particularly the German, automotive industry. Auto industry executives have expressed concerns about potential Chinese counter-measures, which could further affect the competitiveness of European cars in China, a critical market for German carmakers. Market dynamics and future prospects The EU Commission estimates that Chinese brands' share of the EU market has risen to 8% from below 1% in 2019 and could reach 15% by 2025. Chinese EVs are typically priced about 20% lower than EU-made models, contributing to their growing market share. Historical context and policy challenges European policymakers are wary of repeating past mistakes, such as those made with solar panels a decade ago, when limited action against Chinese imports led to the collapse of many European manufacturers. The EU launched its anti-subsidy investigation into Chinese EVs last October, reflecting its proactive stance. Navigating a complex trade landscape The issue will soon face an advisory vote by EU members, testing support for the Commission's case. Despite the provisional nature of the tariffs, the ongoing discussions highlight the complexity of balancing trade protection with market dynamics. The evolving scenario underscores the EU's challenge in fostering fair competition while navigating the intricate landscape of international trade relations. (Inputs from Reuters)

EU imposes steep tariffs on Chinese EVs, escalating trade tensions

Canada is contemplating imposing tariffs on electric vehicles (EVs) manufactured in China, aligning itself with international allies concerned about a heavily subsidised Chinese industry. This move comes amid rising global tensions over trade practices and competitive fairness in the EV sector.

Finance Minister Chrystia Freeland announced the potential tariffs, citing unfair competition due to China's "state-directed policy of overcapacity." Speaking in Vaughan, Ontario, Freeland said that Chinese producers are creating a global oversupply of EVs, undermining manufacturers worldwide, including in Canada.

"Chinese producers are intentionally generating a global oversupply that undermines EV producers around the world, including here in Canada," Freeland stated, echoing sentiments previously voiced by the United States and the European Union.

Public consultation period

To address these concerns, Ottawa will initiate a 30-day public consultation period starting July 2. This period will allow stakeholders to provide input on potential responses, including tariffs on EV imports from China. Freeland hinted at possible tariffs on EV components, such as batteries, but did not detail specific measures.

"We're not ruling anything out," Freeland emphasised. "We are bringing to bear our strongest trade action tools."

Also read:&nbsp;<a href="https://www.wionews.com/autonews/us-court-dismisses-racial-discrimination-case-against-uber-734840">U.S. court dismisses racial discrimination case against Uber</a>

International context

The consideration of tariffs follows similar actions by international partners. Last month, U.S. President Joe Biden announced significant tariff increases on Chinese imports, including EVs. The European Commission has also planned additional duties of up to 38.1% on Chinese manufacturers such as BYD, Geely, and SAIC, as well as Chinese-built Tesla and BMW cars.

China, however, has dismissed accusations of unfair subsidies and overcapacity. Chinese officials argue that their EV industry's growth is driven by technological, market, and supply chain advantages.

Chinese response

Ahead of Freeland's announcement, an opinion piece in the Chinese state-backed Global Times urged Canada to remain "strategically rational" and not "sacrifice normal economic exchanges with China for the sake of Washington's strategic selfishness." This statement reflects China's stance on maintaining robust trade relations despite rising tensions.

Economic impact

China is Canada's second-largest trading partner, following the United States. In 2023, data from Canada's largest port in Vancouver showed a 460% annual increase in automobile imports from China, driven by shipments of Shanghai-made Tesla EVs to Canada.

Domestic pressures

Domestically, there is significant pressure on the Canadian government to act. Ontario Premier Doug Ford recently called for tariffs of at least 100% on Chinese EVs. Ontario, as Canada's most populous province and primary auto-making hub, has a vested interest in protecting its automotive industry.

Canada has made substantial investments to position itself as a critical player in the global EV supply chain. These efforts include multi-billion dollar deals to attract companies across the EV supply chain, aiming to bolster the manufacturing heartland.

Industry reactions

Industry leaders and bodies have largely welcomed the potential tariffs. Hugues Jacquemin, CEO of Northern Graphite, suggested that any action should also encompass critical minerals essential for battery production. The main opposition Conservative party has criticised Prime Minister Justin Trudeau for not adequately protecting the auto industry, urging Ottawa to prevent the dumping of cheap Chinese products.

The Global Automakers of Canada and the Canadian Vehicle Manufacturers' Association have expressed support for the government's stance, recognising the need to address competitive imbalances in the EV market.

As Canada navigates its position within the global EV market, the potential imposition of tariffs on Chinese electric vehicles reflects broader concerns about fair competition and industry sustainability. The outcome of the public consultation period will be crucial in determining Canada's next steps in this evolving economic landscape.

(Inputs from Reuters)

Canada is contemplating imposing tariffs on electric vehicles (EVs) manufactured in China, aligning itself with international allies concerned about a heavily subsidised Chinese industry.

Canada is contemplating imposing tariffs on electric vehicles (EVs) manufactured in China, aligning itself with international allies concerned about a heavily subsidised Chinese industry. This move comes amid rising global tensions over trade practices and competitive fairness in the EV sector. Finance Minister Chrystia Freeland announced the potential tariffs, citing unfair competition due to China's "state-directed policy of overcapacity." Speaking in Vaughan, Ontario, Freeland said that Chinese producers are creating a global oversupply of EVs, undermining manufacturers worldwide, including in Canada. "Chinese producers are intentionally generating a global oversupply that undermines EV producers around the world, including here in Canada," Freeland stated, echoing sentiments previously voiced by the United States and the European Union. Public consultation period To address these concerns, Ottawa will initiate a 30-day public consultation period starting July 2. This period will allow stakeholders to provide input on potential responses, including tariffs on EV imports from China. Freeland hinted at possible tariffs on EV components, such as batteries, but did not detail specific measures. "We're not ruling anything out," Freeland emphasised. "We are bringing to bear our strongest trade action tools." Also read: U.S. court dismisses racial discrimination case against Uber International context The consideration of tariffs follows similar actions by international partners. Last month, U.S. President Joe Biden announced significant tariff increases on Chinese imports, including EVs. The European Commission has also planned additional duties of up to 38.1% on Chinese manufacturers such as BYD, Geely, and SAIC, as well as Chinese-built Tesla and BMW cars. China, however, has dismissed accusations of unfair subsidies and overcapacity. Chinese officials argue that their EV industry's growth is driven by technological, market, and supply chain advantages. Chinese response Ahead of Freeland's announcement, an opinion piece in the Chinese state-backed Global Times urged Canada to remain "strategically rational" and not "sacrifice normal economic exchanges with China for the sake of Washington's strategic selfishness." This statement reflects China's stance on maintaining robust trade relations despite rising tensions. Economic impact China is Canada's second-largest trading partner, following the United States. In 2023, data from Canada's largest port in Vancouver showed a 460% annual increase in automobile imports from China, driven by shipments of Shanghai-made Tesla EVs to Canada. Domestic pressures Domestically, there is significant pressure on the Canadian government to act. Ontario Premier Doug Ford recently called for tariffs of at least 100% on Chinese EVs. Ontario, as Canada's most populous province and primary auto-making hub, has a vested interest in protecting its automotive industry. Canada has made substantial investments to position itself as a critical player in the global EV supply chain. These efforts include multi-billion dollar deals to attract companies across the EV supply chain, aiming to bolster the manufacturing heartland. Industry reactions Industry leaders and bodies have largely welcomed the potential tariffs. Hugues Jacquemin, CEO of Northern Graphite, suggested that any action should also encompass critical minerals essential for battery production. The main opposition Conservative party has criticised Prime Minister Justin Trudeau for not adequately protecting the auto industry, urging Ottawa to prevent the dumping of cheap Chinese products. The Global Automakers of Canada and the Canadian Vehicle Manufacturers' Association have expressed support for the government's stance, recognising the need to address competitive imbalances in the EV market. As Canada navigates its position within the global EV market, the potential imposition of tariffs on Chinese electric vehicles reflects broader concerns about fair competition and industry sustainability. The outcome of the public consultation period will be crucial in determining Canada's next steps in this evolving economic landscape. (Inputs from Reuters)

Canada considers tariffs on Chinese EVs amid global concerns

The United States blocked imports from 26 Chinese cotton traders or warehouse facilities on Thursday as part of its effort to eliminate goods made with the forced labor of Uyghur minorities from the U.S. supply chain.

US bars imports from 26 Chinese textile firms over genocide in China's Xinjiang

China has vowed to take all necessary measures following reports that the United States is planning to raise tariffs on Chinese clean energy goods. This includes Chinese EVs, batteries and Solar Products.

US: Biden quadruples tariff on Chinese EV import

China has vowed to take all necessary measures following reports that the United States is planning to raise tariffs on Chinese clean energy Goods. This includes Chinese EVs, batteries and Solar Products.

US hikes tariff on Chinese goods, sparks tension

In response to mounting concerns about potential destabilisation of the European market, the European Union (EU) is preparing to implement tariffs of up to 50 per cent&nbsp;on grain imports from Russia.

This move, spearheaded by European Commission President Ursula von der Leyen, seeks to counter fears that Russia might flood the market with cheap wheat, thereby disrupting the stability of European grain prices.

The decision comes on the heels of Ukrainian President Volodymyr Zelensky's plea to EU leaders to take action against the "stolen" grain from occupied territories. Von der Leyen stressed on the necessity of these tariffs to mitigate risks to European markets and farmers, as Russia's actions could potentially benefit its war efforts.

“We propose the imposition of tariffs on these Russian imports to mitigate the growing risk to our markets and our farmers. They will reduce Russia’s capacity to exploit the EU for the benefit of its war machine,” she said.

Also watch |&nbsp;Red Sea Tensions: Russia and China strike deal with Houthis?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/red-sea-tensions-russia-and-china-strike-deal-with-houthis-703048/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<h2>Preventing market manipulation</h2>

The primary agenda&nbsp;of the proposed tariffs is to prevent the illegal dumping of grain by Russia, which could be used as a tool to exacerbate tensions with Ukraine.

European officials highlighted concerns about the potential redirection of Russian grain, potentially facilitated by Belarus, into the EU market, posing a threat to market stability.

Under the proposed measures, Russian grain, which currently enters the EU with minimal or no customs duties, would face a tariff of €95 ($102) per tonne. This tariff structure aims to regulate the influx of Russian grain into the European market, safeguarding against potential disruptions and maintaining fair competition for European farmers.

Zelensky's address to EU leaders also shed light on&nbsp;the challenges faced by Ukraine, including the theft of Ukrainian grain and obstacles encountered by Ukrainian farmers in exporting their produce. He urged EU leaders to address these disparities to ensure fair treatment for Ukrainian agricultural products.

<a href="https://www.wionews.com/world/russia-launches-barrage-of-missiles-on-ukraines-capital-city-hours-after-us-national-security-adviser-visit-702882">Also read |&nbsp;Russia launches barrage of missiles on Ukraine's capital city hours after US national security adviser's visit</a>

EU officials highlighted the significant increase in Russian grain exports to the EU, coupled with a surge in Russian grain production. From 2022 to 2023, Russian grain exports to the EU rose from 960,000 tonnes to 1.5 million tonnes, while production increased from 35 million tonnes to 50 million tonnes during the same period.

The proposal by the European Commission awaits final approval by the European Council, which could be expedited through a qualified majority vote. Von der Leyen justified the proposal, citing its role in preventing market destabilisation and halting Russia's exploitation of export revenues.

(With inputs from agencies)

In response to mounting concerns about potential destabilisation of the European market, the European Union (EU) is preparing to implement tariffs of up to 50 per cent on grain imports from Russia.

In response to mounting concerns about potential destabilisation of the European market, the European Union (EU) is preparing to implement tariffs of up to 50 per cent on grain imports from Russia. This move, spearheaded by European Commission President Ursula von der Leyen, seeks to counter fears that Russia might flood the market with cheap wheat, thereby disrupting the stability of European grain prices. The decision comes on the heels of Ukrainian President Volodymyr Zelensky's plea to EU leaders to take action against the "stolen" grain from occupied territories. Von der Leyen stressed on the necessity of these tariffs to mitigate risks to European markets and farmers, as Russia's actions could potentially benefit its war efforts. “We propose the imposition of tariffs on these Russian imports to mitigate the growing risk to our markets and our farmers. They will reduce Russia’s capacity to exploit the EU for the benefit of its war machine,” she said. Also watch | Red Sea Tensions: Russia and China strike deal with Houthis? Preventing market manipulation The primary agenda of the proposed tariffs is to prevent the illegal dumping of grain by Russia, which could be used as a tool to exacerbate tensions with Ukraine. European officials highlighted concerns about the potential redirection of Russian grain, potentially facilitated by Belarus, into the EU market, posing a threat to market stability. Under the proposed measures, Russian grain, which currently enters the EU with minimal or no customs duties, would face a tariff of €95 ($102) per tonne. This tariff structure aims to regulate the influx of Russian grain into the European market, safeguarding against potential disruptions and maintaining fair competition for European farmers. Zelensky's address to EU leaders also shed light on the challenges faced by Ukraine, including the theft of Ukrainian grain and obstacles encountered by Ukrainian farmers in exporting their produce. He urged EU leaders to address these disparities to ensure fair treatment for Ukrainian agricultural products. Also read | Russia launches barrage of missiles on Ukraine's capital city hours after US national security adviser's visit EU officials highlighted the significant increase in Russian grain exports to the EU, coupled with a surge in Russian grain production. From 2022 to 2023, Russian grain exports to the EU rose from 960,000 tonnes to 1.5 million tonnes, while production increased from 35 million tonnes to 50 million tonnes during the same period. The proposal by the European Commission awaits final approval by the European Council, which could be expedited through a qualified majority vote. Von der Leyen justified the proposal, citing its role in preventing market destabilisation and halting Russia's exploitation of export revenues. (With inputs from agencies)

EU set to impose up to 50% tariff on Russian grain imports

France has emerged as the main roadblock for those seeking to delay post-Brexit tariffs that are set to hit the electric vehicles shipped between the UK and the European Union in a move that could cost car makers billions of Euros in revenue.

France's opposition puts post-Brexit EV tariffs at risk

The Telecom Regulatory Authority of India (TRAI) addressed and dismissed news reports on Saturday claiming an extensive investigation into past tariff plans for predatory pricing. TRAI clarified that there is no special drive to probe all historical tariff plans filed by telecom companies except for specific plans currently under examination.&nbsp;

&nbsp;

The regulatory body's denial comes in response to media reports suggesting that TRAI was scrutinizing all past tariff plans against service providers for predatory pricing, particularly in relation to unlimited 5G data offerings. TRAI's clarification aims to dispel any confusion and set the record straight regarding its ongoing activities.

&nbsp;

TRAI has emphasized the significance of draft regulations on metering and billing, aiming to ease the burden on service providers by reducing the frequency of audits conducted annually. Under the new proposal, instead of quarterly audits for each licensed service area (LSA), TRAI suggests a switch to an annual audit, resulting in a remarkable 75 percent reduction in effort. This strategic adjustment is anticipated to enhance the efficiency of the auditing process and maximize resource utilization.

&nbsp;

TRAI emphasized the importance of the centralized audit system, prioritizing it overreaching each LSA and duplicating audits for individual plans. Going forward, LSAs will only undergo audits for plans not subject to the centralized audit. TRAI also emphasized that no financial disincentives will be imposed if service providers take timely corrective actions.

&nbsp;

The regulatory body further acknowledged the limitations of the current audit methodology, which fails to represent all segments of prepaid customers—a group that constitutes almost 95 percent of the total customer base. To address this, TRAI has rationalized the plan selection process to ensure proper representation of all types of plans. This move aims to achieve a fair and comprehensive assessment of cross-border tariff plans.

&nbsp;

TRAI clarified that any tariff might be subject to fresh examination based on the statutory mandate of the Authority. This includes instances where stakeholders, including Telecom Service Providers (TSPs), raise complaints of non-compliance with regulatory principles or allegations of predatory pricing.

&nbsp;

The clarification by TRAI brings clarity and reassurance to telecom companies and consumers alike, alleviating concerns about an extensive probe into past tariff plans for predatory pricing. With a focus on centralizing the audit system and reducing the burden on service providers, TRAI aims to strike a balance between effective regulation and industry efficiency.

&nbsp;

Inputs from NDTV)

The Telecom Regulatory Authority of India (TRAI) addressed and dismissed news reports on Saturday claiming an extensive investigation into past tariff plans for predatory pricing.

The Telecom Regulatory Authority of India (TRAI) addressed and dismissed news reports on Saturday claiming an extensive investigation into past tariff plans for predatory pricing. TRAI clarified that there is no special drive to probe all historical tariff plans filed by telecom companies except for specific plans currently under examination. The regulatory body's denial comes in response to media reports suggesting that TRAI was scrutinizing all past tariff plans against service providers for predatory pricing, particularly in relation to unlimited 5G data offerings. TRAI's clarification aims to dispel any confusion and set the record straight regarding its ongoing activities. TRAI has emphasized the significance of draft regulations on metering and billing, aiming to ease the burden on service providers by reducing the frequency of audits conducted annually. Under the new proposal, instead of quarterly audits for each licensed service area (LSA), TRAI suggests a switch to an annual audit, resulting in a remarkable 75 percent reduction in effort. This strategic adjustment is anticipated to enhance the efficiency of the auditing process and maximize resource utilization. TRAI emphasized the importance of the centralized audit system, prioritizing it overreaching each LSA and duplicating audits for individual plans. Going forward, LSAs will only undergo audits for plans not subject to the centralized audit. TRAI also emphasized that no financial disincentives will be imposed if service providers take timely corrective actions. The regulatory body further acknowledged the limitations of the current audit methodology, which fails to represent all segments of prepaid customers—a group that constitutes almost 95 percent of the total customer base. To address this, TRAI has rationalized the plan selection process to ensure proper representation of all types of plans. This move aims to achieve a fair and comprehensive assessment of cross-border tariff plans. TRAI clarified that any tariff might be subject to fresh examination based on the statutory mandate of the Authority. This includes instances where stakeholders, including Telecom Service Providers (TSPs), raise complaints of non-compliance with regulatory principles or allegations of predatory pricing. The clarification by TRAI brings clarity and reassurance to telecom companies and consumers alike, alleviating concerns about an extensive probe into past tariff plans for predatory pricing. With a focus on centralizing the audit system and reducing the burden on service providers, TRAI aims to strike a balance between effective regulation and industry efficiency. Inputs from NDTV)

TRAI Clears the Airwaves: No Tariff Plan Probe for Predatory Pricing

The European Union struck a political deal&nbsp;on Tuesday to impose a carbon dioxide emissions price on imports of polluting commodities like steel and cement, a groundbreaking programme intended to boost European companies as they decarbonise. The decision came about after all-night talks.

Negotiators from EU nations and the European Parliament reached&nbsp;an agreement on the bill imposing CO2 emissions penalties on imports of iron and steel, cement, fertilisers, aluminium, and energy.

Firms bringing in those products to the EU will need to purchase certifications to cover their embedded CO2 emissions. The plan aims to apply the same CO2 price to local EU industry and foreign businesses, the latter of which are currently required to purchase permits from the EU carbon market.

Mohammed Chahim,&nbsp;European Parliament's lead negotiator on the law, said the&nbsp;border&nbsp;tariff&nbsp;would be crucial to&nbsp;EU&nbsp;efforts to fight climate change.

"It is one of the only mechanisms we have to incentivise our trading partners to decarbonise their manufacturing industry," Chahim said.

Also WATCH |&nbsp;WION Climate Tracker: EU strikes deal on world's first carbon border tariff

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-climate-tracker-eu-strikes-deal-on-worlds-first-carbon-border-tariff-542727/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The tax's purpose is to shield European businesses from being outbid by less expensive products coming from nations with laxer environmental regulations.

It will also apply to imported hydrogen, which was a demand made during the discussions but was not included in the initial EU plan.

This week's discussions on a reform of the EU carbon market will define some of the law's specifics, including when it will go into effect.

In order to protect local industry from foreign competition, the EU now provides free CO2 licences. However,&nbsp;to comply with WTO regulations, the EU aims to phase out these free permits once the carbon border tax is implemented. The discussions around the carbon market will determine how swiftly that phase-in occurs.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

The European Union struck a political deal on Tuesday to impose a carbon dioxide emissions price on imports of polluting commodities like steel and cement, a groundbreaking programme intended to boost European companies as they decarbonise.

The European Union struck a political deal on Tuesday to impose a carbon dioxide emissions price on imports of polluting commodities like steel and cement, a groundbreaking programme intended to boost European companies as they decarbonise. The decision came about after all-night talks. Negotiators from EU nations and the European Parliament reached an agreement on the bill imposing CO2 emissions penalties on imports of iron and steel, cement, fertilisers, aluminium, and energy. Firms bringing in those products to the EU will need to purchase certifications to cover their embedded CO2 emissions. The plan aims to apply the same CO2 price to local EU industry and foreign businesses, the latter of which are currently required to purchase permits from the EU carbon market. Mohammed Chahim, European Parliament's lead negotiator on the law, said the border tariff would be crucial to EU efforts to fight climate change. "It is one of the only mechanisms we have to incentivise our trading partners to decarbonise their manufacturing industry," Chahim said. Also WATCH | WION Climate Tracker: EU strikes deal on world's first carbon border tariff The tax's purpose is to shield European businesses from being outbid by less expensive products coming from nations with laxer environmental regulations. It will also apply to imported hydrogen, which was a demand made during the discussions but was not included in the initial EU plan. This week's discussions on a reform of the EU carbon market will define some of the law's specifics, including when it will go into effect. In order to protect local industry from foreign competition, the EU now provides free CO2 licences. However, to comply with WTO regulations, the EU aims to phase out these free permits once the carbon border tax is implemented. The discussions around the carbon market will determine how swiftly that phase-in occurs. (With inputs from agencies) WATCH WION LIVE HERE:

Let the pollutors pay: In a first, EU strikes deal on carbon border tariff

Inflation in the United States is at a 40-year high of 8.6 percent. The White House is desperate to bring the prices down, desperate enough to even ease tariffs on China; reports suggest that the US president is leading towards easing some of Trump's China tariffs.

US president Joe Biden weighs China's tariff rollback to ease inflation

The United States and European Union have agreed to end a festering dispute over US steel and aluminum tariffs imposed by former President Donald Trump in 2018.

US and EU end long standing dispute over steel and aluminum tariff

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020.

"China made commitments intended to benefit certain American industries, including agriculture, that we must enforce," US Trade Representative Katherine Tai will say in a speech on Monday to US think tank the Center for Strategic and International Studies.

According to excerpts from her speech, which she is due to deliver at 10:00 am (1400 GMT), Tai will also announce the launch of "a targeted tariff exclusion process" for exemptions from customs tariffs imposed on $370 billion worth of Chinese goods a year by the previous Trump administration.

The punitive tariffs, imposed in retaliation for Chinese trade practices deemed "unfair", are criticised by many companies.

In early August, some of the most influential US business groups urged the Biden administration to reduce these surcharges, pointing out that US industries faced "increased costs" as the tariffs are paid by importers.

A senior US official, speaking on condition of anonymity, said the tariffs "will remain in place" for the duration of the exemption procedure.

President Joe Biden had asked Tai to conduct a comprehensive review of US trade strategy towards China and the tariffs initiated by his Republican predecessor Donald Trump.

Also Read:&nbsp;<a href="https://www.wionews.com/world/blinken-faces-an-awkward-visit-to-paris-his-second-home-418147" hreflang="en">Blinken faces an awkward visit to Paris, his ‘second home’</a>

"We continue to have serious concerns with China's state-centered and non-market trade practices" that were not addressed in the "Phase One" agreement reached in 2019 to calm a trade war between the two economic superpowers, Tai will say.

"As we work to enforce the terms of Phase One, we will raise these broader policy concerns with Beijing."

The deal signed by Trump and Tai's opposite number, Vice Premier Liu He, committed Beijing to adding an extra $200 billion in purchases of US exports, including energy, agricultural and manufactured products through 2021.

That is far from happening, trade analysts say.

The Biden administration official did not specify the extent of the shortfall, while indicating that Washington is unsatisfied.

"There are some commitments that have not been met and we think the results overall of the agreement have been mixed," the official said, while stressing the US objective "is not to escalate trade tension."

- 'Work with our allies' -

Tai's speech will highlight the Biden administration's strategy of teaming up with allied democracies in its competition with China.

Trump, who rejected traditional US alliances, sparked market anxiety around the world with his trade war.

However, he ended up producing limited concrete results, let alone progress on the deep-seated problems that the United States and its allies say plague their China trade relationship.

These include massive state subsidies for national companies, intellectual property theft and other factors creating a heavily uneven playing field.

Also Read:&nbsp;<a href="https://www.wionews.com/world/for-second-straight-day-chinese-jets-fly-towards-taiwan-in-another-incursion-417965" hreflang="en">For second straight day, Chinese jets fly towards Taiwan in another incursion</a>

Washington "will use the full range of tools we have and develop new tools as needed to defend American economic interests from harmful policies and practices," Tai will say.

"The core of our strategy is a commitment to ensuring we work with our allies to create fair and open markets."

Tai will also stress that the trade and economic relationship between the United States and China "is one of profound consequence."

"As the two largest economies in the world, how we relate to each other does not just affect our two countries. It impacts the entire world and billions of workers."

Overall, Washington sees a bleak outlook, with the administration official saying "we know that China is unlikely to make meaningful reforms right now" and that there is no push for starting long-awaited "Phase Two" negotiations.

"Beijing is increasingly explicit that it is doubling down on its authoritarian, state-centric approach, and is resistant to addressing our structural concerns," the official said.

"We recognize that China simply may not change and that we have to have a strategy that deals with China as it is, rather than as we might wish it be," the official said.

"Our primary focus will be on building resilience and competitiveness, including with our allies and partners."

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020.

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020. "China made commitments intended to benefit certain American industries, including agriculture, that we must enforce," US Trade Representative Katherine Tai will say in a speech on Monday to US think tank the Center for Strategic and International Studies. According to excerpts from her speech, which she is due to deliver at 10:00 am (1400 GMT), Tai will also announce the launch of "a targeted tariff exclusion process" for exemptions from customs tariffs imposed on $370 billion worth of Chinese goods a year by the previous Trump administration. The punitive tariffs, imposed in retaliation for Chinese trade practices deemed "unfair", are criticised by many companies. In early August, some of the most influential US business groups urged the Biden administration to reduce these surcharges, pointing out that US industries faced "increased costs" as the tariffs are paid by importers. A senior US official, speaking on condition of anonymity, said the tariffs "will remain in place" for the duration of the exemption procedure. President Joe Biden had asked Tai to conduct a comprehensive review of US trade strategy towards China and the tariffs initiated by his Republican predecessor Donald Trump. Also Read: Blinken faces an awkward visit to Paris, his ‘second home’ "We continue to have serious concerns with China's state-centered and non-market trade practices" that were not addressed in the "Phase One" agreement reached in 2019 to calm a trade war between the two economic superpowers, Tai will say. "As we work to enforce the terms of Phase One, we will raise these broader policy concerns with Beijing." The deal signed by Trump and Tai's opposite number, Vice Premier Liu He, committed Beijing to adding an extra $200 billion in purchases of US exports, including energy, agricultural and manufactured products through 2021. That is far from happening, trade analysts say. The Biden administration official did not specify the extent of the shortfall, while indicating that Washington is unsatisfied. "There are some commitments that have not been met and we think the results overall of the agreement have been mixed," the official said, while stressing the US objective "is not to escalate trade tension." - 'Work with our allies' - Tai's speech will highlight the Biden administration's strategy of teaming up with allied democracies in its competition with China. Trump, who rejected traditional US alliances, sparked market anxiety around the world with his trade war. However, he ended up producing limited concrete results, let alone progress on the deep-seated problems that the United States and its allies say plague their China trade relationship. These include massive state subsidies for national companies, intellectual property theft and other factors creating a heavily uneven playing field. Also Read: For second straight day, Chinese jets fly towards Taiwan in another incursion Washington "will use the full range of tools we have and develop new tools as needed to defend American economic interests from harmful policies and practices," Tai will say. "The core of our strategy is a commitment to ensuring we work with our allies to create fair and open markets." Tai will also stress that the trade and economic relationship between the United States and China "is one of profound consequence." "As the two largest economies in the world, how we relate to each other does not just affect our two countries. It impacts the entire world and billions of workers." Overall, Washington sees a bleak outlook, with the administration official saying "we know that China is unlikely to make meaningful reforms right now" and that there is no push for starting long-awaited "Phase Two" negotiations. "Beijing is increasingly explicit that it is doubling down on its authoritarian, state-centric approach, and is resistant to addressing our structural concerns," the official said. "We recognize that China simply may not change and that we have to have a strategy that deals with China as it is, rather than as we might wish it be," the official said. "Our primary focus will be on building resilience and competitiveness, including with our allies and partners."

US to have 'frank conversations' with China on trade

China&nbsp;on Thursday unveiled a&nbsp;new&nbsp;list of import&nbsp;tariff&nbsp;exemptions&nbsp;for six&nbsp;chemical&nbsp;and&nbsp;oil&nbsp;products&nbsp;from the United States, days after the world's two largest economies announced a <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">Phase One&nbsp;trade deal</a>.

The&nbsp;exemptions&nbsp;will be for one year from December&nbsp;26, the Finance Ministry said, without providing a value for the imports excluded from duties.

Duties already imposed on&nbsp;US&nbsp;products&nbsp;would not be refunded, the ministry added.

The&nbsp;tariff&nbsp;waivers will apply to four&nbsp;chemical&nbsp;products, such as metallocene high-density polyethylene (HDPE) and a special grade of linear low-density polyethylene (LLDPE), and refined&nbsp;oil&nbsp;products&nbsp;that include white&nbsp;oil&nbsp;and food-grade petroleum wax.

Kelly Cui, principal analyst with consultancy Wood Mackenzie, said the&nbsp;exemptions&nbsp;on the&nbsp;chemical&nbsp;products&nbsp;would benefit companies such as <a href="https://www.wionews.com/world/france-bans-two-us-pesticides-citing-risk-to-bees-266292">Dow&nbsp;Chemical&nbsp;Co</a>, <a href="https://www.wionews.com/business-economy/failed-exxon-talks-left-petrobras-stranded-for-auctions-report-261167">Exxon Mobil Corp</a> and Chevron Phillips&nbsp;Chemical&nbsp;Co, which have since 2017 been adding shale-based ethylene production facilities and targeting&nbsp;China&nbsp;as the prime export market.

Cui also pointed out that the listed&nbsp;products, metallocene HDPE and LLDPE, were high-end special grade plastic raw materials used for packaging and pipes.&nbsp;China&nbsp;is the world's largest importer of polyethylene.

"The&nbsp;exemptions&nbsp;could see&nbsp;China&nbsp;resume buying more HDPE and LLDPE from the&nbsp;US, reversing the trade flow, as the&nbsp;US&nbsp;supplies have been diverted to Latin America and Europe while&nbsp;China&nbsp;has been importing mostly from the Middle East," said Cui.

In 2018,&nbsp;China&nbsp;imported some 6.86 million tonnes of HDPE and 4.46 million tonnes of LLDPE, according to Cui, who cited Chinese customs data. The data does not provide a breakdown for different grades of each polymer.

These imports had a combined total value of about $14 billion&nbsp;based on the delivered cost for these two&nbsp;products.

For petroleum wax,&nbsp;China&nbsp;imported from the&nbsp;US&nbsp;1,108 tonnes or worth only $3.2 million in the first 10 months of 2019, one-tenth of&nbsp;China's total imports of the product, according to Chinese customs data and consultancy JLC Network Technology.

White&nbsp;oil&nbsp;imports from the&nbsp;US&nbsp;were 3,490 tonnes or worth only $8.7 million during the same period, roughly 6 per cent&nbsp;of&nbsp;China's total imports.

China&nbsp;<a href="https://www.wionews.com/business-economy/china-to-waive-tariffs-on-some-us-soybeans-pork-266610">waived import&nbsp;tariffs</a> for some soybeans and pork shipments from the United States on December&nbsp;6, before the two sides reached a Phase One&nbsp;trade deal to cancel&nbsp;tariffs that were planned to take effect on December&nbsp;15.

China&nbsp;said it will continue to work on the <a href="https://www.wionews.com/world/china-wants-us-tariffs-rolled-back-in-phase-one-trade-deal-report-265517">product&nbsp;exemptions</a>&nbsp;and release the second batch of waivers at an appropriate time.

The <a href="https://www.wionews.com/business-economy/japan-tax-revision-targets-corporate-cashpile-to-spur-spending-5g-investment-267859">Sino-US&nbsp;trade war</a> has been a major headache for global policymakers as it slowed economic growth worldwide and chilled business investment and confidence.

US&nbsp;Trade Representative Robert Lighthizer last week acknowledged there remained hard work ahead in the next phase of <a href="https://www.wionews.com/world/as-goodwill-gesture-us-will-delay-5-boost-in-tariffs-on-chinese-imports-trump-249102">negotiations</a>.

He gave no specific timetable, but said&nbsp;U.S. President Donald Trump did not want to wait until after the 2020 presidential election to wrap up a more comprehensive agreement.

China on Thursday unveiled a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies announced a Phase One trade deal.

China on Thursday unveiled a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies announced a Phase One trade deal. The exemptions will be for one year from December 26, the Finance Ministry said, without providing a value for the imports excluded from duties. Duties already imposed on US products would not be refunded, the ministry added. The tariff waivers will apply to four chemical products, such as metallocene high-density polyethylene (HDPE) and a special grade of linear low-density polyethylene (LLDPE), and refined oil products that include white oil and food-grade petroleum wax. Kelly Cui, principal analyst with consultancy Wood Mackenzie, said the exemptions on the chemical products would benefit companies such as Dow Chemical Co, Exxon Mobil Corp and Chevron Phillips Chemical Co, which have since 2017 been adding shale-based ethylene production facilities and targeting China as the prime export market. Cui also pointed out that the listed products, metallocene HDPE and LLDPE, were high-end special grade plastic raw materials used for packaging and pipes. China is the world's largest importer of polyethylene. "The exemptions could see China resume buying more HDPE and LLDPE from the US, reversing the trade flow, as the US supplies have been diverted to Latin America and Europe while China has been importing mostly from the Middle East," said Cui. In 2018, China imported some 6.86 million tonnes of HDPE and 4.46 million tonnes of LLDPE, according to Cui, who cited Chinese customs data. The data does not provide a breakdown for different grades of each polymer. These imports had a combined total value of about $14 billion based on the delivered cost for these two products. For petroleum wax, China imported from the US 1,108 tonnes or worth only $3.2 million in the first 10 months of 2019, one-tenth of China's total imports of the product, according to Chinese customs data and consultancy JLC Network Technology. White oil imports from the US were 3,490 tonnes or worth only $8.7 million during the same period, roughly 6 per cent of China's total imports. China waived import tariffs for some soybeans and pork shipments from the United States on December 6, before the two sides reached a Phase One trade deal to cancel tariffs that were planned to take effect on December 15. China said it will continue to work on the product exemptions and release the second batch of waivers at an appropriate time. The Sino-US trade war has been a major headache for global policymakers as it slowed economic growth worldwide and chilled business investment and confidence. US Trade Representative Robert Lighthizer last week acknowledged there remained hard work ahead in the next phase of negotiations. He gave no specific timetable, but said U.S. President Donald Trump did not want to wait until after the 2020 presidential election to wrap up a more comprehensive agreement.

China announces new tariff exemptions for US chemical, oil products

Chinese govt suspends additional tariffs on U.S. made automobile & other goods. Beijing has planned to impose 25% duty on U.S. Automobile products. This looks like a trade-truce between the China and United States.

China suspends additional tariffs on U.S. made automobile & other goods

Japan has agreed to phase out tariffs on <a href="https://www.wionews.com/world/us-wants-to-make-meaningful-progress-in-china-trade-talks-249287">US</a> wine imports as part of a bilateral <a href="https://www.wionews.com/business-economy/american-business-community-wants-trade-deal-between-us-china-249649">trade deal</a> expected to be signed at the end of the month, the Nikkei newspaper reported on Sunday.

Japan will eliminate the tariffs on US wine within five to seven years after the trade agreement goes into effect, the Nikkei reported without giving its sources.

Japan taxes imported wine at a rate of 15 per cent&nbsp;or 125 yen ($1.16) per litre, whichever is cheaper, according to the Nikkei.

The elimination of the tariff could cut the cost of US wine by about 13 per cent&nbsp;for wine distributors, the Nikkei said.

The trade agreement between the United States and Japan, which is expected to be signed on the sidelines of the UN&nbsp;General Assembly meeting, is also expected to gradually lower tariffs on US&nbsp;beef imports to 9&nbsp;per cent in 2033 from 38.5 per cent&nbsp;now, the Nikkei said.

Officials from Japan's trade ministry were not immediately available for comment.

Last month, the United States and Japan agreed in principle on the core elements of a free-trade deal that would cool a trade dispute between the allies. 
The United States is also trying to de-escalate its year-long trade war with China.

Chinese trade deputies are expected to meet their US&nbsp;counterparts in Washington before minister-level meetings in early October in the US&nbsp;capital. 
&nbsp;

Japan has agreed to phase out tariffs on US wine imports as part of a bilateral trade deal expected to be signed at the end of the month, the Nikkei newspaper reported on Sunday.

Japan has agreed to phase out tariffs on US wine imports as part of a bilateral trade deal expected to be signed at the end of the month, the Nikkei newspaper reported on Sunday. Japan will eliminate the tariffs on US wine within five to seven years after the trade agreement goes into effect, the Nikkei reported without giving its sources. Japan taxes imported wine at a rate of 15 per cent or 125 yen ($1.16) per litre, whichever is cheaper, according to the Nikkei. The elimination of the tariff could cut the cost of US wine by about 13 per cent for wine distributors, the Nikkei said. The trade agreement between the United States and Japan, which is expected to be signed on the sidelines of the UN General Assembly meeting, is also expected to gradually lower tariffs on US beef imports to 9 per cent in 2033 from 38.5 per cent now, the Nikkei said. Officials from Japan's trade ministry were not immediately available for comment. Last month, the United States and Japan agreed in principle on the core elements of a free-trade deal that would cool a trade dispute between the allies. The United States is also trying to de-escalate its year-long trade war with China. Chinese trade deputies are expected to meet their US counterparts in Washington before minister-level meetings in early October in the US capital.

Japan to eliminate tariffs on United States wine in trade deal: Report

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession.

 
The talks were agreed to in a phone call between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US&nbsp;Treasury Secretary Steven Mnuchin, China's commerce ministry said in a statement on its website.

China's central bank governor Yi Gang was also on the call. "Both sides agreed that they should work together and take practical actions to create good conditions for consultations," the ministry said.

 
"Lead negotiators from both sides had a really good phone call this morning," ministry spokesman Gao Feng said in a weekly briefing. "We'll strive to achieve substantial progress during the 13th Sino-US&nbsp;high-level negotiations in early October."

 
Gao also said Beijing opposes any escalation in the trade war. Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said.

 
A spokesman for the US&nbsp;Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks".

 
News of the early October talks lifted most Asian share markets on Thursday, raising hopes these can de-escalate the US-China trade war before it inflicts further damage on the global economy.

 
On Sunday, Washington began imposing 15 per cent&nbsp;tariffs on an array of Chinese imports, while China began placing duties on US&nbsp;crude oil. China said on Monday it had lodged a complaint against the United States at the World Trade Organization.

 
The United States plans to increase the tariff rate to 30 per cent&nbsp;from the 25 per cent&nbsp;duty already in place on $250 billion worth of Chinese imports from October 1.

US President Donald Trump had warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a US&nbsp;recession.

 
Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for October 1.

 
They will also hold a key meeting in October to discuss improving governance and "perfecting" the country's socialist system, state media has said.

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession.

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession. The talks were agreed to in a phone call between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin, China's commerce ministry said in a statement on its website. China's central bank governor Yi Gang was also on the call. "Both sides agreed that they should work together and take practical actions to create good conditions for consultations," the ministry said. "Lead negotiators from both sides had a really good phone call this morning," ministry spokesman Gao Feng said in a weekly briefing. "We'll strive to achieve substantial progress during the 13th Sino-US high-level negotiations in early October." Gao also said Beijing opposes any escalation in the trade war. Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said. A spokesman for the US Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks". News of the early October talks lifted most Asian share markets on Thursday, raising hopes these can de-escalate the US-China trade war before it inflicts further damage on the global economy. On Sunday, Washington began imposing 15 per cent tariffs on an array of Chinese imports, while China began placing duties on US crude oil. China said on Monday it had lodged a complaint against the United States at the World Trade Organization. The United States plans to increase the tariff rate to 30 per cent from the 25 per cent duty already in place on $250 billion worth of Chinese imports from October 1. US President Donald Trump had warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a US recession. Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for October 1. They will also hold a key meeting in October to discuss improving governance and "perfecting" the country's socialist system, state media has said.

China, US to hold trade talks in October; Beijing says phone call went well

The United States and China gave signs on Thursday that they will resume trade talks as the two economic superpowers discussed the next round of in-person negotiations in September ahead of a looming deadline for additional US tariffs.

The United States and China gave signs on Thursday that they will resume trade talks as the two economic superpowers discussed the next round of in-person negotiations in September ahead of a looming deadline for additional US tariffs. A new round of US tariffs on some Chinese goods is scheduled to take effect on Sunday, threatening to escalate an already bitter trade war. President Donald Trump said some discussions were taking place on Thursday, with more talks scheduled. China's commerce ministry also said a September round of meetings was being discussed by the two sides but said it was important for Washington to cancel a tariff increase. "There is a talk scheduled for today at a different level," Trump said in an interview with Fox News Radio, without giving details. A spokesman for the United States trade representative could not immediately be reached for comment on the planned call. "China wants to make a deal," Trump said in the interview, adding that China was losing millions of jobs under pressure from US tariffs. "I think they want to make a deal, I sort of think they have to make a deal. We’ll see what happens." The Trump administration on Sunday is scheduled to begin collecting 15 per cent tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear. Trump last Friday said he was increasing existing and planned tariffs by 5 per cent on about $550 billion worth of Chinese imports after Beijing announced its retaliatory tariffs on US goods. Tariffs of 15 per cent on cellphones, laptop computers, toys, and clothing are to take effect on December 15. The US Trade Representative's Office said on Thursday it will collect public comments through September 20 on a planned tariff increase to 30 per cent on a $250 billion list of goods already hit with a 25 per cent tariff. US stocks rallied more than 1 per cent on Thursday on positive sentiment about the trade talks, although some analysts noted that Trump's comments were light on substance. Cancel the tariffs In Beijing, the Chinese commerce ministry spokesman Gao Feng told reporters that China hopes Washington can cancel the planned tariff increase to avoid an escalation in the trade war. "The most important thing at the moment is to create necessary conditions for both sides to continue negotiations," he said during a weekly briefing, adding that China was lodging "solemn representation" with the United States. Gao said China had "ample" countermeasures to retaliate against the planned US tariffs, but talks in the current circumstances should focus on whether the tariffs could be cancelled. He did not answer directly when asked if his remarks suggested China would not retaliate against the latest US tariff threat. For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access. China has consistently denied Washington's accusations that it engages in unfair trade practices, vowing to fight back in kind and criticizing US measures as protectionist. A survey of US companies doing business in China found that they are largely still making profits in China, but 81 per cent said escalating US-China trade tensions have affected their business operations. That marks an 8 percentage-point increase from 2018, said the US-China Business Council, which represents more than 220 US companies ranging from Boeing Co to Archer Daniels Midland and Hewlett Packard. The council's president, Craig Allen, a former senior US government official and expert on China, urged the United States and China to return to the negotiating table to end damaging tariffs and avert lasting damage to bilateral business ties. The survey showed US companies are losing sales because their Chinese customers increasingly view US companies as unreliable business partners given the volatility of the bilateral commercial relationship. Nearly 40 per cent of those surveyed said they lost sales because of Chinese partners' concerns about doing business with US companies, a seven-fold increase over 2018. In July 2018, the US-China trade dispute boiled over in tariffs on hundreds of billions of dollars' worth of each other's goods and threatens to engulf all trade between the countries, putting global growth at risk.

Signs of new US - China trade discussions emerge as increased tariffs loom

Finance Minister Bruno Le Maire said on Saturday that <a href="https://www.wionews.com/world/frances-macron-discussed-need-for-broad-digital-tax-deal-with-trump-elysee-238773">France </a>would proceed with <a href="https://www.wionews.com/world/trump-slams-macron-over-digital-tax-on-us-tech-giants-threatens-reciprocal-action-against-french-wine-238733">taxing revenues of big technology firms</a> and urged the United States not to bring trade tariffs into the debate on how to fairly raise levies on digital services.

Le Maire was responding to US President Donald Trump`s threat to tax French wines in retaliation for France`s digital services tax, which he says unjustly targets US companies.

"It`s in our interest to have a fair digital tax," Le Maire told reporters, speaking in English. "Please do not mix the two issues. The key question now is how we can we get consensus on fair taxation of digital activities."

Two weeks ago, the French Senate approved the 3% levy that will apply to revenue from digital services earned in France by companies with more than 25 million euros ($27.8 million) in French revenue and 750 million euros worldwide.

Other European Union countries, including Austria, Britain, Spain and Italy, have also announced plans for their own digital taxes.

Trump blasted Macron`s "foolishness" for pressing ahead with the French levy and warned his administration would announce "substantial reciprocal action".

"They shouldn`t have done this," Trump told reporters on Friday. "I told them, I said, `Don`t do it because if you do it, I`m going to tax your wine.`"

Le Maire reiterated Macron`s assurance that France would lift its national digital tax if there was a deal on a universal tax at the level of the Organisation for Economic Co-operation and Development (OECD).&nbsp;

He added that France wanted leaders of the G7 group of nations to agree on the principle of universal taxation of digital activities at next month`s summit in the coastal resort of Biarritz.

Finance Minister Bruno Le Maire said on Saturday that France would proceed with taxing revenues of big technology firms and urged the United States not to bring trade tariffs into the debate on how to fairly raise levies on digital services.

Finance Minister Bruno Le Maire said on Saturday that France would proceed with taxing revenues of big technology firms and urged the United States not to bring trade tariffs into the debate on how to fairly raise levies on digital services. Le Maire was responding to US President Donald Trump`s threat to tax French wines in retaliation for France`s digital services tax, which he says unjustly targets US companies. "It`s in our interest to have a fair digital tax," Le Maire told reporters, speaking in English. "Please do not mix the two issues. The key question now is how we can we get consensus on fair taxation of digital activities." Two weeks ago, the French Senate approved the 3% levy that will apply to revenue from digital services earned in France by companies with more than 25 million euros ($27.8 million) in French revenue and 750 million euros worldwide. Other European Union countries, including Austria, Britain, Spain and Italy, have also announced plans for their own digital taxes. Trump blasted Macron`s "foolishness" for pressing ahead with the French levy and warned his administration would announce "substantial reciprocal action". "They shouldn`t have done this," Trump told reporters on Friday. "I told them, I said, `Don`t do it because if you do it, I`m going to tax your wine.`" Le Maire reiterated Macron`s assurance that France would lift its national digital tax if there was a deal on a universal tax at the level of the Organisation for Economic Co-operation and Development (OECD). He added that France wanted leaders of the G7 group of nations to agree on the principle of universal taxation of digital activities at next month`s summit in the coastal resort of Biarritz.

Don't mix digital taxes and wine tariffs: France urges Trump

India`s gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday.

However, imports were 44% lower in June from May's $4.78 billion, the source said, who was not allowed to speak to the media.

In India, local prices jumped to a record high in June, moderating demand from retail consumers.

The drop in gold imports by India, the world`s second-biggest consumer of the precious metal, could weigh on global prices that are struggling to hold recent gains.

India`s gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday.

India`s gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday. However, imports were 44% lower in June from May's $4.78 billion, the source said, who was not allowed to speak to the media. In India, local prices jumped to a record high in June, moderating demand from retail consumers. The drop in gold imports by India, the world`s second-biggest consumer of the precious metal, could weigh on global prices that are struggling to hold recent gains.

India's June gold imports rise 12.6 per cent year-on-year amid global price rally: Report

China backs on India's tariffs on U.S. goods. China said every nation has right to defend its economy. Watch this video to know more.

China backs India's tariffs on U.S. Goods

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