US President Donald Trump has suspended planned 50% tariffs on Canadian imports after reaching a tentative trade deal. Canadian Prime Minister Mark Carney confirmed progress in negotiations, while Trump suggested the Keystone XL pipeline project could be revived.
President Donald Trump has paused a planned 50% tariff on $20bn of Canadian imports for three days, citing progress toward a trade deal. Negotiations continue regarding auto tariffs, dairy quotas, and the potential revival of the Keystone XL pipeline.
President Donald Trump has delayed the implementation of 50% tariffs on Canadian goods for three days, citing a tentative trade deal. Canadian Prime Minister Mark Carney confirmed progress while noting further work is required to finalize the agreement.
President Donald Trump has suspended planned 50% tariffs on Canadian goods after reaching a tentative trade deal with Canadian Prime Minister Mark Carney. The move averts duties on $20 billion worth of imports, including hockey sticks and wine.
President Trump is now justifying tariffs against allies by accusing them of using forced labour goods. This shift creates a new trade dynamic, with the EU securing a better deal than the UK due to its forced labour ban, prompting questions about the UK's future legislative approach.
The European Commission seeks de-escalation with the US after fining Google €890 million under the Digital Markets Act, which angered Washington and jeopardized transatlantic trade dialogue. Brussels aims to engage while preserving its regulatory autonomy.
The European Union indicated it could accept new 10% US tariffs on goods made with forced labor, largely adhering to a transatlantic trade truce cap. While Brussels welcomed the adherence to the cap, it remains wary of ongoing US investigations that could lead to further duties.
Indian Prime Minister Narendra Modi faces domestic backlash over a potential trade deal with the US, which farmers fear will open markets to cheaper American imports. The protests highlight political risks for Modi as his government deepens ties with Washington amid pressure from Trump on trade and Russian oil.
The Quad nations, meeting in Manila, announced support for ASEAN's Indo-Pacific vision through cooperation on security, economy, and technology, aiming for regional stability. India emphasized ASEAN's centrality, while India and the US finalized defense and interim trade agreements.
South Korea's Industry Minister Kim Jung-kwan announced that the first investment project under the bilateral trade deal with the US, focusing on the energy sector, is expected to be unveiled by late September. This marks the initial step in Seoul's $350 billion commitment to US investment.
The EU is preparing for new US tariffs on forced labor, expected soon, as long as they don't exceed the 15% cap set by the 2025 Turnberry agreement. Despite disagreeing with US findings, the EU prioritizes agreement stability.
The European Commission expects EU generic medicines to be exempt from new U.S. tariffs announced by Donald Trump, citing a 2025 transatlantic trade deal. Trump's plan, aiming to boost U.S. pharmaceutical production, proposes 100% tariffs on generic drugs by 2028, escalating to 200% in 2029.
President Trump's "reciprocal" tariffs are set to resume on July 9 after a 90-day pause, with the administration aiming for a few key trade deals despite earlier ambitious targets. While some countries like Canada and the EU have made concessions, others like Japan face letters of high tariffs, leading to global trade uncertainty and potential diversification away from the US.
One year after the Turnberry trade deal, EU-US trade increased despite tariffs. The EU is meeting investment pledges, while both sides negotiate exemptions. The US is preparing new tariffs on forced labor and overcapacity, potentially continuing trade tensions.
Farmers from Punjab, Haryana, and Himachal Pradesh marched towards Delhi to protest the proposed Indo-US Free Trade Agreement, fearing its impact on Indian agriculture and dairy. They were stopped by police barricades at the Shambhu border, leading to protests there.
India has rejected a swift trade agreement with the U.S., demanding more favorable terms and assurances on key issues like agricultural concessions and avoiding new U.S. levies. India's confidence is bolstered by new trading partners, eased economic risks, and rising exports, strengthening its negotiating position.
New Zealand's Prime Minister Christopher Luxon announced a significant trade deal with India, allowing 57% of NZ exports tariff-free entry into India immediately. PM Narendra Modi will visit NZ from July 10-11.
Economist Surjit Bhalla states a comprehensive India-US trade deal is vital for India's economic growth, competitiveness, and development, extending beyond trade balances to markets and technology. He warns delays benefit China and urges PM Modi to prioritize it, noting other trade deals are insufficient.
Health groups and doctors urge Andy Burnham to scrap the UK-US trade deal on medicines, warning it prioritizes pharmaceutical profits over NHS patients and could lead to hundreds of thousands of avoidable deaths due to increased drug costs.
MEP Bernd Lange doubts the EU's October deadline for "tangible results" with China is realistic for a binding trade agreement. The EU faces a large trade deficit and seeks to rebalance trade, while China threatens retaliation against protectionist measures.
A UK-US pharmaceutical trade deal may cause 229,000 excess deaths in the UK by 2036 due to diverted NHS funding, according to BMJ research, as billions are allocated to US medicines with no additional NHS funding
Indian exporters see increased US inquiries but few orders due to tariff uncertainty. As a 10% US tariff nears expiry, Washington proposes an additional 12.5% on imports from 54 countries, including India, citing forced labor concerns. India seeks tariff advantage before signing a bilateral trade deal.
The U.S. will not renew the United States-Mexico-Canada Agreement (USMCA), opting instead for annual reviews. President Trump cited trade deficits as a key issue, signaling that even settled trade deals may be subject to further negotiation. South Korea also faces scrutiny over alleged discriminatory actions against U.S. companies.
Analysis suggests a UK-US trade deal agreed last December will force the NHS to divert £45bn from essential services to pay for new medicines by 2036, potentially causing over 200,000 avoidable deaths. Ministers defend the deal, while health experts and campaign groups express alarm over its impact on patient care.
