Canada will impose a 25% duty on $155 billion worth of imports from the United States in response to the US tariffs announced by US President Donald Trump, Prime Minister Justin Trudeau said.
“In response to the US trade actions, Canada will impose a 25% duty on $155 billion worth of goods,” the prime minister said in a video message.
He explained that starting Tuesday of next week, the duties will affect $30 billion worth of goods, then $125 billion worth of goods within three weeks so that Canadian companies have time to find alternative partners.
The government and the leadership of the provinces and territories are also considering the possibility of imposing non-tariff restrictions on the United States regarding critical minerals, energy and other goods, Trudeau said.
US President Donald Trump has signed a decree imposing duties on goods from Canada, China and Mexico. The rates for products from Canada and Mexico will be up to 25%, and for Chinese goods – 10%.
Trump explained this decision by the need to combat illegal migration and drug smuggling.
Previously, the US, Canada, and Mexico had a free trade agreement, the USMCA, signed by Trump in his first term in office. The new duties could have a negative impact on the economies of Canada and Mexico, which could lose up to 2% of GDP. For the United States, the consequences will be less severe, with a 0.3% decline in GDP projected.
Canada and Mexico have already expressed disappointment with Washington’s decision. Ontario Premier Doug Ford said that Canada would be forced to respond with tough measures. Mexico, which is the largest trading partner of the United States, may also suffer significant losses, as more than 80% of its exports go to the United States.
The new duties will also affect German automotive companies such as Volkswagen, Audi, BMW, and Mercedes-Benz, which use Mexico as a production base for supplies to the US market. Experts fear that Chinese manufacturers, faced with barriers in the US, will increase pressure on European markets, which could lead to price wars.
The United Steelworkers trade union called on the White House to reconsider the decision, emphasizing that the duties harm both Canada and the United States. At the same time, Canada is considering diversifying its trade ties to reduce its dependence on the United States.
Source: https://amp.dw.com/ru/prezident-ssa-vvel-posliny-na-tovary-iz-kanady-kitaa-i-meksiki/a-71484154
The United Kingdom has fallen to seventh place in the world in terms of the total capitalization of companies traded in the country, passing the Canadian market, Bloomberg writes.
Since the beginning of the year, the market value of companies traded in Canada has increased by 11% to $3.22 trillion.
The British stock market, which was once among the world’s leaders, is also inferior to the United States, China, Japan, Hong Kong, and India. Last year, it also passed France, but due to the difficult political situation in the neighboring country, the UK regained its status as Europe’s largest equity market earlier this year.
Over the past decade, Canadian companies have increased their capitalization by about $1 trillion, while British companies have lost about the same amount.
Brian Madden, head of First Avenue Investment Counsel, attributes this mixed performance to the UK’s decision to leave the European Union. In addition, the tech sector has an extremely small share in the main British stock index, the FTSE 100, at only 1% compared to 8.4% in Canada. In the US stock index S&P 500, high-tech companies have a share of about 30%.
Bloomberg notes that since 2022, there has not been a single IPO in Canada. However, during the same period, the Toronto Stock Exchange lured 51 companies from competing trading platforms.
Meanwhile, London still ranks second in the ranking of the world’s largest financial centers, second only to New York. Toronto ranks 23rd on the list. In addition, 11% of all global assets are managed from the UK.
France and Canada have agreed to strengthen cooperation in the field of military materiel for Ukraine and in the field of training within the framework of the Defense Contact Group (Ramstein), in particular, they will continue to deepen strategic cooperation in the field of cyber defense in support of Ukraine, according to a declaration agreed upon during a meeting in Ottawa on September 26 by Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron.
“We are committed to working with Ukraine and our partners to enable Ukraine to defend its sovereignty, independence and territorial integrity in the face of Russian aggression, both in traditional domains and in cyberspace, including by supporting the strengthening of Ukraine’s civilian cybersecurity capacity through the Tallinn Mechanism. More broadly, we will continue to discuss topics of mutual interest that were discussed during the Paris Conference on February 26, 2024,” the document, published on the Canadian government’s website, reads.
The declaration states that Canada and France have already trained tens of thousands of Ukrainian soldiers as part of Operation UNIFIER for Canada and the EU Military Assistance Mission in Support of Ukraine (EUMAM Ukraine) for France. The armed forces of the two countries also continued to cooperate in training Ukrainian fighter pilots.
Canadian Prime Minister Justin Trudeau has announced that the government is committed to providing up to CAD 389 million ($285 million at current exchange rates) to improve the training of Ukrainian F-16 pilots through the Air Force Coalition within the framework of the Ukraine Defense Contact Group.
According to a statement on the Canadian Prime Minister’s website, Trudeau promised to provide further assistance so that Ukraine can continue to defend its freedom.
In particular, the Canadian support includes the allocation of up to CAD 389 million to improve the training of F-16 pilots.
“These funds, allocated as part of previously announced military funding, will support pilot training in the Ukrainian armed forces, as well as provide critical equipment to ensure the safe operation of the F-16 in Ukraine,” the statement said.
According to the press service, this will be a multi-year contribution to the Air Force Capability Coalition (up to $389 million over five years). This support builds on more than $75 million provided to the Air Force Coalition for maintenance instructors in Denmark, aircraft and pilot instructor training in France, critical equipment and ammunition for the F-16, and English language training at the Canadian Forces Language School.
“These activities are a multi-year program that will be carried out using previously allocated funding announced in February 2024,” the statement said.
The prime minister’s office also recalled the allocation of an additional CAD 500 million for military assistance to Ukraine announced earlier at the NATO summit as part of NATO’s promise of long-term security assistance to Ukraine. This includes almost $444 million to National Defence Canada to cover the cost of military equipment, assistance and training for the Ukrainian Armed Forces, as well as more than $56 million for the NATO Comprehensive Assistance Package (CAP) trust fund for Ukraine to help rebuild Ukraine’s security and defense sector and facilitate Ukraine’s transition to full interoperability with NATO. Canadian funding through CAP also provides equipment for women in the Ukrainian Armed Forces.
“These additional funds are in addition to Canada’s existing military assistance to Ukraine totaling $1.1 billion this year,” the statement said.
Canada has allocated CAD15 million ($10.94 million) for the completion of the second stage of the National Museum of the Holodomor Genocide, the press service of the Ministry of Culture and Information Policy of Ukraine reports.
“I want to confirm that the funds – CAD15 million – have been allocated. They are ready for this project, this initiative to continue the construction of the second phase of the Holodomor Museum. And we are now doing all our internal procedures to make sure that everything happens,” said Stephen Weaver, head of the International Development Section of the Embassy of Canada in Ukraine, following a meeting with acting Minister of Culture and Information Policy of Ukraine Rostyslav Karandieiev.
In turn, the Ukrainian official thanked Canada for its assistance and emphasized that the activities of the National Museum of the Holodomor Genocide should inspire Ukrainians and the international community to promote freedom and dignity, prevent genocide and prioritize human rights.
