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.
Europe should be prepared for a possible increase in tariffs on imports of goods to the United States, as promised by President Donald Trump, said European Central Bank (ECB) President Christine Lagarde. The fact that Trump has not yet signed a decree to impose additional duties on all imports was “a very sensible approach, as total tariffs will not necessarily lead to the expected results,” Lagarde said in an interview with CNBC in Davos.
In her opinion, the new US tariffs will be more “selective and focused”.
“We in Europe need to prepare and wait in advance to see what will happen in order to respond to it,” Lagarde added.
At the same time, the ECB President noted that the regulator is “not too concerned” about external risks to inflation.
In response to a journalist’s question about the possible consequences of a new wave of inflation in the United States, Lagarde said that “accelerating inflation in the United States will be a problem for the United States, and that is where the main effects will be felt first.”
The ECB has cut rates by a total of 100 basis points in 2024, with the key deposit rate now at 3%. Economists expect four rate cuts of 25 bps each in 2025. Earlier, the Experts Club think tank, Brian Mefford and Maxim Urakin, released a video analysis on what changes are expected in US domestic and foreign policy under Trump, the video is available on the Experts Club YouTube channel – https://youtu.be/W2elNY1xczM?si=MM-QjSqGce4Tlq6T
In January-November this year, Ukrainian companies increased imports of copper and copper products in value terms by 6.1% year-on-year to $127.286 million.
According to customs statistics released by the State Customs Service of Ukraine on Monday, exports of copper and copper products increased by 24.5% to $81.110 million over the period under review.
In November, Ukraine imported copper worth $11.033 million and exported it worth $8.129 million.
As reported, in 2023, Ukraine increased imports of copper and copper products by 2.2 times compared to 2022 – up to $140.795 million, while exports decreased by 20.1% to $72.078 million.
Copper is widely used in electrical engineering, pipe manufacturing, alloys, medicine and other industries.
The Interdepartmental Commission on International Trade (ICIT) has imposed provisional anti-dumping duties on imports of radiators originating in Turkey and China in the amount of 41.86% and 42% respectively.
According to the ICIT’s announcement in the Uryadovy Courier newspaper on Friday, the decision comes into force five days after the date of publication of the announcement.
The announcement recalls that the anti-dumping investigation was initiated by the ICIT decision of 12 April 2024 based on the complaint of Ukrainian producers Sun Tech Paradise LLC and UTERM Ukraine LLC, whose share in the overall proceedings in Ukraine exceeds 50%.
The ICMT found that during the study period (January 1, 2023 – March 31, 2024), the financial and economic indicators of the national producer deteriorated, in particular, the volume of production – by 74.56%, production capacity – by 13.75%, capacity utilization – by 70.5%, and the volume of sales in the Ukrainian market – by 40.97%.
In addition, the financial result from the sale of goods deteriorated by 1606.24%, labor productivity by 59.47%, and the volume of investments in dollar terms by 78.69%.
The Commission also points out that in the first quarter of 2024, the volume of imports of radiators from Turkey and China increased by 157.13% compared to the same period in 2023 and by 21.9% compared to the first quarter of 2021.
The ICIT report also notes that the losses to the national producer from dumped imports of radiators from Turkey and China are confirmed by the fact that the volume of imports from these countries during the study period increased by 31.27% in terms of consumption of such goods in Ukraine and by 173.29% in terms of production.
The anti-dumping measures are applied to heating radiators (steel, aluminum, bimetallic) (excluding towel rails, water floor convectors and designer radiators) classified under UKT VED codes ex 7322 19 00 00, ex 7616 99 10 00, ex 7616 99 90 00.
San Tech Paradise LLC (Odesa region) manufactures plumbing products for heating, water supply, and sewage. According to its website, it has two factories in Ukraine (130 thousand square meters of production space) and produces 20 thousand tons of products per year. The company exports its products to Poland, Romania, Lithuania, Bulgaria, Georgia, and Mongolia, among others.
According to Opendatabot, in 2023, the company reduced its net profit by 40% compared to 2022, to UAH 61.2 million, while net revenue increased by 15.3% to UAH 552.2 million.
The company is owned by Andriy Kovalenko and Oleksandr Bozhko (50% each).
“UTERM Ukraine (Bila Tserkva, Kyiv region) has been operating in the steel panel radiator market since 2013.
According to Opendatabot, in 2023, the company earned UAH 6.7 million in net profit, compared to UAH 0.4 million a year earlier, with net revenue falling by 48.6% to UAH 124.3 million. The company is owned by four entrepreneurs with equal shares of 25% each.
Spanish farmers from the association Unión de Uniones held a rally in front of the European Commission building in Madrid on Monday demanding action against excessive grain imports from Ukraine, uniondeuniones.org reported.
According to the report, the association also denounced the speculation on feed prices that livestock farmers are suffering from.
“Unión de Uniones held a rally in front of the European Commission building in Madrid to protest against excessive imports of agri-food products that create unfair competition with European production, especially grain from Ukraine, which cause prices to fall for farmers while ranchers continue to pay for expensive feed,” the report said.
The association has registered a letter to the president of the European Commission with its demands and proposals to resolve the situation.
Unión de Uniones will unite about thirty producers representing the main producing regions of Spain.
In January-August this year, Ukrainian companies increased imports of copper and copper products by 20.1% in value terms compared to the same period last year, to $92.824 million.
According to customs statistics released by the State Customs Service of Ukraine on Friday, exports of copper and copper products increased by 16% to $58.224 million over the period under review.
In August, copper was imported for $8.304 million and exported for $8.878 million.
In addition, in January-August 2024, Ukraine increased imports of nickel and products by 68.5% compared to the same period in 2023 to $18.6 million (in August – $1.620 million), aluminum and aluminum products by 20% to $292.701 million (in August – $42.649 million).
At the same time, the country reduced imports of lead and lead products by 14.8% to $615 thousand (in August – $5 thousand), imports of tin and tin products increased by 7.8% to $1.842 million (in August – $307 thousand), and increased imports of zinc and zinc products by 32.9% to $38.242 million (in August – $4.882 million).
Exports of aluminum and aluminum products in the first eight months of 2024 increased by 31.1% compared to the same period a year earlier to $82.966 million (in August – $11.901 million), lead and lead products decreased by 25.9% to $7.315 million (in August – $823 thousand), nickel and nickel products amounted to $508 thousand (in August – $85 thousand), while in January-August 2023 it was $201 thousand.
Zinc exports for the first eight months of this year amounted to $201 thousand (in August – $79 thousand), while in January-August 2023 it was $88 thousand. Exports of tin and products amounted to $344 thousand (in August – $2 thousand) against $53 thousand in the same period a year earlier.
As reported, in 2023, Ukraine increased imports of copper and copper products by 2.2 times compared to 2022 – up to $140.795 million, while exports decreased by 20.1% to $72.078 million.
In addition, in 2023, Ukraine decreased imports of nickel and products by 74.2% compared to 2022, to $15.391 million, and increased imports of aluminum and aluminum products by 7.7%, to $366.463 million.
At the same time, imports of lead and lead products decreased by 65.2% to $989 thousand, tin and tin products by 23% to $2.728 million, but imports of zinc and zinc products increased by 18.8% to $45.966 million.
Exports of aluminum and aluminum products in 2023 increased by 0.7% compared to 2022 to $97.616 million, lead and lead products increased by 23.5% to $14.778 million, and nickel and nickel products amounted to $532 thousand, while in 2022 it was $1.268 million.
In 2023, the company exported $130 thousand worth of zinc, compared to $1.331 million in 2022. Exports of tin and tin products amounted to $159 thousand against $424 thousand in 2022.
