That was fast. Whatever cheer Canadian business and political leaders might have felt after U.S. President Donald Trump punted on the promise of immediate tariffs was likely tempered last night when he told reporters that 25-per-cent levies could begin on Feb. 1.
The mixed signals between Trump’s remarks in the Oval Office, which came just hours after an inauguration speech that was otherwise light on trade rhetoric, underscore the uncertainty and risk weighing on Canada’s fragile economy under the president’s protectionist agenda.
Trump sets new tariff target after ordering trade review
Trump said he is now targeting the beginning of next month for his promised tariffs on all imports into the U.S. of Canadian and Mexican goods.
“We’re thinking in terms of 25 per cent on Mexico and Canada because they’re allowing vast numbers of people – Canada’s a very bad abuser also – vast numbers of people to come in, and fentanyl to come in,” he told reporters.
bracing for a period of uncertainty.
Open this photo in gallery:Tesla and SpaceX CEO Elon Musk shows his support for Donald Trump’s vow to plant America’s flag on Mars.SAUL LOEB/AFP/Getty Images
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Hillbilly Elegy, made him a prominent voice for the rust belt and helped liberals understand why the politics of Trump resonated so profoundly with voters. Next to him in the long pink coat is his wife, Usha Vance.
Standing in a row behind her are Amazon boss Jeff Bezos, Alphabet chief Sundar Pichai, and Elon Musk – who, as CEO of SpaceX, Tesla and X, is now poised to steer a new Department of Government Efficiency. (That’s either an efficient use of one person or an inefficient way to keep many plates spinning.) He’s giving a thumbs up here as Trump talks about planting “the stars and stripes on the planet Mars.” Bezos, owner of rival space company Blue Origin, might be making a mental note to call an urgent meeting RE: Red Planet.
The multi-billionaires in attendance, who also included Apple CEO Tim Cook and Zhang Yiming, co-founder of TikTok owner ByteDance, are hoping for a reversal to the more stringent regulatory approach of the Biden administration.
launched rival cryptocurrencies, which spiked to about US$11-billion and US$1.7-billion by yesterday morning. Analysts predict Trump could gain billions through the currency.
Trump has locked horns with many of these business leaders and their industries throughout his career. After Zuckerberg banned him from Facebook in the hours following the U.S. Capitol riot, Trump trained his attacks on Meta and the giants of Silicon Valley for perceived censorship of conservative voices – even blaming the companies for his 2020 election loss.
once compared Trump to Hitler.
Looking at this image, it’s easy to wonder how these feuds so quickly turned to friendships. But the U.S. is the land of opportunity, after all, and this picture might also be a reminder that the pursuit of opportunity is a powerful thing.
A brief reprieve?
That’s not to say a tech sector united behind Trump represents a golden opportunity for others. Watching from the Canadian embassy, about a 20-minute walk west along Constitution Avenue, were a who’s-who of business and political leaders bracing for the worst as Trump delivered his speeches and signed executive orders on Day 1. And for much of the day, they thought they had averted disaster.
For weeks, the country has faced the possibility that the new U.S. President would move ahead with his promise to put a 25-per-cent tariff on all goods imported from Canada on his first day in office. Yesterday, when Trump instead issued a memorandum directing the government to study trade policies and relations with China, Canada and Mexico, the crowd at the Canadian embassy was temporarily under the impression they had more time to negotiate. But Trump’s remarks last night underscored the unpredictable nature of his leadership.
What Trump’s energy ambitions mean for Canada
A 25-per-cent tariff would be devastating to Canada’s oil industry, which accounts for a significant percentage of the country’s overall gross domestic product.
Emma Graney and Jeffrey Jones report.
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ChartedMedical misinformation
Kelly Grant reports. That’s according to a new survey whose respondents also reported encountering a rising tide of health misinformation in their everyday lives.
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After work: A new book unravels the idea of retirement, and examines how ideas around old age have evolved in the U.S. over the past century.
In the Arctic: Donald Trump’s fixation with Greenland, explained.
Morning update
were highly sensitive to headlines over his plans for trade relations and tariffs in particular. Wall Street futures pointed higher after yesterday’s holiday close, while TSX futures were lower ahead as crude prices sank.
Overseas, the pan-European STOXX 600 was flat in morning trading. Britain’s FTSE 100 was little changed, Germany’s DAX gave back 0.11 per cent and France’s CAC 40 gained 0.08 per cent.
In Asia, Japan’s Nikkei closed 0.32 per cent higher, while Hong Kong’s Hang Seng gained 0.91 per cent.
The Canadian dollar traded at 69.19 U.S. cents.
Business Brief: Canada faces a new tariff timeline Canadian News Today.
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