As Trump escalates a global trade war, looking to gold to shield cash might not be the worst option
As economic uncertainty roils the US, the price of gold has roared to record highs amid investors seeking a place to shield their cash from Donald Trump’s scattergun trade wars.
A single ounce of gold cost $3,051.99 on Wednesday, compared with $2,160 in 2024, and gold has historically been seen as the safest place to invest in financially turbulent times.
Continue reading...Canadian PM stresses importance of ‘reliable allies’ in Paris before travelling to London where he was received by king
Canada is the “most European of the non-European countries”, Mark Carney said during his first overseas trip as prime minister to France and the UK, where he is seeking stronger alliances to deal with Donald Trump’s attacks on his country’s sovereignty and economy.
Without mentioning the US president by name, Carney and the French president, Emmanuel Macron, made a joint appearance in Paris to show a united stance against what they said were economic and geopolitical crises – a reference to Trump’s trade war and “America first” diplomacy that has left longtime allies scrambling.
Continue reading...Voters reflect on their priorities and mood shifts in their communities before a crucial contest
When the Canadian prime minister, Justin Trudeau, resigned in early January, after months of pressure to quit, the approval ratings of the progressive firebrand had dropped from their peak of 65% in September 2016 to 22%.
At the end of last year, the Conservative leader, Pierre Poilievre, described by many as “Trump Lite”, was the clear favourite to win Canada’s next general election, and the top pick of 45% of Canadians for prime minister. At the time, the three biggest issues for voters were all economic: reducing the cost of everyday items, inflation and interest rates, and access to affordable housing.
Continue reading...British steelmakers lobby for government to set limit to compete with France and Germany
The British steel industry has called for capped energy prices for heavy industry in order to match France and Germany, as companies grapple with the fallout from Donald Trump’s trade war.
UK Steel, a lobby group, has proposed the government set a maximum price for energy through a contract for difference (CfD), before an announcement of a new steel strategy.
Continue reading...Letter from Elon Musk’s firm to US trade representative warns of ‘downstream impacts’ of tit-for-tat tariffs
Elon Musk’s Tesla has warned that Donald Trump’s trade war could expose the electric carmaker to retaliatory tariffs that would also affect other automotive manufacturers in the US.
In an unsigned letter to Jamieson Greer, the US trade representative, Tesla said it “supports fair trade” but that the US administration should ensure it did not “inadvertently harm US companies”.
Continue reading...Lib Dem leader says PM should make public show of support for ally against ‘shocking attacks’ on its sovereignty
The leader of the UK’s Liberal Democrats has called on the prime minister to publicly support Canada and oppose the “shocking attacks” on Canadian sovereignty, as the Trump administration further escalates its global trade war against longstanding allies.
Ed Davey, who leads the third largest political party in the UK, has called on Keir Starmer to travel to Canada in a show of support to the nation’s new prime minister, Mark Carney, as the commonwealth nation faces a generational crisis under Trump’s tariff war and suggestions that the country might become the 51st US state.
Continue reading...Canadian government says it will follow ‘dollar-by-dollar’ approach and institute 25% tariffs on US imports
Canada announced retaliatory tariffs on nearly C$30bn worth of American imports after US tariffs on steel and aluminum imports went into effect on Wednesday.
The Canadian government said it will be following a “dollar-by-dollar” approach and institute 25% tariffs on American imports, including steel, computers and sports equipment.
Continue reading...Canadian foreign minister condemns ‘unjustified’ trade war and condemns ‘Trump’s talks of annexing our country through economic coercion’
Congressional brinkmanship, including repeated near-misses with shutdowns and over the nation’s $36 trillion in debt, has contributed to global ratings agencies’ moves to downgrade the US federal government’s once-pristine credit rating, reports Reuters.
Democrats have long chided Republicans for threatening or voting for government shutdowns, and Republicans were quick to call them out for considering votes that could risk one.
Continue reading...Secretary of state’s visit has backdrop of trade war between US and allies and Trump’s threats to take over Canada
Marco Rubio has said he is not planning to discuss Donald Trump’s threat to “take over Canada” during a visit to Quebec, as Washington’s top diplomat arrives to the backdrop of a raging diplomatic crisis and trade war.
The US secretary of state is flying on Wednesday for a two-day summit with other foreign ministers from allied G7 countries at the river resort of La Malbaie, the first such gathering since Trump retook power with his “America first” agenda.
Continue reading...Former central banker won landslide victory in Liberal party race as trade war with US hastens transfer of power
Canada’s incoming prime minister, Mark Carney, has met with Justin Trudeau as the pair discuss a transfer of power after the former central banker’s landslide victory at the Liberal party’s leadership race.
The meeting on Monday sets the stage for an imminent federal election and gives Canada a fresh leader to square off against the United States president, with the two countries locked in a bitter trade war provoked by Donald Trump.
Continue reading...Premier Doug Ford says province ‘won’t back down’ until US president retracts duties on Canada
The Canadian province of Ontario is imposing a 25% surcharge on electricity exports to the states of New York, Michigan and Minnesota in protest against Donald Trump’s tariffs, the premier, Doug Ford, said on Monday.
“President Trump’s tariffs are a disaster for the US economy. They’re making life more expensive for American families and businesses,” Ford said in a statement.
Continue reading...Donald Trump’s brinkmanship and stop-start approach to tariffs rattle investors
The risk that the US economy will enter recession this year is rising, according to economists, as Donald Trump’s chaotic approach to tariffs continued to hit markets.
Shares on Wall Street fell sharply on Monday as investors bet the president’s unpredictable tariff trade war and handling of the economy would hit growth, amid a recent plunge in business and consumer confidence.
Continue reading...Canada’s incoming prime minister warns the US president’s tariffs threaten the ‘greatest crisis of our generation’
When Mark Carney becomes Canada’s prime minister later this week, a list of simmering crises across the country will demand his attention: housing is unaffordable, healthcare is breaking, living costs keep rising and the climate crisis is ransacking livelihoods.
But most – if not all – of those concerns will be pushed aside, supplanted by a far greater threat to the country: the US president, Donald Trump.
Continue reading...President downplays recent stock market volatility that followed his ducking and weaving over tariff policy
Donald Trump on Sunday refused to rule out the possibility that the US economy will head into recession this year and that inflation will rise, as his chaotic trade tariffs policy cause uncertainty and market turbulence.
The US president predicted that his economic goals would take time and a period of transition to bear fruit. But when asked in an interview with the Fox News show Sunday Morning Futures “are you expecting a recession this year?” he demurred.
Reuters contributed reporting
Continue reading...‘Coercive’ tariffs and federal funding cuts could worsen flow of illicit drugs into US, ex-government officials warn
Donald Trump’s policies could leave the US more vulnerable to dangerous synthetic drug trafficking from abroad, even as the administration has vowed to stop fentanyl from entering the country, former government officials say.
This week, Trump imposed tariffs on Mexico, Canada and China, ostensibly as a tactic to stem the flow of illicit drugs into the US.
Continue reading...US president paused tariffs on Mexican products covered by USMCA and later stayed tariffs on many Canadian imports
Donald Trump pulled back from his trade war with Canada and Mexico on Thursday, temporarily delaying tariffs on many goods from the two countries once again.
Two days after imposing sweeping tariffs on all imports from his country’s closest trading partners, the US president announced that duties on a wide range of products would be shelved until April.
Continue reading...Treasury secretary Scott Bessent defends the new administration’s aggressive trade strategy
Buying cheap products is “not the essence of the American dream”, Donald Trump’s top economic official has declared, amid warnings that the US president’s trade wars risk increasing prices.
The US treasury secretary, Scott Bessent, defended the new administration’s aggressive trade strategy on Thursday, two days after it imposed sweeping tariffs on Canada and Mexico and hiked duties on China.
Continue reading...Move to expand landfill for US hazardous waste stirs disputes between leaders in Quebec and Montreal suburb
The proposed expansion of a Quebec landfill that accepts hazardous waste from the United States has ignited a turf war between the Quebec provincial government and local leaders, who say they oppose putting US trash into a local peat bog.
Local leaders are protesting the move – saying the state is capitulating to a US company in the midst of a tariff war between Canada and the United States.
Continue reading...Remake of 2000 Molson beer ad has the same message as Trump threatens tariffs: Canada will not cower to the US
For the second time in 25 years, a lone figure takes to the stage, an oversized maple leaf flag rippling on a screen behind him as he approaches the microphone.
His hair is perhaps a little greyer but the message remains the same: Canada will not cower to the United States.
Continue reading...CEO Lawson Whiting calls Canada’s move ‘disproportionate response’ to levies imposed by Trump administration
The Jack Daniel’s maker Brown-Forman’s CEO Lawson Whiting said on Wednesday Canadian provinces taking US liquor off store shelves was “worse than a tariff” and a “disproportionate response” to levies imposed by the Trump administration.
Several Canadian provinces have taken US liquor off store shelves as part of retaliatory measures against Donald Trump’s tariffs.
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