Canada’s Finance Minister Sees Path to Avoid Baseline US Tariff
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
Trump tariffs live updates: Trump announces Vietnam deal, China tensions ease, and July 9 deadline looms
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week. Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff. The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft. Canada has scrapped its digital services tax that was set to affect large US technology companies.
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.
Here is where things stand with various partners:
China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.
Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.
Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc’s imports.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE
1325 updates
Trump tariffs live updates: Trump announces Vietnam deal, China tensions ease, and July 9 deadline looms
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week. Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff. The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft. Canada has scrapped its digital services tax that was set to affect large US technology companies.
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.
Here is where things stand with various partners:
China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.
Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.
Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc’s imports.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE
1325 updates
Trump tariffs live updates: Trump announces Vietnam deal, China tensions ease, and July 9 deadline looms
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week. Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff. The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft. Canada has scrapped its digital services tax that was set to affect large US technology companies.
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.
Here is where things stand with various partners:
China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.
Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.
Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc’s imports.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE
1325 updates
Trump tariffs live updates: Trump announces Vietnam deal, China tensions ease, and July 9 deadline looms
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week. Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff. The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft. Canada has scrapped its digital services tax that was set to affect large US technology companies.
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.
Here is where things stand with various partners:
China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.
Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.
Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc’s imports.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE
1325 updates
Trump tariffs live updates: Trump announces Vietnam deal, China tensions ease, and July 9 deadline looms
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week. Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff. The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft. Canada has scrapped its digital services tax that was set to affect large US technology companies.
Treasury Secretary Scott Bessent said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.
Here is where things stand with various partners:
China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.
Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.
Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc’s imports.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE
1325 updates