Donald Trump confirms Mexico and Canada tariffs – prompting a stock sell-off

Published

4 months ago

March 4, 2025

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Donald Trump’s 25% tariffs on goods from Mexico and Canada have come into effect, as has an additional 10% on Chinese products, bringing the total import tax to 20%.

The US president confirmed the tariffs in a speech at the White House – and his announcement sent US and European stocks down sharply.

The tariffs will be felt heavily by US companies which have factories in Canada and Mexico, such as carmakers.

Mr Trump said: “They’re going to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs.”

There’s “no room left” for a deal that would see the tariffs shelved if fentanyl flowing into the US is curbed by its neighbours, he added.

Mexico and Canada face tariffs of 25%, with 10% for Canadian energy, the Trump administration confirmed.

And tariffs on Chinese imports have doubled, raising them from 10% to 20%.

Canada announced it would retaliate immediately, imposing 25% tariffs on US imports worth C$30bn (£16.3bn). It added the tariffs would be extended in 21 days to cover more US goods entering the country if the US did not lift its sanctions against Canada.

China also vowed to retaliate and reiterated its stance that the Trump administration was trying to “shift the blame” and
“bully” Beijing over fentanyl flows.

Mr Trump’s speech stoked fears of a trade war in North America, prompting a financial market sell-off.

Stock market indexes the Dow Jones Industrial Average and the Nasdaq Composite fell by 1.48% and 2.64% respectively on Monday.

The share prices for automobile companies including General Motors, which has significant truck production in Mexico, Automaker and Ford also fell.

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Consumers in the US could see price hikes within days, an expert has said.

Gustavo Flores-Macias, a public policy professor at Cornell University, New York, said “the automobile sector, in particular, is likely to see considerable negative consequences”.

This is due to supply chains that “crisscross the three countries in the manufacturing process” and ” because of the expected increase in the price of vehicles, which can dampen demand,” he added.

The Trump administration is gearing up to bring in other tariffs in the coming weeks.

On 2 April, reciprocal tariffs will take effect on all countries that impose duties on US products.

He is also considering 25% tariffs on goods from the EU “very soon” after claiming the bloc was created to “screw the United States”.

World

Trump applying ‘heavy pressure’ on Netanyahu to end war in Gaza

Published

2 hours ago

July 9, 2025

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Trump applying 'heavy pressure' on Netanyahu to end war in Gaza

US President Donald Trump is putting “heavy” pressure on Israeli Prime Minister Benjamin Netanyahu to end the war in Gaza, two sources close to the ceasefire negotiations have told Sky News.

One US source said: “The US pressure on Israel has begun, and tonight it will be heavy.”

The source, who is not authorised to speak publicly, was referring to the White House dinner on Monday night between Trump and Netanyahu.

A second Middle Eastern diplomatic source agreed that the American pressure on Israel would be intense.

Netanyahu arrived in Washington DC in the early hours of Monday morning and held meetings on Monday with Steve Witkoff, Trump’s Middle East envoy, and Marco Rubio, the secretary of state and national security adviser.

The Israeli prime minister plans to be in Washington until Thursday with meetings on Capitol Hill on Tuesday.

Trump has made clear his desire to bring the Gaza conflict to an end.

However, he has never articulated how a lasting peace, which would satisfy both the Israelis and Palestinians, could be achieved.

His varying comments about ownership of Gaza, moving Palestinians out of the territory and permanent resettlement, have presented a confusing policy.

Situation for Palestinians worse than ever

Over the coming days, we will see the extent to which Trump demands that Netanyahu accepts the current Gaza ceasefire deal, even if it falls short of Israel’s war aims – the elimination of Hamas.

The strategic objective to permanently remove Hamas seems always to have been impossible. Hamas as an entity was the extreme consequence of the Israeli occupation.

The Palestinians’ challenge has not gone away, and the situation for Palestinians now is worse than it has ever been in Gaza and also the West Bank. It is not clear how Trump plans to square that circle.

Trump’s oft-repeated desire to “stop the killing” is sincere. Those close to him often emphasise this. He is also looking to cement his legacy as a peacemaker. He genuinely craves the Nobel Peace Prize.

In this context, the complexities of conflicts – in Ukraine or Gaza – are often of secondary importance to the president.

If Netanyahu can be persuaded to end the war, what would he need?

The hostages back – for sure. That would require agreement from Hamas. They would only agree to this if they have guarantees on Gaza’s future and their own future. More circles to square.

Was White House dinner a key moment?

The Monday night dinner could have been a key moment for the Middle East. Two powerful men in the Blue Room of the White House, deciding the direction of the region.

Will it be seen as the moment the region was remoulded? But to whose benefit?

Trump is a dealmaker with an eye on the prize. But Netanyahu is a political master; they don’t call him “the magician” for nothing.

Trump makes decisions instinctively. He can shift position quickly and often listens to the last person in the room. Right now – that person is Netanyahu.

Gaza is one part of a jigsaw of challenges, which could become opportunities.

Diplomatic normalisation between Israel and the Arab world is a prize for Trump and could genuinely secure him the Nobel Peace Prize.

But without the Gaza piece, the jigsaw is incomplete.

World

IDF presence in Gaza ‘only issue’ still to be resolved in push for Israel-Hamas ceasefire, Sky News understands

Published

2 hours ago

July 9, 2025

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IDF presence in Gaza 'only issue' still to be resolved in push for Israel-Hamas ceasefire, Sky News understands

Only one issue remains unresolved in the push to achieve a ceasefire in Gaza, according to Sky sources.

Intense negotiations are taking place in Qatar in parallel with key talks in Washington between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu.

Two sources with direct knowledge of the negotiations have told Sky News that disagreement between Israel and Hamas remains on the status and presence of the Israel Defence Forces (IDF) inside Gaza.

The two sides have bridged significant differences on several other issues, including the process of delivering humanitarian aid and Hamas’s demand that the US guarantees to ensure Israel doesn’t unilaterally resume the war when the ceasefire expires in 60 days.

On the issue of humanitarian aid, Sky News understands that a third party that neither Hamas nor Israel has control over will be used in areas from which the IDF withdraws.

This means that the controversial Gaza Humanitarian Foundation (GHF) – jointly run by an American organisation and Israel – will not be able to operate anywhere where the IDF is not deployed. It will limit GHF expansion plans.

It is believed the United Nations or other recognised humanitarian organisations will adopt a greater role.

On the issue of a US guarantee to prevent Israel restarting the war, Sky News understands that a message was passed to Hamas by Dr Bishara Bahbah, a Palestinian American who has emerged as a key back channel in the negotiations.

The message appears to have been enough to convince Hamas that President Trump will prevent Israel from restarting the conflict.

However, there is no sense from any of the developments over the course of the past day about what the future of Gaza looks like longer-term.

Final challenge is huge

The last remaining disagreement is, predictably, the trickiest to bridge.

Israel’s central war aim, beyond the return of the hostages, is the total elimination of Hamas as a military and political organisation. The withdrawal of the IDF, partial or total, could allow Hamas to regroup.

One way to overcome this would be to provide wider guarantees of clear deliverable pathways to a viable future for Palestinians.

But there is no sense from the negotiations of any longer-term commitments on this issue.

Two key blocks have been resolved over the past 24 hours but the final challenge is huge.

The conflict in Gaza erupted when Hamas attacked southern Israel in October 2023, killing around 1,200 people and taking 251 hostages, according to Israeli figures. Some 20 hostages are believed to remain alive in Gaza.

Israel has killed more than 57,000 Palestinians, according to Gaza’s Hamas-run health ministry, which does not distinguish between combatants and civilians.

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‘Widespread sexual violence’ took place during Hamas’s 7 October attacks, report by Israeli experts says

Published

11 hours ago

July 8, 2025

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'Widespread sexual violence' took place during Hamas's 7 October attacks, report by Israeli experts says

A newly released report led by Israeli legal and gender experts presents detailed evidence alleging “widespread and systematic” sexual violence during the Hamas-led terror attack on 7 October.

Warning: This story contains descriptions of rape and sexual violence

The findings, published by the Dinah Project, argue that these acts amount to conflict-related sexual violence (CRSV), and assert that “Hamas used sexual violence as a tactical weapon of war”.

The report draws on 18 months of investigation and is based on survivor testimonies, eyewitness accounts, and interviews with first responders, morgue personnel and healthcare professionals.

According to the Dinah Project, the documented patterns – such as forced nudity, gang rapes, genital mutilation, and threats of forced marriage – indicate a deliberate and coordinated use of sexual violence by Hamas operatives during the attack.

Reported incidents span at least six locations, including the Nova music festival, and several kibbutzim in southern Israel.

One section of the report describes victims “found fully or partially naked from the waist down, with their hands tied behind their backs and/or to structures such as trees and poles, and shot”.

At the Nova music festival and surrounding areas, the investigators found “reasonable grounds to believe” that multiple women were raped or gang-raped before being killed.

The report’s findings are consistent with earlier investigations by the United Nations and the International Criminal Court (ICC).

The UN’s Special Representative on Sexual Violence in Conflict previously concluded that there were “reasonable grounds to believe” CRSV took place during the attack.

Significantly, the Dinah Project urges the international community to officially recognise the use of sexual violence by Hamas as a deliberate strategy of war and calls on the United Nations to add Hamas to its list of parties responsible for conflict-related sexual violence.

The nature and scale of sexual violence on 7 October have been a subject of intense controversy, with some accusing parties of weaponising the narrative for political ends.

This report seeks to confront what its authors call “denial, misinformation, and global silence,” and to provide justice for the victims.

Hamas has denied that its fighters have used sexual violence and mistreated female hostages.