Donald Trump plans to hit Canada with new tariff – while warning of blanket hike for other countries
Donald Trump has said he plans to hit Canada with a 35% tariff on imported goods, as he warned of a blanket 15 or 20% hike for most other countries.
In a letter to Canadian Prime Minister Mark Carney, the US president wrote: “I must mention that the flow of Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, and Non-Tariff, Policies and Trade Barriers.”
Mr Trump’s tariffs were allegedly an effort to get Canada to crack down on fentanyl smuggling, and the US president has expressed frustration with Canada’s trade deficit with the US.
In a statement Mr Carney said: “Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses. We will continue to do so as we work towards the revised deadline of August 1.”
He added: “Canada has made vital progress to stop the scourge of fentanyl in North America. We are committed to continuing to work with the United States to save lives and protect communities in both our countries.”
Mr Trump has sent a series of tariff letters to 23 countries so far, including one putting a 50% tariff on Brazil in part for the ongoing trial of its former president Jair Bolsonaro for trying to stay in office after he lost the election in 2022.
Mr Trump was similarly indicted for his efforts to overturn his election loss in 2020.
The higher rates would go into effect on 1 August.
Shortly after Mr Trump unveiled his “Liberation Day” tariffs on 2 April, there was a huge sell-off on the financial markets. The US president later announced a 90-day negotiating period, during which a 10% baseline tariff would be charged on most imported goods.
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But in an interview with Sky News’s partner network NBC News, Mr Trump said he plans to impose higher blanket tariffs on most US trade partners.
“We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now,” he said.
He added: “I think the tariffs have been very well-received. The stock market hit a new high today.”
The US and UK signed a trade deal in June, with the US president calling it “a fair deal for both” and saying it will “produce a lot of jobs, a lot of income”.
Sir Keir Starmer said the document “implements” the deal to cut tariffs on cars and aerospace, adding: “So this is a very good day for both of our countries – a real sign of strength.”
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The US president also teased a “major statement” he will make on Russia over its war with Ukraine.
“I’m disappointed in Russia, but we’ll see what happens over the next couple of weeks,” he said.
“I think I’ll have a major statement to make on Russia on Monday.”
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It comes as Russia’s deputy foreign minister, Sergei Ryabkov, said a new round of talks between Moscow and Washington on bilateral problems could take place before the end of the summer.
Elon Musk could be on track for a $1trn (£761bn) pay package – if Tesla meets a series of extremely ambitious targets over the next 10 years.
The world’s richest man has the potential to become a trillionaire after the controversial plans were approved by 75% of the company’s shareholders.
It would be the largest corporate pay package in history.
However, it won’t be easy. As part of the agreement, Musk will need to deliver 20 million Tesla vehicles over the next decade – more than double the number churned out over the past 12 years.
He will be tasked with dramatically increasing the company’s valuation and operating profits.
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Musk closer to trillionaire status
Another requirement is for Tesla to roll out one million AI-powered robots – despite the fact it hasn’t released a single one so far.
Musk will also need to come up with a succession plan on who will replace him as the chief executive of Tesla.
As each step is successfully completed, he will receive more company shares and his ownership stake will rise – potentially from 13% now to almost 29%.
And even if Musk falls short of some of these targets, he could end up earning a lot of money.
Figures from Forbes magazine suggest the 54-year-old already has a net worth of $493bn (£375bn) – and while that means he has more money than anyone else on the planet, he isn’t the richest person in history… yet.
That title belongs to John D Rockefeller, the railroad titan who had a wealth of $630bn (£480bn) back in 1913 – when adjusted for inflation.
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The X Effect
Why?
Now is the moment Tesla wants to innovate, develop into robotics, self-driving and embrace the growth of artificial intelligence (AI).
It’s seeking a visionary leader to spearhead this move. And a lot of Tesla’s market value is tied up in this ambition.
Tesla’s board of directors, who oversee the management of the business, are adamant that only Musk can make the lofty ambitions a reality.
Some believe there’s no one else like Musk.
More shares in the company are “critical to keep Musk at the helm to lead Tesla through the most critical time in the company’s history”, said financial services firm Wedbush.
“We believe this was the smart move by the board to lay out these incentives/pay package at this key time as the biggest asset for Tesla is Musk … and with the AI revolution, this is a crucial time for Tesla ahead with autonomous and robotics front and centre.”
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Opposition
Not everyone is in favour of the pay package.
Major investor advice firm Institutional Shareholder Services (ISS) warned the 10-year pay agreement reduces the board’s ability “to meaningfully adjust future pay levels in the event of unforeseen events or changes in either the performance or strategic focus of the company over the next decade”.
In a note, ISS said: “The high value of each tranche could also potentially undermine Musk’s desire to achieve all goals and create significant value for shareholders”, and that the goals “lack precision”.
Musk has described ISS and another major adviser, Glass Lewis, as “corporate terrorists”.
There was speculation he would walk away from the business if the package was not agreed on.
ITV has revealed talks with Sky, the owner of Sky News, over the possible sale of its media and entertainment (M&E) division in a deal worth £1.6bn.
Sky News understands the approach centres on the potential creation of a UK-focused streaming giant.
The division takes in ITV’s current broadcast operations and channels, which are largely dependent on advertising revenue.
The talks do not include the company’s studios arm, which makes shows such as I’m A Celebrity… Get Me Out Of Here!
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“There can be no certainty as to the terms upon which any potential sale may be agreed or whether any transaction will take place”, a statement by ITV to the London Stock Exchange said.
“A further announcement will be made in due course if appropriate”, it concluded.
ITV shares jumped by 15% in early trading in response to the statement.
The potential deal involves ITV’s channels but not the company’s production arm. Pic: PA
Sky, which is wholly owned by the US media and entertainment firm Comcast, declined to comment.
ITV released its statement after news of the discussions were first revealed by Bloomberg News.
Just hours earlier, the company’s latest financial results showed it was moving to save millions of pounds due to an advertising slowdown.
ITV reported delays to some programmes over the coming months to save costs as a result.
Sky is owned by the US company Comcast
It predicted a 9% decline in ad revenues across 2025, with the most recent trends being blamed on advertisers pulling back on spending in anticipation of the chancellor’s budget later this month.
It is understood that a possible deal between Sky and ITV would seek to create a larger, more attractive proposition for advertisers in the UK streaming sphere through a focus on UK audiences.
ITV has long been the subject of takeover speculation.
The latest came from the Reuters news agency earlier this year when it reported early-stage talks with Abu Dhabi-backed group RedBird IMI about a possible merger of their respective production businesses.
French media group Banijay was also reported to have held discussions about a possible offer for ITV’s studio business or a full takeover.
Elon Musk could be on track for a $1trn (£761bn) pay package – if Tesla meets a series of extremely ambitious targets over the next 10 years.
The world’s richest man has the potential to become a trillionaire after the controversial plans were approved by shareholders.
However, it won’t be easy. As part of the agreement, Musk will need to deliver 20 million Tesla vehicles over the next decade – more than double the number churned out over the past 12 years.
He will be tasked with dramatically increasing the company’s valuation and operating profits.
Another requirement is for Tesla to roll out one million AI-powered robots – despite the fact it hasn’t released a single one so far.
Musk will also need to come up with a succession plan on who will replace him as the chief executive of Tesla.
As each step is successfully completed, he will receive more company shares and his ownership stake will rise – potentially from 13% now to almost 29%.
And even if Musk falls short of some of these targets, he could end up earning a lot of money.
Figures from Forbes magazine suggest the 54-year-old already has a net worth of $493bn (£375bn) – and while that means he has more money than anyone else on the planet, he isn’t the richest person in history… yet.
That title belongs to John D. Rockefeller, the railroad titan who had wealth of $630bn (£480bn) back in 1913 – when adjusted for inflation.
Please use Chrome browser for a more accessible video player
Could Elon Musk become the world’s first trillionaire?
Why?
Now is the moment Tesla wants to innovate, develop into robotics, self-driving and embrace the growth of artificial intelligence (AI).
It’s seeking a visionary leader to spearhead this move. And a lot of Tesla’s market value is tied up in this ambition.
Tesla’s board of directors, who oversee the management of the business, are adamant that only Musk can make the lofty ambitions a reality.
Some believe there’s no one else like Musk.
More shares in the company are “critical to keep Musk at the helm to lead Tesla through the most critical time in the company’s history”, said financial services firm Wedbush.
“We believe this was the smart move by the board to lay out these incentives/pay package at this key time as the biggest asset for Tesla is Musk … and with the AI revolution, this is a crucial time for Tesla ahead with autonomous and robotics front and centre.”
“Getting Musk’s pay package approved will be a big step towards advancing Tesla’s future goals,” Wedbush analysts wrote.
Opposition
Not everyone is in favour of the pay package.
Major investor advice firm Institutional Shareholder Services (ISS) warned the 10-year pay agreement reduces the board’s ability “to meaningfully adjust future pay levels in the event of unforeseen events or changes in either the performance or strategic focus of the company over the next decade”.
In a note, ISS said: “The high value of each tranche could also potentially undermine Musk’s desire to achieve all goals and create significant value for shareholders”, and that the goals “lack precision”.
Mr Musk has described ISS and another major adviser, Glass Lewis, as “corporate terrorists”.
There was speculation he would walk away from the business if the package was not agreed on.
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