2025-03-08 04:52

Canada put levies on China EVs, other goods late last year New China tariffs take effect March 20 BEIJING, March 8 (Reuters) - China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products on Saturday, retaliating against levies Ottawa introduced in October and opening a new front in a trade war largely driven by U.S. President Donald Trump's tariff threats. The levies, announced by the commerce ministry and scheduled to take effect on March 20, match the 100% and 25% import duties Canada slapped on China-made electric vehicles and steel and aluminium products just over four months ago. By excluding canola, which is also known as rapeseed, and was one of Canada's top exports to the world's No.1 agricultural importer prior to China investigating it for anti-dumping last year, Beijing may be keeping the door open for trade talks. But the tariffs also serve as a warning shot, analysts say, with the Trump administration having signalled it could ease 25% import levies the White House is threatening Canada and Mexico with if they apply the same extra 20% duty he has slapped on Chinese goods over fentanyl flows. "Canada's measures seriously violate World Trade Organization rules, constitute a typical act of protectionism and are discriminatory measures that severely harm China's legitimate rights and interests," the commerce ministry said in a statement. China will apply a 100% tariff to just over $1 billion of Canadian rapeseed oil, oil cakes and pea imports, and a 25% duty on $1.6 billion worth of Canadian aquatic products and pork. "The timing may serve as a warning shot," said Dan Wang, China director at Eurasia Group in Singapore. "By striking now, China reminds Canada of the cost of aligning too closely with American trade policy." "China's delayed response (to Ottawa's October tariffs) likely reflects both capacity constraints and strategic signalling," she added. "The commerce ministry is stretched thin, juggling trade disputes with the U.S. and European Union." "Canada, a lower priority, had to wait its turn." The Canadian embassy in Beijing did not immediately respond to a Reuters request for comment. Canadian Prime Minister Justin Trudeau said in August that Ottawa was imposing the levies to counter what he called China's intentional state-directed policy of over-capacity, following the lead of the United States and European Union, both of which have also applied import levies to Chinese-made EVs. In response, China in September launched an anti-dumping investigation into Canadian canola imports. More than half of Canada's canola exports go to China and the trade was worth $3.7 billion in 2023, according to the Canola Council of Canada. "The investigation on Canadian canola is still ongoing. That canola was not included in the list of tariffs this time might also be a gesture to leave room for negotiations," said Rosa Wang, an analyst with agricultural consultancy JCI. Beijing could also be hoping that a change in government in Ottawa makes it more amenable. Canada's next national election must be held by October 20. China is Canada's second-largest trading partner, trailing far behind the United States. Canada exported $47 billion worth of goods to the world's second-largest economy in 2024, according to Chinese customs data. China is Canada's third-most important pork export market. It takes products for which Canada does not have easy alternate markets, said Cam Dahl, General Manager of the Manitoba Pork Council. “The things we export to China, heads for example, are parts of the animal that don’t have easy other markets," he said. "We can’t take that container that’s going to China and just ship it to Mexico.” China is Canada's number-two market for canola, said Chris Davison, president and CEO of the Canola Council of Canada. "The (tariff) levels that are being talked about here are prohibitive levels, for sure. ... The impacts will be felt across the industry," he said, adding that he would like to see financial support from the government. Canadian government spokespersons did not immediately respond to requests for comment. "To be honest I don’t understand why they are doing this one at all," said Even Pay, agriculture analyst at Trivium China. "I expect Beijing will use the election and change of leader as an opportunity to reset relations as they did with Australia," she added. China in 2020 introduced a series of tariffs, bans and other restrictions on key Australian exports, including barley, wine, beef, coal, lobster and timber in retaliation to Canberra calling for a COVID origins probe. Beijing did not begin lifting the bans until 2023, one year after Australian Prime Minister Anthony Albanese ousted Scott Morrison, who had called for the inquiry. Sign up here. https://www.reuters.com/markets/china-announces-retaliatory-tariffs-some-canada-farm-food-products-2025-03-08/

2025-03-08 00:57

March 7 (Reuters) - San Francisco Federal Reserve Bank President Mary Daly on Friday called out the elevated uncertainties around the economic outlook, but said that with the economy solid and short-term borrowing costs "in a good place," the U.S. central bank does not need to make any rushed moves. "Economic research will tell you that uncertainty is a source of demand restraint," Daly said in a post on LinkedIn. "We are also getting some mixed signals from markets. From a monetary policy perspective, all of that is a reason to be careful and deliberate." The remarks come at the end of a tumultuous week on the economic policy front and some fresh signs in economic data that the economy may be weakening. The Trump administration doubled tariffs on Chinese goods to 20% and put 25% tariffs on Mexico and Canadian goods, and then gave a one-month reprieve. The Labor Department reported a broad measure of unemployment surged to near a 3-1/2-year high last month as the ranks of part-time workers swelled. Markets boosted bets the Fed will start rate cuts in June and deliver three reductions this year, more than what Fed policymakers had projected in December. At the same time, inflation worries remain: earlier on Friday Fed Chair Jerome Powell told a research conference in New York that import duties could add to inflation. Daly said her eye is on the big picture, which includes an overall unemployment rate of 4.1%, which is historically low despite a tick upwards last month, and inflation that has moved towards the Fed's 2% goal. "What I am seeing is a resilient economy," she wrote , opens new tab. Sign up here. https://www.reuters.com/markets/us/fed-should-be-careful-deliberate-with-rates-given-economic-uncertainties-daly-2025-03-08/

2025-03-07 22:57

ATHENS, March 7 (Reuters) - Greece's centre-right government on Friday survived a no-confidence vote over a deadly 2023 train crash, as protests flared demanding political accountability over Greece's worst rail disaster. Centre-left, leftist and independent lawmakers on Wednesday submitted a motion saying the government had lost its popular mandate, a week after hundreds of thousands took to the streets demanding justice for the 57 victims in the crash, most of them students. It was the biggest protest in Greece in years. The opposition has accused Prime Minister Kyriakos Mitsotakis' government of shirking responsibility over the crash, failing to fix critical in the railway, and covering up evidence that would help shed light into the causes of the disaster. The government, which was re-elected after the train crash in 2023 and controls 156 seats in the 300-seat parliament, has denied any wrongdoing. A majority of 157 lawmakers rejected the motion on Friday night. Just before the vote, Mitsotakis ruled out an early election, saying the country - which is emerging from a debt crisis - would reward his economic policy. "In 2027, the Greek people will confirm once again their confidence in our government, as our parliamentary group will confirm its confidence in the government today," he said. Thousands of protesters rallied peacefully in central Athens as the debate progressed. When Mitsotakis took the floor in the chamber, three people threw flyers in the air reading "Get out!", before being removed by security. Others shouted "Shame". Outside parliament, clashes broke out between hooded demonstrators who hurled petrol bombs at police that responded with teargas to disperse them. Greek police said 61 people had been detained. The train crash has become one of the biggest challenges for the government since it came to power, hurting its approval ratings. It has also fuelled anger among Greeks over the immunity politicians enjoy under the constitution. A judicial investigation into the train crash is in progress. To appease the public, Mitsotakis told parliament that ahead of a constitutional amendment, he would propose an edit of the article that protects politicians from prosecution. He also reiterated a pledge to increase wages. This week he promised to modernise the railway by 2027. (This story has been corrected to clarify that people threw flyers before being removed, in paragraph 7) Sign up here. https://www.reuters.com/world/europe/greek-government-survives-confidence-vote-over-deadly-2023-train-crash-clashes-2025-03-07/

2025-03-07 22:45

SYDNEY, March 8 (Reuters) - Ex-tropical cyclone Alfred lingered off the south-east Australian coast on Saturday and forecasters said Brisbane is likely to miss the worst of the storm, a relief for millions of residents in the region who have been staying indoors. Alfred, now downgraded to a "tropical low", crossed the islands off the coast of Queensland overnight, and is heading towards the mainland in the coming hours, the Bureau of Meteorology has said. Thousands have been evacuated and local media reported that about a quarter of a million people are facing power outages as violent winds toppled power lines. Officials said one man had died in floodwater in New South Wales. Authorities urge residents to stay indoors and warned of worse to come. "The impacts are already being felt, and there is worse to come in the hours ahead," Prime Minister Anthony Albanese said in a news conference from the National Situation Room in Canberra. "Its impact will be serious and will intensify over coming hours and indeed over the coming days, it will still bring strong winds, heavy rain, flooding and dangerous conditions across South East Queensland and North East, New South Wales over this weekend and in the days beyond," he said. Brisbane and the Gold Coast will be hit with heavy rain today, while the northern New South Wales city of Lismore, among the worst impacted by record floods over the years, has already begun flooding. Meanwhile two Australian defence force vehicles on their way to help residents in Lismore were involved in a road collision and several officers were injured, officials said. Brisbane Airport remains shut and the city has suspended public transport. More than 1,000 schools in southeast Queensland and 280 in northern New South Wales have been closed. Videos posted on social media and local news networks in Brisbane and the Gold Coast show flooded roads, fallen trees, damaged homes and waves crashing in on the beaches. Officials have described Alfred as a "very rare event" for Brisbane, the capital of Queensland, which was last hit by a cyclone more than half a century ago in 1974. The city of about 2.7 million had near misses from cyclones in 1990 and 2019. Sign up here. https://www.reuters.com/business/environment/cyclone-alfred-downgraded-millions-australians-stay-indoors-2025-03-07/

2025-03-07 22:26

BAMAKO, March 7 (Reuters) - Mali will partially lift a 2022 suspension on the issuance of mining permits on March 15, the mines ministry said in a statement on Friday. The military-led West African country, one of Africa's top gold producers, suspended the allocation of mining titles throughout its territory in November 2022. At the time it said the move was an effort to improve the procedure. In 2023, Mali signed a new mining code into law that raises taxes and seeks to hand over big stakes in assets to the state. The suspension will be partially lifted following "major work to clean up the mining register," the ministry said in a statement. Mali's mining administration will now receive applications to renew search and exploitation permits, applications to transition from search to exploitation, and applications to transfer exploitation permits. The allocation of new mining permits, as well as the transfer of search permits, remain suspended. Sign up here. https://www.reuters.com/world/africa/mali-partially-lifts-suspension-issuance-mining-permits-2025-03-07/

2025-03-07 21:54

MEXICO CITY, March 7 (Reuters) - Mexican Finance Minister Rogelio Ramirez de la O stepped down on Friday in a widely expected move and was replaced by his deputy Edgar Amador, who vowed to maintain financial and economic stability. Ramirez de la O, who had been in charge of the budget for almost four years, cited personal reasons for his departure. Appointed by former President Andres Manuel Lopez Obrador, he had previously agreed to stay on temporarily under Claudia Sheinbaum after she emerged victorious in elections last year. Amador had been deputy finance minister, and Ramirez de la O's right-hand man, and has in the past also spent time at the country's central bank. Like several other finance ministers in recent years, he studied at the prestigious Colegio de Mexico. He was also Mexico City's finance chief during the left-wing administration of Miguel Angel Mancera from 2012 - 2018. "We're committed to financial stability, to the stability of our currency, to macroeconomic stability," Amador said in a brief video message alongside Sheinbaum and his predecessor. "This is so that country's economy grows on solid foundations," he added. Sheinbaum, who called Ramirez de la O "the best economist Mexico has," said in the video message he would become an advisor to her for international economic matters as she seeks to reduce public debt and maintain financial discipline. Mexico's economy shrank in the fourth quarter for the first time in more than three years and is facing headwinds, with the central bank expecting slowing economic activity. Economists have also warned of stiff risks ahead, including continuing trade tensions with the United States. Neither the peso, which traded at 20.25 per U.S. dollar, nor the country's main stock market index reacted on Friday afternoon on the news. "In June, when he appointed part of his team, there was a positive reaction from the currency," said James Salazar, an economist at CiBanco. "On this occasion, there's no perception of risk of a change in the current fiscal policy." The reshuffle, which was first reported by local media, comes as Mexico is facing possible tariffs from its northern neighbor and most important trade partner. On Thursday, U.S. President Donald Trump suspended tariffs of 25% he had imposed earlier in the week on most goods from Mexico and Canada, the latest twist in a fluctuating trade policy that has whipsawed markets and fanned worries about inflation and growth. The exemptions expire on April 2, when Trump has threatened to impose a global regime of reciprocal tariffs across the country's trading partners. Sign up here. https://www.reuters.com/world/americas/mexicos-finance-minister-ramirez-de-la-o-steps-down-sources-say-2025-03-07/