After President Donald Trump posted that he was terminating all trade negotiations with Canada because the government paid for a pro-free-trade ad to air in the U.S., Canadian Prime Minister Mark Carney told reporters that Canada is ready to resume talks whenever the U.S. is ready.
U.S. Trade Representative Jamieson Greer is launching a Section 301 investigation on how China implemented -- or failed to implement -- its commitments in the phase one trade agreement. It will examine if there was a burden on U.S. commerce from non-implementation "and what action, if any, should be taken in response."
President Donald Trump, after a commercial aired in Ontario with audio from Ronald Reagan pointing out that tariffs harm the country that imposes them, declared on social media after 11 p.m. Oct. 23, "Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED."
Think tank and academic experts say that China and the U.S. are misinterpreting both sides' actions and the other country's vulnerability to the trade war, and that may extend the battles.
Nicholas Burns, a career diplomat who served as ambassador to China in the Biden administration, told the Atlantic Council that while the Trump administration may have miscalculated "that China didn't have real weight to throw around," he also thinks President Donald Trump has been right to be "tough-minded" on China's economic policies.
President Donald Trump pushed back on complaints from cattle ranchers and politicians who have large cattle industries in their states, arguing that the 50% tariff he put on Brazilian beef already juiced their bottom lines.
Former Canadian and Mexican trade negotiators speculated at a think tank event about the likelihood that tariffs on goods from their home countries could be removed or lowered soon.
Sen. Richard Blumenthal of Connecticut, the top Democrat on a Russian secondary sanctions bill, said he's not discouraged that Senate Majority Leader John Thune is putting off a vote on the bill again. The bill has 85 sponsors in the Senate, and would give the president the ability to put up to 500% tariffs on the goods of countries that buy Russian fossil fuels; it also would expand sanctions on Russian officials.
President Donald Trump said that China's President Xi Jinping wants "to discuss the fact that they're paying 157% tariff, it's a little higher than they thought. And we're doing very well. I think we're going to do well in that negotiation."
President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals development framework that pledges investment in the sector, both mining and processing.