Canada finding 'solutions' on EU carbon tariff threat: Carney

This article is new today!

Source: CBC Politics
Date: 2026-10-30 21:41:25.0
Tags: [National, Trade, Economy, Environment, Climate, Industry]

Prime Minister Mark Carney announced progress at the Canada-EU summit in Montreal regarding the European Union's pending carbon border adjustment mechanism (CBAM), which threatens an estimated $2.8 billion in annual Canadian energy-intensive exports like iron ore, steel, aluminum, and cement. Canada's ambassador-designate to the EU, Jonathan Wilkinson, confirmed that diplomatic negotiations are advancing toward having the European Union officially recognize Canada's national and industrial carbon pricing systems. Full implementation of the EU tariff is scheduled for 2034, with compliance reporting requirements slated to take effect by September or October 2027.

Canada, EU lay out vision for closer ties in ‘dangerous and divided’ world

This article is new today!

Source: Global News Politics
Date: 2026-10-30 17:50:16.0
Tags: [National, Trade, Economy, Governance, Defence, Education]

Prime Minister Mark Carney and European Commission President Ursula von der Leyen signed a strategic alliance agreement in Montreal to establish Canada as the European Union's first associate member amid rising international trade tensions. The agreement establishes collaborative frameworks for digital money transfers, labour and research mobility including potential participation in the Erasmus+ education program, critical raw minerals development, outer space cooperation, and joint security support including the Ukraine Support Loan. The pact also sets out cooperative efforts regarding artificial intelligence, climate change solutions, and cross-border instant payment systems.

Carney points to EU's strong belief in democracy as political winds shift for 2 largest members

This article is new today!

Source: CBC Politics
Date: 2026-10-30 08:00:00.0
Tags: [National, Trade, Economy, Governance, Defence]

Prime Minister Mark Carney hosted European Union leaders, including European Commission President Ursula von der Leyen, during the 21st Canada-EU summit in Montreal to advance negotiations on making Canada the bloc's first associate member. The bilateral talks aim to forge a strategic "alliance for the future" to counter protectionist U.S. trade pressures under President Donald Trump and address volatile political shifts in key European nations such as France and Germany. A forthcoming joint statement from the two-day summit outlines mutual commitments to reinforce predictable trade environments, collaborate on critical mineral supply chains, counter cyberattacks, maintain support for Ukraine, and initiate negotiations for deeper Canadian participation in the Erasmus student exchange program.

Staring down a $40M tariff bill, this American importer is suing Trump to end some tariffs on Canada

This article is new today!

Source: CBC Politics
Date: 2026-10-30 08:00:00.0
Tags: [National, Trade, Economy, Agriculture, Industry]

The U.S. food distributor Gellert Global Group is suing the Trump administration in the U.S. Court of International Trade to overturn a 50 per cent tariff bill estimated at $40 million US on Canadian dairy and food imports. Filed by the Liberty Justice Center, the lawsuit challenges the administration's reliance on Section 338 of the U.S. Tariff Act (Smoot-Hawley Act), arguing the executive branch lacks the statutory authority to impose sweeping punitive tariffs under the guise of foreign trade discrimination. The disputed trade actions affect approximately $80 million US in annual Canadian cheese imports, including products from Mariposa Dairy in Lindsay, Ontario, while domestic dairy processors face supply shortages and potential permanent loss of commercial shelf space.

Quebec premier’s boycott of Canada-EU summit turns heads

Source: Global News Politics
Date: 2026-10-30 01:43:00.0
Tags: [National, Quebec, Trade, Governance, Economy]

Quebec Premier Paul St-Prime Plamondon boycotted the Canada-European Union summit held in Montreal, declining an invitation to sit at the head table alongside European Commission President Ursula von der Leyen and European Council President Antonio Costa because he was denied an official opportunity to speak or negotiate on Quebec's behalf. Instead, the premier sent Quebec chief diplomat Pascal Paradis to represent the province while issuing a critical letter to European representatives arguing that the federal government, led by Prime Minister Mark Carney, had marginalized Quebec. Prime Minister Carney pushed back against the exclusion claims, stating that four meetings had been held with Quebec officials to discuss the summit and emphasizing a commitment to cooperative federalism.

A Plan to Protect Ontario

Source: Ontario - Ministry of Finance
Date: 2026-10-29 18:10:00.0
Tags: [Ontario, Economy, Taxation, Finance, Trade, Industry]

Ontario Minister of Finance Peter Bethlenfalvy released the 2026 Ontario Economic and Fiscal Review: A Plan to Protect Ontario, projecting a deficit of $16.9 billion in 2026-27 and a return to a balanced budget in 2029-30. The fiscal plan features an $8 billion Ontario Competitiveness Tax Cut tied to the federal Productivity Mega Deduction, an $8.7 billion Canada-Ontario action plan targeting the steel, automotive, and critical minerals sectors, and nearly $30 billion in cumulative tariff relief and business supports implemented since April 2025. Additionally, the government committed to streamlining 35 to 50 percent of the province's 375 business-facing permits by the end of 2028 and restoring capital expenditures as eligible under the Ontario Research and Development Tax Credit and Ontario Innovation Tax Credit to provide over $50 million in tax support over three years.

Canada's new national security strategy will shield economy, modernize military

Source: CBC Politics
Date: 2026-10-29 15:59:34.0
Tags: [National, Defence, Economy, Trade, Public Safety, Governance]

The federal government, under Prime Minister Mark Carney, has released a new national security strategy designed to protect the Canadian economy and modernize military capabilities amid global instability. The framework outlines a multibillion-dollar expansion plan that allocates more than $163 billion toward the military by the mid-2030s, alongside pending legislation to create a dedicated Crown corporation for defence procurement. While the strategy emphasizes trade diversification and a clear-eyed approach to relations with the United States, a final decision regarding the establishment of a separate foreign intelligence agency akin to the U.S. CIA or Britain's MI6 is currently being deferred by senior officials. Completely redrawn defence and foreign policies are scheduled to be released in the coming months, accompanied by a comprehensive review of national security legislation within a year.

Canada's new national security strategy will shield economy, modernize military

Source: CBC Politics
Date: 2026-10-29 15:59:34.0
Tags: [National, Defence, Economy, Trade, Public Safety, Governance]

The federal government released a sweeping national security strategy committing over $163 billion toward military expansion and defence industrial base rebuilding through the middle of the next decade. The framework emphasizes protecting economic sovereignty across sectors such as critical minerals, semiconductors, and artificial intelligence, while managing a clear-eyed relationship with the United States and deferring immediate decisions on establishing a standalone foreign intelligence agency. The strategy also includes plans to review existing national security legislation within a year to modernize intelligence capabilities against emerging geopolitical threats.

EU chief continues to push making Canada an associate member despite objections

Source: CBC Politics
Date: 2026-10-29 15:14:58.0
Tags: [National, Trade, Economy, Governance, International]

European Commission President Ursula von der Leyen pushed for Canada to become an associate member of the European Union during a summit in Montreal, despite objections and internal resistance from member states like Germany. The formal title "associate member" was dropped from a joint statement negotiated by Prime Minister Mark Carney and European officials, replaced instead with a commitment to an "ever closer association" covering areas such as artificial intelligence, climate, energy, and security. The diplomatic push and broader bilateral trade discussions also drew scrutiny and retaliation threats from United States President Donald Trump.

EU chief continues to push making Canada an associate member despite objections

Source: CBC Politics
Date: 2026-10-29 15:14:58.0
Tags: [National, Trade, Technology, Economy, Governance]

European Commission President Ursula von der Leyen continued to champion making Canada an associate member of the European Union during a two-day summit in Montreal, despite objections from several member states within the 27-member bloc over the specific terminology. Prime Minister Mark Carney and EU officials advanced negotiations on a deeper strategic association focusing on policy alignment in artificial intelligence, climate, energy, and security, alongside the Prime Minister's announcement of a $1.6 billion federal investment in the Toronto-based generative AI company Cohere. The framework also encompasses efforts to deepen trade environments, Arctic collaboration, and negotiations for Canadian participation in the Erasmus student exchange program.

Budget 2026 title and theme focus on Canada’s sovereignty, minister reveals

Source: Global News Politics
Date: 2026-10-29 15:00:05.0
Tags: [National, Finance, Economy, Trade, Seniors, Governance]

National Revenue Minister François-Philippe Champagne announced that the federal government will table Budget 2026 on November 5, 2026, under the title and theme "MASTERS OF OUR DESTINY: BUDGET 2026" (inspired by Jean Lesage's 1962 Quebec slogan "Maîtres chez nous"). Prime Minister Mark Carney's government designed the upcoming budget to address a period of profound change and uncertainty involving redefined trade relationships, U.S. tariffs, trade tensions, and geopolitical conflicts threatening Canadian sovereignty and economic resilience.

Joly says she will meet with Stelco owner if company gives 'concrete' plan to bring workers back

Source: CBC Politics
Date: 2026-10-29 13:55:47.0
Tags: [National, Ontario, Economy, Trade, Labour, Industry]

Federal Industry Minister Mélanie Joly issued a letter to Paul Simon, president of Stelco, stating she will only meet with the company and its American parent firm, Cleveland-Cliffs, if they provide a concrete plan to immediately recall 300 to 350 laid-off workers at the Hamilton steel plant. The dispute follows recent layoffs and public remarks by Cleveland-Cliffs CEO Lourenco Goncalves regarding the rationale behind the 2024 acquisition. Minister Joly is evaluating potential legal action for non-compliance with undertakings under the Investment Canada Act, which require maintaining unionized employee levels at 2024 figures through 2029.

Canada welcomes EU leaders to Montreal for talks on next steps in relationship

Source: Global News Politics
Date: 2026-10-29 11:47:19.0
Tags: [National, Quebec, Trade, Economy, Technology, Energy]

Prime Minister Mark Carney is hosting European Commissioner Ursula von der Leyen and EU leaders in Montreal for bilateral talks aimed at forging closer strategic and economic ties. While full European Union membership is off the table, officials are negotiating an "alliance for the future" partnership focused on business, technology, clean energy, and critical minerals. The high-level summit has also sparked domestic political tension, with Quebec Premier Paul St-Pierre Plamondon pressing the federal government to secure a speaking role at the event.

Quebec premier wants Carney to 'do the right thing,' let him speak at Canada-EU summit

Source: CBC Politics
Date: 2026-10-28 17:20:17.0
Tags: [National, Quebec, Trade, Governance, Economy]

A diplomatic and jurisdictional standoff has emerged between Prime Minister Mark Carney and Quebec Premier Paul St-Pierre Plamondon ahead of the 21st Canada-EU summit in Montreal. Premier St-Pierre Plamondon is refusing to attend or speak unless granted formal speaking time to address international delegates regarding Quebec's negative trade balance with the European Union, invoking the Gérin-Lajoie doctrine. Prime Minister Carney rejected the speech request—citing federal jurisdiction over geopolitics while offering the premier an invitation to dine and welcome European Commission President Ursula von der Leyen—leaving Quebec's official participation in the international trade negotiations in limbo.

Canada not in a 'position right now' to agree to U.S. trade deal, Carney says

Source: CBC Politics
Date: 2026-10-28 16:39:32.0
Tags: [National, Trade, Economy]

Prime Minister Mark Carney stated that Canada is not yet in a position to agree to a new trade deal with the United States amid ongoing bilateral negotiations and upcoming U.S. midterm elections. Trade talks previously collapsed in August, prompting Washington to impose steep tariffs on Canadian goods and leading Ottawa to respond with dollar-for-dollar retaliatory levies. While U.S. President Donald Trump and senior American officials have suggested progress toward a resolution, Canadian officials maintain that key elements remain unresolved and a formal agreement will only be signed when it serves Canadian interests.

EU dropping associate membership title for its closer alliance with Canada: sources

Source: CBC Politics
Date: 2026-10-28 16:28:47.0
Tags: [National, Trade, Governance, Economy]

The European Union is dropping the title of "associate member" for Canada in an upcoming joint Canada-EU statement at the 21st Canada-EU summit in Montreal, replacing it with language promising an "ever closer association" following pushback from member states such as Germany. Prime Minister Mark Carney minimized the nomenclature change, emphasizing that the substance of the relationship and Canada's sovereignty remain the priority. European Commission President Ursula von der Leyen had initially announced the pursuit of associate membership status during Prime Minister Mark Carney's address to the European Parliament in Strasbourg, France.

U.S. steel CEO's 'confessions' for buying Stelco prompted government to call its lawyers: industry minister

Source: CBC Politics
Date: 2026-10-28 16:11:32.0
Tags: [National, Ontario, Industry, Labour, Trade, Economy]

Federal Industry Minister Mélanie Joly stated that department lawyers were consulted following public comments by Cleveland-Cliffs CEO Lourenco Goncalves regarding the acquisition of Hamilton-based steelmaker Stelco. Goncalves admitted in a media interview that Cleveland-Cliffs purchased Stelco in 2024 specifically to prevent it from undercutting U.S. production facilities, prompting Ottawa to review potential legal consequences under the Investment Canada Act. The federal government previously issued a 15-day ultimatum to Cleveland-Cliffs demanding the reversal of announced layoffs at Stelco to maintain unionized employment levels agreed upon through 2029, threatening court action that could include financial penalties or forced divestment.

Canada not near trade deal with U.S. before midterms, Carney says

Source: Global News Politics
Date: 2026-10-28 15:11:10.0
Tags: [National, Trade, Economy, Industry]

Prime Minister Mark Carney stated that the federal government is not close to reaching a trade agreement with the United States ahead of the November 3 midterm elections. Talks recently resumed at the political level led by Canada-U.S. Trade Minister Dominic LeBlanc, following an August breakdown when negotiations collapsed after the U.S. pushed for restrictions on Canada's trade independence, French language requirements, and its auto sector. In response to stalled talks, U.S. President Donald Trump implemented 50 per cent tariffs on Canadian products, prompting dollar-for-dollar retaliatory tariffs from Ottawa, though discussions are now focusing on easing duties on steel and autos.

Province Announces $8 Billion Ontario Competitiveness Tax Cut to Support Investment and Create 30,000 Jobs

Source: Ontario - Ministry of Finance
Date: 2026-10-28 14:08:00.0
Tags: [Ontario, Taxation, Economy, Finance, Trade, Industry]

The Ontario Ministry of Finance announced the $8 billion Ontario Competitiveness Tax Cut as part of its multi-year Tax Action Plan to counter U.S. tariffs and lower business investment costs. Administered as the provincial counterpart to the federal Productivity Mega Deduction, the policy allows eligible businesses to immediately write off 100 per cent of capital investments in assets such as fibre-optic cables, software, aircraft, machinery, and patents. The measure is projected to drive at least $11 billion in new capital investment, add $6 billion to the provincial GDP, and support the creation of 30,000 new jobs over five years. Combined with prior initiatives from Budget 2026, total business tax relief will exceed $12 billion over five years, reducing Ontario's Marginal Effective Tax Rate to 3.6 per cent.

Bank of Canada raises key interest rate to 2.5% in its first hike since 2023

Source: CBC Politics
Date: 2026-10-28 12:33:56.0
Tags: [National, Economy, Finance, Trade, Affordability]

The Bank of Canada, led by Governor Tiff Macklem, raised its benchmark overnight interest rate by 25 basis points to 2.5 per cent, marking its first rate hike since 2023. The central bank stated that the increase is necessary to curb persistent inflation—projected to remain above 3 per cent through much of 2027—which is driven largely by surging energy prices from the Middle East conflict and rising trade tensions with the United States. Policymakers warned that further rate hikes could occur depending on future economic uncertainties and cost pressures.