NY Fed poll shows unemployment worry at highest since pandemic start
NY Fed survey finds stable inflation expectations but highest fear of rising unemployment since April 2020.
Canadian PM Carney demands US stop memes before trade talks resume. Retaliatory tariffs set for Sept 8.
Trade discussions between Canada and the US will only begin again if American officials cease posting memes and adopt aerious tone, said Canadian Prime Minster Mark Carney.
Speaking in Ottawa on Tuesday, Carney noted that Canada's retaliatory tariffs take effect in one week. No meeting has been booked since talks broke down in August.
Canada withdrew on August 21 and recalled its negotiators. Carney stated that the US aimed to turn Canadian industries into subsidiaries of American companies, or force them to close. He refused that demand.
The following day, the US retaliated with 50% tariffs on roughy $20 billion worth of Canadian goods. Although that figure is large, it represens only about 5% of the $382 billion in Canadian exports to the US last year, according to US Census Bureau data.
To impose these duties, the White House used Section 338 of the Tariff Act of 1930. That statute allows a president to penalize countries that discriminate against US exporters. It had never been invoked by any president before.
Carney reportedly told journalists that the US must be serious and 'stop throwing shade' before trade discussions can resume.
The decision was compelled. The Supreme Court in February canceled Trump's tariffs that were based on a 1977 emergency statute. Since Section 338 limits duties to 50%, Trump adopted that maximum.
Ryan Majerus, a partner at King & Spalding and former US trade official, noted: "This law is literally a blank canvas because it's never been litigated."
On August 27, Trump issued an order changing the name of Lake Ontario to "Lake America" for official US purposes. He also shared an AI-generated video showing armed Canada geese with his haircut. Treasury Secretary Scott Bessent ridiculed Canada's naval forces on CNBC.
⚠️ TDS TRIGGER WARNING: Lake America is now officially mapped. 🇺🇸🦅 What is next?
Canada and other nations do not accept the rename and continue to refer to it as Lake Ontario.
"When the Americans stop doing memes, stop throwing shade, stop trying to be tough and start being serious about having those discussions, we can have those discussions," Carney said on Tuesday in Ottawa.
Canada's response lands on September 8, imposing tariffs on over 700 US products worth C$27.6 billion.
The impact is tangible, as softwood lumber duties on Canadian imports have reached 45%, according to the National Association of Home Builders.
Whether the September 8 duties remain in place or serve as a negotiating tool will convey more than any social media post.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
NY Fed survey finds stable inflation expectations but highest fear of rising unemployment since April 2020.
US government bonds suffered their worst 10-year returns in over two centuries, losing roughly 2% a year. Bitcoin faces pressure as yields rise.
The US employment trends index improved to 108.53 in August, up from 107.71, as components showed positive average contributions.
BoE officials express concern over energy price rises and external risks with weak domestic economy.