Canada Announces Retaliatory Tariffs on Long-Time Ally US

Canadian Prime Minister Justin Trudeau addresses media members after US President Donald Trump signed an order to impose stiff tariffs on imports from Mexico, Canada and China, in Ottawa, Canada, Saturday, Feb. 1, 2025. (Justin Tang/The Canadian Press via AP)
Canadian Prime Minister Justin Trudeau addresses media members after US President Donald Trump signed an order to impose stiff tariffs on imports from Mexico, Canada and China, in Ottawa, Canada, Saturday, Feb. 1, 2025. (Justin Tang/The Canadian Press via AP)
TT

Canada Announces Retaliatory Tariffs on Long-Time Ally US

Canadian Prime Minister Justin Trudeau addresses media members after US President Donald Trump signed an order to impose stiff tariffs on imports from Mexico, Canada and China, in Ottawa, Canada, Saturday, Feb. 1, 2025. (Justin Tang/The Canadian Press via AP)
Canadian Prime Minister Justin Trudeau addresses media members after US President Donald Trump signed an order to impose stiff tariffs on imports from Mexico, Canada and China, in Ottawa, Canada, Saturday, Feb. 1, 2025. (Justin Tang/The Canadian Press via AP)

Canada will retaliate against President Donald Trump's new tariffs with 25% levies on a raft of US imports, Prime Minister Justin Trudeau said on Saturday, warning Americans that Trump's actions would have real consequences for them.

As relations between the long-time allies who share the world's longest land border reach a new low, Trudeau told a news conference he was slapping tariffs on C$155 billion ($107 billion) of US goods. Those on C$30 billion will take effect on Tuesday, the same day as Trump's tariffs, and duties on the remaining C$125 billion in 21 days, he said.

Trudeau's announcement came just hours after Trump ordered 25% tariffs on Canadian and Mexican imports and 10% on goods from China, risking a trade war that economists say could slow global growth and reignite inflation.

Trump said he would impose 10% tariff on all energy imports from Canada.

The Canadian leader said tariffs would include American drinks, as well as fruits and fruit juices, including orange juice from Trump's home state of Florida. Canada would also target goods including clothing, sports equipment and household appliances.

Trudeau said the coming weeks would be difficult for Canadians, but that Americans would also suffer from Trump's actions.

"Tariffs against Canada will put your jobs at risk, potentially shutting down American auto assembly plants and other manufacturing facilities," Trudeau said, addressing US citizens during a press conference in Ottawa.

"They will raise costs for you, including food at the grocery store and gas at the pump."

Canada is considering non-tariff measures, potentially relating to critical minerals, energy procurement and other partnerships, Trudeau said.

The 9,000-km (5,600-mile) US-Canada border handles over $2.5 billion in trade a day, especially in energy and manufacturing, according to Canadian government data from 2023.

In 2023, Canada exported close to C$550 billion worth of goods and services to the US, or more than three-fourths of its total exports. Energy accounted for 30% and manufacturing contributed around 15% to exports south of the border.

Exports to the US accounts for roughly 17.8% of Canadian gross domestic product and more than 2.4 million jobs in Canada.

The tariffs hit Canada as it deals with a political crisis and a leadership race within Trudeau's Liberal Party.

Facing low approval ratings, Trudeau has said he will resign after nine years in office once a new party leader is chosen. The opposition Conservatives could win the next election by a thumping majority, according to recent opinion polls.

Flanked by his foreign affairs and finance ministers a somber Trudeau recalled the years of bilateral relations between the two countries.

"From the beaches of Normandy to the mountains of the Korean Peninsula, from the fields of Flanders to the streets of Kandahar, we have fought and died alongside you during your darkest hours," he said. "We've built the most successful economic, military and security partnership the world has ever seen."

Trudeau encouraged Canadians to buy Canadian products and vacation at home rather than in the US.

"We didn't ask for this but we will not back down," he said.



TotalEnergies to Honor All LNG Contracts Despite Qatar Outages

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
TT

TotalEnergies to Honor All LNG Contracts Despite Qatar Outages

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo

TotalEnergies' CEO Patrick Pouyanne said on Thursday that the company made a decision not to declare force majeure to any of its liquefied natural gas customers, and that it would respect all the LNG contracts in terms of price and ⁠volume.

Qatar, the world's biggest ⁠LNG producer, has declared force majeure on all of its LNG output after being attacked as part of the US-Israeli war with Iran.

"We said to our customers we will ⁠not invoke force majeure and not deliver the gas... We want to be security of supply for our customers," Pouyanne said.

"Yes, we'll miss energy coming from Qatar and Abu Dhabi, but our portfolio is large enough to redirect part of it," he added, according to Reuters.

Analysts estimate TotalEnergies takes 5.2 million metric tons per annum (mtpa) from ⁠its ⁠share of the QatarEnergy LNG trains.

Sources have said Shell, the world's biggest LNG trader, had declared force majeure on cargoes it buys from QatarEnergy and sells on. Analysts estimate Shell takes 6.8 mtpa of Qatari LNG.

Pouyanne also said that the current energy crisis makes renewables more attractive as they are not subject to the volatility from geopolitical instability.


India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
TT

India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)

India has secured crude oil supplies for the next 60 days, ensuring stable fuel supplies in the country despite disruption in shipments from the Middle East, the oil ministry said in a statement on Thursday.

India, the world's third biggest oil consumer and importer, was buying over 40% of its oil imports from the Middle East. Those supplies are disrupted due to the US-Israeli war on Iran.

Higher availability of crude in global markets, mainly from the Western hemisphere, has helped offset the shortfall, the government said.

Taking advantage of a temporary US waiver, Indian refiners have also ramped up purchases of Russian crude, securing millions of barrels to fill the supply gap.

"Despite the situation at the Strait of Hormuz, India is today receiving more crude oil from its 41-plus suppliers across the world than what was previously arriving through the Strait," the ministry said.

As a net exporter of petroleum products, India’s domestic availability of petrol and diesel remains structurally secure, the government said.

The world's fourth-largest refiner has oil and fuel stocks sufficient to meet 60 days of demand, against a total storage capacity of 74 days, it added.

"Nearly two months of steady supply is available for every Indian citizen, regardless of what happens globally. The next two months of crude procurement have also been secured," it added.

India has asked refiners to maximize production of liquefied petroleum gas, used as cooking fuel, as the nation was buying 90% of its LPG imports from the Middle East.

Domestic daily LPG production has been increased by 40% to 50,000 metric tons against a requirement of 80,000 tons, it said.

In addition, Indian companies have secured 800,000 tons of LPG cargoes from the United States, Russia, Australia, and other countries, it said.

These shipments, arriving across India's 22 LPG import terminals, provide roughly one month of assured supply, with further procurement underway, the government said.


SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services
TT

SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services

The Saudi Central Bank (SAMA) announced the licensing of “Altknwlwjya aljadydh llhulul albrmjyh” and “lyn tknwlwjyz Company Saudi Arabia litqniyat nuzum almaelumat” to conduct payment services by providing account information—one of the services associated with open banking.

The licenses were granted following the successful completion of the regulatory sandbox phase under SAMA’s supervision.

The decision reflects SAMA’s ongoing efforts to support and enable the financial sector, enhance the efficiency and flexibility of financial transactions, and promote innovation in financial services. This aims to advancing financial inclusion and expanding access to financial services across all segments of society.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA's official website.