Business
Canada drops many of its retaliatory tariffs on the U.S.
Canada removed many of its retaliatory tariffs on the U.S. on Friday, marking a significant step forward in the two countries’ relationship.
Canada in March imposed counter-tariffs of 25% on a long list of U.S. products that fall in line with the North American trade deal after the U.S. had announced 25% duties on steel and aluminum. Notably, Canada’s 25% tariffs on U.S. autos, steel and aluminum will remain in place for now, Canadian Prime Minister Mark Carney said in a press conference Friday.
The change will go into effect on Sept. 1, Carney added, saying he believes Canada has the best trade deal out of all of the countries working with the U.S.
“As we work intensively with the United States, our focus is squarely on the strategic sectors,” Carney said.
A White House official told NBC News that Canada’s move was “long overdue.”
“We look forward to continuing our discussions with Canada on the Administration’s trade and national security concerns,” the official said.
Friday’s announcement follows a phone call between Carney and President Donald Trump, the first known call between the two since failed talks before the Aug. 1 tariff deadline. A readout of the Thursday call from Carney’s office called the conversation “productive and wide-ranging,” with both leaders agreeing to reconvene soon.
Carney said Friday that Trump assured him that dropping retaliatory tariffs will kick-start negotiations between the two countries.
The move comes as the U.S.-Mexico-Canada Agreement, which Trump negotiated during his first term, is scheduled to undergo a review later this year.
Canada was swift to impose its counter-tariffs on the U.S. on CA$30 billion, or US$21.7 billion, worth of U.S. goods under then-Prime Minister Justin Trudeau. In July, Trump announced he would raise tariffs on Canada to 35% and said the rise of fentanyl and Canada’s unwillingness to work with the U.S. affected his decision.
A total of 43 pounds of the drug was seized at the northern border during 2024 with an additional 58 pounds having been confiscated there so far this year, according to U.S. Customs and Border Protection.
At the time, Carney said in a post on social media site X that the country was committed to working alongside the U.S. to come to a deal.
Greggs has delayed the appointment of incoming board director Robert Moorhead due to a review into a major accounting error at his previous firm, WH Smith.
The high street bakery chain said Mr Moorhead – the former finance chief at WH Smith – had asked to delay his appointment until a review by Deloitte into the blunder at WH Smith is completed.
He had been due to start at Greggs on October 1 as an independent non-executive director and chair of the audit committee.
Mr Moorhead left WH Smith in 2024 after more than 20 years at the chain.
The delay to his appointment comes after WH Smith saw nearly £600 million wiped off its stock market value last week when it revealed a review of its finances had discovered trading profits in North America had been overstated by about £30 million.
It warned that annual profits would be lower than expected as a result, sending shares down by more than 40% at one stage during the day.
WH Smith said it had found an issue in how it calculated the amount of supplier income it received – leading it to be recognised too early.
It means the group is now expecting a trading profit for the US of about £25 million for the year to August – a cut from the previous £55 million forecast.
As a result, the company lowered its outlook for annual pre-tax profits to around £110 million.
Greggs said Kate Ferry will remain as a non-executive director and will continue as chair of the audit committee in the interim.
Pritti MistryBusiness reporter, BBC News
FordThe first electric vehicles (EV) eligible for the £3,750 discount under the government’s grant scheme have been announced.
The Department for Transport confirmed Ford’s Puma Gen-E or e-Tourneo Courier would be discounted as part of plans to encourage drivers to move away from petrol and diesel vehicles.
Under the grant scheme, the discount applies to eligible car models costing up to £37,000, with the most environmentally friendly ones seeing the biggest reductions. Another 26 models have been cleared for discounts of £1,500.
Carmakers can apply for models to be eligible for grants, which are then automatically applied at the point of sale.
More vehicles are expected to be approved in the coming weeks and the DfT said the policy would bring down prices to “closely match their petrol and diesel counterparts”.
The government has pledged to ban the sale of new fully petrol or diesel cars from 2030.
But many drivers cite upfront costs as a key barrier to buying an EV and some have told the BBC that the UK needs more charging points.
According to Ford’s website, the recommended retail price (RRP) for a new Puma Gen-E starts from £29,905 while a petrol equivalent is upward of £26,060. With the reduction applied, buyers would be looking in the region of £26,155 for the EV version.
The grants to lower the cost of EVs will be funded through the £650m scheme, and will be available for three years.
There are around 1.3 million electric cars on Britain’s roads but currently only around 82,000 public charging points.
Full list of EVs eligible for the £1,500 discount
- Citroën ë-C3 and Citroën ë-C3 Aircross
- Citroën ë-C4 and Citroën ë-C4 X
- Citroën ë-C5 Aircross
- Citroën ë-Berlingo
- Cupra Born
- DS DS3
- DS N°4
- Nissan Ariya
- Nissan Micra
- Peugeot E-208
- Peugeot E-2008
- Peugeot E-308
- Peugeot E-408
- Peugeot E-Rifter
- Renault 4
- Renault 5
- Renault Alpine A290
- Renault Megane
- Renault Scenic
- Vauxhall Astra Electric
- Vauxhall Combo Life Electric
- Vauxhall Corsa Electric
- Vauxhall Frontera Electric
- Vauxhall Grandland Electric
- Vauxhall Mokka Electric
- Volkswagen ID.3
The up-front cost of EVs is higher on average than for petrol cars.
According to Autotrader, the average price of a new battery electric car was £49,790 in June 2025, based on manufacturers’ recommended prices for 148 models.
The equivalent for a petrol car was £34,225, but the average covers a broad range of prices.
Transport Secretary Heidi Alexander said the grant scheme was making it “easier and cheaper for families to make the switch to electric”.
Edmund King, president of the AA, said drivers “frequently tell us that the upfront costs of new EVs are a stumbling block to making the switch to electric”.
“It is great to see some of these more substantial £3,750 discounts coming online because for some drivers this might just bridge the financial gap to make these cars affordable.”
new video loaded: How Trump Could Gain Control of the Fed
By Ben Casselman, Melanie Bencosme, June Kim, Gabriel Blanco and Jon Hazell•
President Trump’s attempt to fire Lisa Cook has laid bare the erosion of the Federal Reserve’s independence, which could lead to economic consequences for Americans, The New York Times’s chief economics correspondent explains.
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