Fashion
Canada to drop some retaliatory tariffs on US from Sept 1: PM Carney
“Canada currently has the best trade deal with the United States. 85 per cent of our exports to the US are tariff-free. To preserve Canada’s unique advantage, we’re matching the US by removing our tariffs on US goods covered by CUSMA,” Carney wrote on microblogging platform X.
PM Mark Carney has said Canada will drop some of its retaliatory tariffs on US goods, though it will retain tariffs on autos, steel and aluminium.
“To preserve Canada’s unique advantage, we’re matching the US by removing our tariffs on US goods covered by CUSMA,” Carney wrote on X.
The decision, to be effective from September 1, followed his telephonic talk with President Donald Trump.
CUSMA stands for the US-Mexico-Canada Free Trade Agreement. Canada had placed a retaliatory 25-per cent tariff on about $21.7 billion worth of US goods on a range of products.
The decision, to be effective from September 1, followed Carney’s telephonic discussion with President Donald Trump for the first time since the two countries missed a deadline to finalise a trade deal.
Trump later told reporters on Friday that he and Carney will speak again over the phone soon.
The focus will now turn to accelerating talks on several other key sectors ahead of a scheduled review of the USMCA next year, Carney said.
Fibre2Fashion News Desk (DS)
The package establishes a modern framework for both sides, enabling frictionless access to a market of 460 million consumers in key sectors, delivering economic benefits to both parties.
European Commission President Ursula von der Leyen and Swiss President Guy Parmelin yesterday signed a broad package of agreements aimed at deepening and expanding EU-Switzerland ties.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides of the border.
Additionally, it will ensure more consistent rules for individuals who live, work or study across the EU-Swiss border. Switzerland will contribute to the development of legislation in the areas covered by the package and will have the opportunity to influence these rules as they are being designed.
“By modernising and deepening our ties across key sectors, from trade and transport to health and energy—we are strengthening legal certainty, fostering innovation and creating new opportunities for our citizens and businesses,” von der Leyen said in a release from the Commission.
The package includes updates to four already existing agreements, which already give Switzerland access to the EU internal market, regarding air transport, land transport, the free movement of persons and mutual recognition of conformity assessment.
New agreements on food safety, electricity, health and Switzerland’s participation in the EU Agency for the Space Programme were signed. A new agreement introduced a permanent and fair financial contribution by Switzerland to economic and social cohesion within the EU.
Apart from a protocol on parliamentary cooperation, the package includes also a joint declaration on the establishment of a high-level dialogue on the broad bilateral package.
Fibre2Fashion News Desk (DS)
Following earlier increases in purified terephthalic acid (PTA), melt and PSF, Indian producers have now raised PFY prices. POY, FDY and PTY prices have been increased by ****;* per kg across all deniers and lustres with effect from March *, reflecting rapid cost pass-through amid heightened volatility in crude-linked value chains, according to the market sources.
In the previous weekly revision effective February **, ****, PTA was increased by ****;*.** per kg to ****;**.** per kg, while monoethylene glycol (MEG) was retained at ****;**.** per kg. Polyester melt prices were raised by ****;*.** per kg to ****;**.** per kg. Downstream PSF prices were also revised upward by ****;*.** per kg from March *.
European Commission, Switzerland sign broad package of agreements
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