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trade war, large deficits and reciprocal tariff

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Trump’s plan will impose a “baseline” 10% tariff on virtually all goods imported into the US, effective April 5.
From The Conversation
Canada's merchandise trade has picked up momentum since November as the threat of tariffs from the U.S. President Donald Trump became more real.
From Reuters

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US trade imbalance with China: What is a trade deficit vs trade surplus? Why it matters
US has highest trade deficit in the world. Who has highest trade surplus? Here's what trade imbalance and reciprocal tariffs mean and why it matters
No, that’s not what a trade deficit means – and that’s not how you calculate other nations’ tariffs
To calculate its ‘reciprocal tariffs’, the Trump administration has opted for a crude formula with no basis in trade theory. We are all going to pay the price.
Tariffs Could Hurt One of the Few U.S. Sectors That Has Helped Reduce the Trade Deficit
One of the unintended consequences of President Trump’s sweeping reciprocal tariffs is that they could end up hurting exports of crude oil and other petroleum products—one of the few trades where
Canada posts surprise trade deficit in February, exports still near record level
Canada unexpectedly swung into a trade deficit in February but both exports and imports stayed at near record levels, data showed on Thursday, as businesses kept building up inventories to offset some impacts of impending tariffs.
US Trade Gap Shrinks on Export Boost as Imports Stay Elevated
The US trade deficit shrank in February from a record at the start of the year as stronger exports blunted the impact of a rush to secure goods and materials before the Trump administration’s sweeping tariffs.
Canada posts trade deficit of $1.52 billion in February
Canada posted a trade deficit of C$1.52 billion ($1.08 billion) in February, as exports fell and imports grew slightly, Statistics Canada said on Thursday.

UK pins hopes on US trade talks

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China showed that it has no intention of backing down in the trade war that Mr. Trump began this week with his own steep tariffs on imports from around the world.
From The New York Times
Trump announced the steepest American tariffs in more than a century, with a 10% tariff on all exporters to the US and even higher duties on some 60 nations.
From Bloomberg L.P.
The UK has spent weeks working on a trade deal with the US to avoid the full impact of the level of tariffs introduced on countries such as Canada and China.
From BBC

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Trump’s Trade War Escalates as China Retaliates With 34% Tariffs
The Chinese government said it would match President Trump’s tariff, and also barred a group of American companies from doing business in China.
UK Says Trump’s 10% Tariffs Can Be Reduced in US Trade Deal
UK Trade Secretary Jonathan Reynolds expressed confidence in reducing the new 10% tariff imposed on the country’s exports by Donald Trump, putting pressure on British officials locked in talks with the White House over a deal to bring the two economies closer.
UK pins hopes on US trade talks after Trump tariff blitz
Britain said it believed a trade deal with the United States was close as it sought to soften the impact of U.S. President Donald Trump's sweeping tariffs which threaten an escalating global trade war that would hurt its open economy.
Trump Announces Sweeping New Tariffs. What’s Next
Trump imposed the steepest US tariffs in more than a century, stepping up his campaign to reshape global trade.
Trump's tariffs stoke global trade war as China, EU vow response
President Donald Trump's move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.
Trump tariffs tip world into trade war abyss
Donald Trump is pushing the global economic order to the breaking point. Unveiling new tariffs on Wednesday, the president said that he was being “kind” by only raising levies to half the level that his administration reckons peers place on U.
US tariffs will clearly have economic impact - PM
Donald Trump's tariffs will "clearly" have an economic impact on the UK and globally, Prime Minister Sir Keir Starmer has told business leaders in Downing Street. On Wednesday, the US president announced taxes on goods coming into his country including 10% on all UK imports and 20% on those from the European Union.
Big Take: Trump’s Reciprocal Tariffs and What’s Next
Trump announced the steepest American tariffs in more than a century, with a 10% tariff on all exporters to the US and even higher duties on some 60 nations. China now faces a tariff well above 50% on many goods.
UK PM Starmer warns against a trade war amid Trump's tariffs
Canada tensions may impact league What happens on Trump's 'Liberation Day'? Who are the main challengers in Gabon's post-coup election?
What Exactly Is a Trade Deficit?
President Donald Trump cites trade deficits as a justification for tariffs, but what does he mean? A trade deficit is the difference between how much Americans are buying from another country and how much the people in that country are buying from the U.
The U.S. Has the Biggest Trade Deficit With These Countries
The U.S. imported $918 billion more goods and services in 2024 than it imported, a 59% increase since 2019 when the trade deficit was $576 billion. The biggest trade imbalance is with China, which exp
Canada posts surprise trade deficit in February
Canada unexpectedly swung into a trade deficit in February but both exports and imports stayed at near record levels, data showed on Thursday, as businesses built inventories in the United States to try to limit the impact of tariffs.
France Will Let Deficit Goal Slip If Trade War Hurts Economy
France ruled out further spending cuts to meet its deficit reduction target if a trade war hammers the economy, casting doubt over efforts to repair the country’s creaking public finances.In a scenario where gross domestic product and revenues are lower than expected,
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Canada Swings to Goods-Trade Deficit; Surplus With U.S. Narrows
The value of exports in February dropped 5.5% compared with January to C$70.11 billion, including a 3.6% fall in shipments to the U.S.
France open to letting deficit slip if trade war flares
Finance Minister Eric Lombard opened the door on Friday to letting France's budget deficit reduction target slip this year, ruling out extra spending cuts and tax increases to offset a potential shortfall in growth because of a trade war.
Canada Trade Balance Turns to Deficit as Threats Grow
Canada’s exports to its biggest customer, the US, as well as other countries plunged in February, as threats and implementation of the Trump administration’s tariffs started to redraw global trading flows.
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