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U.S.-Canada trade tensions persist as Trump's tariffs drive up costs, threaten investment and complicate negotiations between the two countries. View More
Canada's ambassador to the U.S., Mark Wiseman, speaks at the B20 summit in Washington, Nov. 11, 2026.Source: U.S. Chamber of Commerce / B20 Summit livestreamCanada's ambassador to the U.S. warned Wednesday that President Donald Trump's tariffs are driving up investment costs and discouraging business expansion, as new Federal Reserve research points to more price hikes for American consumers next year."Uncertainty increases your cost of capital," Ambassador Mark Wiseman said at the B20 summit, a gathering of global business leaders in Washington hosted by the U.S. Chamber of Commerce."If you're going to build a new plant, add a new ship, spend money on R&D, the more certainty you have, the more likely you're going to do that," said Wiseman, a former BlackRock executive who became Canada's ambassador in February.His warning comes as Washington and Ottawa struggle to resolve a tariff quarrel affecting one of the U.S.'s largest trading relationships. The two countries exchanged roughly $570 billion in goods during the first nine months of 2026, according to U.S. Census Bureau data. That's an increase from the same period in 2025, the first year of Trump's second term, but lower than the comparable nine months during the previous three years, when Joe Biden was president.U.S. customs duties calculated on imports from Canada reached $10 billion in 2025, compared with $400 million in 2024, according to the Congressional Research Service.An October study by New York Fed researchers found that nearly 90% of tariff costs were passed on to U.S. importers, with about a quarter of tariff increases eventually reaching consumer goods prices and further price pressures expected in 2027. The findings come as Labor Department data showed consumer prices rose a higher-than-expected 0.4% in October, adding to inflation concerns after Republicans' sweeping midterm losses.Trump has defended his tariffs as necessary to protect U.S. manufacturers and workers, accusing Canada of discriminatory trade practices that disadvantage U.S. exporters. The two governments have resumed negotiations after talks collapsed in August, with discussions focused on reducing tariffs on Canadian steel and automobiles. Trump has imposed duties of up to 50% on certain Canadian products, prompting retaliatory measures targeting billions of dollars in U.S. exports.Wiseman called for the removal of tariffs imposed under Sections 232 and 338 of U.S. trade law, saying a resolution would help businesses make long-term investment decisions."The sooner, the better," he said.The political stakes have shifted following the midterms, with Democrats preparing to challenge Trump's tariffs when they take control of Congress in January. Still, Canadian Prime Minister Mark Carney said Tuesday that the Trump administration remains Canada's principal negotiating partner."We've had comprehensive free trade with the United States since 1988," Wiseman said, describing Canada's objective as returning "as close as we can to free trade" while creating the certainty businesses need.European ambassadors echoed those concerns at the B20 summit. Germany's ambassador to the U.S., Jens Hanefeld, said businesses could adapt to tariffs but struggled with an "ever-changing regulatory environment" that forced companies to spend more on lawyers to navigate shifting trade rules.Speaking on the same panel, France's ambassador, Aurélien Lechevallier, urged greater cooperation on AI and energy rather than continued trade disputes. "We've spent, I think, a lot of time the last years working and dealing with regulations, tariffs," he said. "Businesses are eager to do more business." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The Trump administration had established some form of equity position in 41 companies as of November, according to the CATO Institute's tally. View More
In this articleNPSA-FFFollow your favorite stocksCREATE FREE ACCOUNT With Republicans in charge of the White House and Congress, President Donald Trump has embedded the federal government in private sector companies' affairs in unprecedented ways. That could change once Trump's Democratic adversaries take over the House and Senate following the blue wave midterm.Democrats, planning to root out alleged corruption involving Trump, his family and their business associates, have signaled they will closely scrutinize companies that have curried the president's favor. Their investigations may extend to Intel and the dozens of other companies that have clinched equity stakes with the government during Trump's second term. Democratic lawmakers in July asked law firm Skadden Arps for details about its involvement in the Intel deal.The dynamic could affect how Trump approaches relationships with private sector companies, after spending two years involving the government in their affairs through stock agreements or, in the case of U.S. Steel, acquiring a "golden share" when the company was acquired by Nippon Steel.Read more CNBC politics and policy coverageTrump's successors already fighting over who to blame for GOP midterm wipeoutChina panel chair demands answers on Huang's alleged affair with a Chinese spyPete Hegseth decries impeachment push, defends Iran war handlingThe golden share, which allows a holder to outvote other shareholders, was negotiated as part of the June 2025 deal. The highly unusual arrangement gives Trump veto power over several key areas of the steelmaker's business, including those related to employee salaries, capital investment and even the company name. In a unique twist, the company's amended charter specifies that after Trump leaves office, the veto power passes not to his successor, but to the Treasury and Commerce departments as representatives of the U.S. government.U.S. Steel CEO David Burritt said Wednesday that the government's representative on its board, Commerce Department official David Shapiro, typically abstains from voting but has access to company discussions."He gets to hear everything we're doing," Burritt told CNBC's Megan Cassella at the U.S. Chamber of Commerce's B20 summit in Washington, adding that the arrangement has not constrained the company's operations."The government has not stepped in and said 'you can't do this or can't do that,' but we know what the rules are," Burritt said.President Donald Trump speaks in the James S. Brady Press Briefing Room of the White House on Nov. 9, 2026 in Washington, D.C.Chip Somodevilla | Getty ImagesThe U.S. Steel intervention turned out to be just the beginning of the U.S. government taking stakes in companies, a highly unusual move stateside. A month after acquiring the golden share, the Trump administration agreed to a $400 million stock deal with rare earths company MP Materials. The month after that, Trump announced the U.S. would take a 10% stake in chipmaker Intel.By January, one year into Trump's second term as president, the administration had established some form of equity position in 14 companies, according to the CATO Institute's tracker. That number skyrocketed to 41 by November, including nine such announcements in May alone, the tracker shows. The holdings include both publicly traded and privately held companies, and CATO tracks deals that are closed as well as others that have been made public but are still being negotiated.Following Republicans' decisive defeat in the Nov. 3 midterm election, the federal government has not revealed any new stock positions. But Trump, entering lame-duck status and on the verge of losing political power over Congress, could keep trying to steer his government to forge more equity deals with companies, said Indiana University associate professor Sarah Bauerle Danzman, who researches the intersection of national security and investment policy."He might feel he has less to lose," Bauerle Danzman, who is also a senior fellow at the Atlantic Council, told CNBC.White House spokesman Matthew Middleton told CNBC in a statement, "Through voluntary equity investments in willing companies, the Trump Administration has partnered with the private sector to rebuild America's industrial base and bring critical production back home.""Moving forward, the President is willing to work with anyone to advance solutions that strengthen our economy and put more money back in the pockets of American workers," Middleton said.But Trump's so-far unimpeded efforts may face sudden resistance once Democrats take majority control of the House and Senate in January.Democratic lawmakers are openly gearing up to score wins against Trump and his associates as they vow to crack down on alleged rampant government corruption. Those probes are expected to center on tech giants like Apple, Meta Platforms and Elon Musk's companies, whose executives have spent millions cozying up to the administration. Democrats are also poised to dig into potential conflicts related to the bevy of critical minerals deals Trump has struck. Lawmakers of both parties are also looking at Nvidia CEO Jensen Huang, the close Trump ally engulfed in scandal after admitting an extramarital affair with a suspected Chinese spy.The administration's equity interventions could become a target in that mission, said Bauerle Danzman, predicting that Democrats might seek to boost oversight efforts even if they don't try to cancel the existing stock arrangements.The next Congress could try to ensure the government is taking stakes that are "forwarding genuine national security priorities" and that do not provide "special favors to political and family connections," she said."The story there is more about kind of tying these issues to ones of accountability and anti-corruption, as opposed to necessarily cost," Bauerle Danzman said.David Burritt, president and CEO of United States Steel Corporation speaks during CNBC's Invest In America Forum in Washington, D.C. on April 15, 2026.CNBCAsked whether U.S. Steel was preparing for potential congressional investigations after Democrats take control, Burritt said he was unaware of any investigation but would cooperate if one materialized."I am not aware that they're investigating, but if they are, we're happy to work with them," Burritt said. "It's not a big deal for us because we know we did the right thing."It's not clear how strongly Republicans would try to defend Trump's golden share or his government's equity stakes should they become a Democratic target. Conservatives traditionally espouse free markets and denounce excessive government meddling in the private sector. Republicans, including Trump, spent much of the midterm campaign warning that Democrats aim to destroy the U.S. capitalist system and impose economy-killing big government socialism.Some Republicans have criticized the Trump administration's corporate interventions, but the moves have received little pushback from the president's party overall.But in the wake of a crushing electoral defeat, some Republicans "might feel emboldened and actually join with the Democrats" in trying to clamp down on Trump, Bauerle Danzman said.Burritt, despite embracing the government's involvement in U.S. Steel, said corporate leaders should retain responsibility for running their businesses."We need to keep accountability at the right place. We need to keep it with, with the leaders of companies and with the companies individually," he said. "We need to be capitalists." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Traders report difficulties executing limit orders amid BSE F&O price update issues; NCDEX introduces steel scrap futures to help manufacturers and traders hedge price risks View More
The launch addresses the need for a credible market-linked benchmark and an organised hedging mechanism in the steel scrap segment View More
Raana will supply 12-inch Czochralski systems for Swelect’s planned 1GW ingot facility, supporting the development of an indigenous supply chain for silicon ingots and wafers. View More
JSW Steel reported a 19% increase in crude steel production, reaching 25.73 lakh tonnes in October. The Indian operations contributed the majority of this production, totaling 24.86 lakh tonnes for the month. Additionally, JSW Steel USA-Ohio recorded a modest increase in steel output, totaling 0.87 lakh tonnes. View More
New Delhi: JSW Steel on Wednesday said its consolidated crude steel production increased by 19 per cent to 25.73 lakh tonnes (LT) in October. The company's crude steel output was 21.68 LT in the year-ago period. The production from the company's Indian operations rose 19 per cent to 24.86 lakh tonnes during the month, as against 20.85 lakh tonnes in the year-ago period, JSW Steel said in a regulatory filing. JSW Steel USA-Ohio produced 0.87 lakh tonnes in October, up 5 per cent from 0.83 lakh tonnes in the year-ago period. "The capacity utilisation for Indian operations for the month of October 2026 was at 92 per cent," the filing said. Live Events JSW Steel is the flagship business of the diversified, 55 billion-dollar JSW Group . As one of India's leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital. Over the last three decades, JSW Steel has grown from a single manufacturing unit to become India's leading integrated steel company with combined crude steel capacity of 37.9 million tonnes per annum (MTPA), including 4.5 MTPA through the JSW JFE Steel JV . Its next phase of growth will take combined capacity to 54.8 MTPA over the next four years. The company's plant in Vijayanagar, Karnataka, is the largest single-location steel-producing facility in India with a current capacity of 19.5 MTPA, and is being expanded to 25 MTPA by FY30, which would make it the world's largest steel plant. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The overseas businesses were subdued as lower sales volumes offset the benefit of 33% and 16% y-o-y growth in realizations in the UK and the Netherlands, respectively. View More
“Iran militarily is effectively over,” Trump said, citing the destruction of its navy and surging inflation that he said has hollowed out Tehran's economy. View More
In this article@LCO.1@CL.1Follow your favorite stocksCREATE FREE ACCOUNT U.S. President Donald Trump speaks in the James S. Brady Press Briefing Room of the White House on Nov. 9, 2026 in Washington, DC. Chip Somodevilla | Getty ImagesU.S. President Donald Trump said on Monday that the war with Iran could end "fairly soon," adding that Tehran was "talking very politely" with Washington.Trump told reporters in the White House Monday, after a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, that "We're seeing momentum toward the end of this conflict. I think it's going to be ending fairly soon.""Iran militarily is effectively over," Trump said, citing the destruction of its navy and surging inflation that he said has hollowed out its economy.Qatar, Saudi Arabia, UAE, Bahrain, Kuwait would "prefer the status quo" which involves maintaining the naval blockade against Iran and "Operation Iron Gate" â a task force announced on Saturday aimed at preventing Iran from using ground routes to transport advanced weapons and other materials â Trump said in a Truth Social post.He reiterated that Iran would not be allowed to have a nuclear weapon and kept the door open for potentially resuming strikes should circumstances change. "America is 'docked and loaded' and ready to go," he said, though caveating that new strikes were "quite unlikely." The conflict, now in its ninth month, has driven a surge in fuel prices, hitting nearly every sector of the global economy. The U.S. had reportedly planned for a potential increase in naval forces in the Middle East in the run-up to the midterm elections, with Trump hinting at escalating the conflict after the results. The administration has since toned down the war rhetoric after bruising midterm election results that saw Republicans lose both chambers of Congress as voters expressed frustration with soaring living costs stemming from the war. watch nowVIDEO3:4503:45Crude oil can hit $150 per barrel if conflict escalates, but a collapse is aheadSquawk Box AsiaA diplomat briefed on the Qatar meeting told Axios that Trump told Al Thani that he wanted a deal and would give talks a chance, but could reverse course if Iran does not take the negotiations seriously. Iran has put forward a two-day proposal to the U.S. via Qatari mediators, Reuters reported, citing a senior Iranian official, demanding lifting of the sanctions imposed on Tehran and a new shipping route in the Strait of Hormuz. Washington was reviewing the proposal, according to the report. Iranian officials have disputed that talks with Washington were underway. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, reportedly said that Washington should stop "manufacturing fake news about imaginary talks." Oil prices edged lower on Tuesday on the prospect of de-escalation, extending losses from the previous day. U.S. West Texas Intermediate dropped over 1% to $85.8 per barrel, after sliding more than 4% in the prior session. Brent futures dropped more than 1% to $91.56 a barrel, hovering near 10-week low levels. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Trump called C-SPAN's new primetime show unannounced after a surprise White House briefing-room and ballroom appearances. View More
Dana White, president of Ultimate Fighting Championship (UFC), left, and US President Donald Trump during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, US, on Monday, Nov. 9, 2026. Trump said the FBI is looking into Nvidia Corp. Chief Executive Officer Jensen Huang's affair with a woman who is reportedly suspected to have been a Chinese intelligence officer. Photographer: Tierney L. Cross/The Washington Post/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty ImagesPresident Donald Trump made an unexpected call into C-SPAN's evening broadcast Monday, extending a series of surprise appearances after Republicans' midterm election defeat."It looks like we've got a call from the White House," host Mimi Geerges told viewers as Trump joined the debut of "Washington Journal Primetime."Trump congratulated Geerges on the launch before taking questions on immigration, Defense Secretary Pete Hegseth and the Iran war.Asked what he watches on C-SPAN, Trump said he follows viewer call-ins to gauge public sentiment."I like to watch the call-ins because it gives me a little of an indication of where we are," he said.The unannounced, eight-minute call followed another unexpected appearance earlier Monday, when Trump entered the White House briefing room alongside UFC CEO Dana White. Reporters were summoned so quickly that aides did not have time to attach the presidential seal to the podium, according to Reuters.It was Trump's first briefing room appearance in 198 days, according to a White House pool report. With the press secretary post vacant, Trump joked about offering White the job, to which the UFC chief declined.Trump said he had been having "a very bad press day," as he floated White as his next press secretary.Last Wednesday, a day after Republicans suffered substantial midterm losses, Trump also abruptly invited reporters to the construction site of his White House ballroom for his first public event since the election.Trump spent more than 20 minutes discussing White House construction and renovation projects, including the ballroom's Corinthian columns, marble flooring and the helipad, before turning to the election results during questions from reporters.US President Donald Trump looks at a steel beam he signed as he speaks at the construction site of the East Wing ballroom at the White House in Washington, DC, on November 4, 2026. Mandel Ngan | Afp | Getty ImagesWhen asked whether he regretted how his campaign had ended, Trump distanced himself from the Republican losses."If I were on the ballot, we would have won," he said.Democrats won control of both the House and Senate in the Nov. 3 elections, dealing Trump a major political setback and setting up a divided government when the new Congress takes office in January.Trump has long favored direct telephone contact with the media, including live calls to Fox News programs such as "Fox & Friends" during his first term.CBS News previously reported that Trump personally arranged one such television appearance, while The Associated Press has documented his habit of contacting journalists directly by cellphone to pitch stories and react to live coverage.â CNBC's Daniel Mangan contributed to this story. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.