Source: Government of Canada News
Members of the media are invited to a transit announcement with the Honourable Nathaniel Erskine-Smith, the Minister of Housing, Infrastructure and Communities and the Honourable Bardish Chagger, Member of Parliament for Waterloo, alongside Karen Redman, Regional Chair, Region of Waterloo.
Source: Government of Canada News
Members of the media are invited to a transit announcement with the Honourable Nathaniel Erskine-Smith, the Minister of Housing, Infrastructure and Communities, Lisa Hepfner, Member of Parliament for Hamilton Mountain, Chad Collins, Member of Parliament for Hamilton East—Stoney Creek, alongside Her Worship Andrea Horwath, Mayor of the City of Hamilton.
Source: Government of Canada News
Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, and the Honourable Mélanie Joly, Minister of Foreign Affairs, announced that the Government of Canada is moving forward with 25 per cent tariffs on $155 billion worth of goods in response to the unjustified and unreasonable tariffs imposed by the United States (U.S.) on Canadian goods.
Source: Government of Canada News
We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America and the High Representative of the European Union, strongly condemn the Rwanda-backed M23 offensive in the eastern Democratic Republic of the Congo, and in particular, the capture of Minova, Saké and Goma.
Source: Government of Canada News
Yesterday, at the Committee on Internal Trade (CIT) meeting, the Honourable Anita Anand, Minister of Transport and Internal Trade, and her provincial and territorial counterparts discussed bold, transformative actions to eliminate regulatory barriers to internal trade, encourage free movement of labour and further standardize regulations across Canada.
Source: Government of Canada News
This year marks 30 years since the House of Commons officially recognized February as Black History Month in Canada. Throughout the month of February and all-year round, I am honoured to recognize and celebrate the history, culture, and contributions of Black Canadians, including Black Defence Team members.
Source: Government of Canada News
The CRTC is committing over $14 million to CityWest Cable and Telephone Corp. to build approximately 250 kilometres of new transport fibre infrastructure. This project will connect the communities of Jade City and Good Hope Lake (Dease River) in British Columbia and Upper Liard in the Yukon to high-speed Internet.
Source: Government of Canada News
The Honourable Ya’ara Saks, Federal Minister of Mental Health and Addictions and Associate Minister of Health, and the Honourable Brian Comer, Nova Scotia’s Minister of Addictions and Mental Health, will make an announcement to improve community mental health supports in Nova Scotia.
Source: Hong Kong Government special administrative region
CFS urges public not to feed infants with several kinds of prepackaged baby food imported from US
CFS urges public not to feed infants with several kinds of prepackaged baby food imported from US
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The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (February 3) urged the public not to feed infants with several kinds of prepackaged baby food imported from the United States (US), as the products may pose a choking hazard. The trade should stop using or selling the affected products immediately if they possess any of them. Details of the products are as follows:Product name:(1) Gerber Soothe ‘N’ Chew Teething Sticks – Strawberry Apple (Net weight: 90 grams per pack)(2) Gerber Soothe ‘N’ Chew Teething Sticks – Banana (Net weight: 90g per pack)(3) Gerber Soothe ‘N’ Chew Teething Sticks – Banana (Net weight: 45g per pack)Brand: GerberPlace of origin: USBatch: all lotsImporter: Nestle Hong Kong Limited A spokesman for the CFS said, “The CFS noted notices issued by the Food and Drug Administration of the US and the Canadian authorities respectively that the above-mentioned products are under recall as they possess a choking hazard. The CFS confirmed that the above-mentioned importer has imported the products concerned into Hong Kong.” The importer has stopped selling and removed from shelves the affected products and initiated a voluntary recall. Members of the public may call the hotline of the importer at 2179 8333 during office hours for enquiries about the recall of the products concerned. The CFS has alerted the trade to the incident, and will continue to follow up and take appropriate action. The investigation is ongoing.
Ends/Monday, February 3, 2025Issued at HKT 16:02
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Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) is warning against the website finance-ig.com. According to the supervisory authority, financial and investment services as well as crypto-asset services are offered there without authorisation.
The website operator provides alleged business addresses in Rotherham, United Kingdom, and Toronto, Canada. He claims to be registered in Canada. The identical website financeig.proxy56.com can also be found on the internet. The content, structure and wording of both websites largely correspond to the website fintechmarket-consulting.com, which BaFin warned against as early as 6 November 2023.
Anyone offering banking transactions or financial and investment services or crypto-value services in Germany requires the permission of BaFin. However, some companies offer such services without having the necessary permission. Information on whether a particular company is authorised by BaFin can be found in the company database.
The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KWAG).’
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Feb. 01, 2025 (GLOBE NEWSWIRE) — As the price of Bitcoin surpassed the $100,000 mark and many analysts believe that it will enter a long-term high-volatility market. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.
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Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba4465dd-d4e3-4374-8385-806fd259e6e3
https://www.globenewswire.com/NewsRoom/AttachmentNg/82e163a9-5f5b-4738-9c9e-8085324358fb
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3872672-3b1c-489b-8492-34196f339656
https://www.globenewswire.com/NewsRoom/AttachmentNg/941d5ac9-9048-4b49-b919-4b4f5922bbf8
Source: GlobeNewswire (MIL-OSI)
HOUSTON, Feb. 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) is pleased to announce a significant milestone in its Côte d’Ivoire Floating Production Storage and Offloading vessel (“FPSO”) Dry Dock Refurbishment Project.
In alignment with the project timeline, the FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources International (“CNRI”), ceased hydrocarbon production as scheduled on January 31, 2025. The final lifting of crude oil from the vessel is set to take place on or around February 6, 2025.
The project team has commenced mobilization efforts, deploying the necessary workforce support vessels and equipment to facilitate the safe disconnection of the FPSO. The vessel is planned to be wet towed to the shipyards in Dubai for refurbishment upon departure from the field on March 24, 2025.
“We are pleased with the progress of this critical project and remain committed to ensuring a smooth and efficient transition for the FPSO disconnection and refurbishment which we expect, when complete, will allow production to continue until at least 2038, subject to the final regulatory approvals on the license extension and further investment,” said George Maxwell, Vaalco’s Chief Executive Officer. “This milestone represents another step forward in delivering on our strategic objectives while maintaining the highest standards of safety and operational excellence. We have already been paid back 1.8x1 our initial net investment in Côte d’Ivoire in the eight months since closing and the performance of the asset has tracked well ahead of our expectations at the time of the acquisition.”
Vaalco will provide further updates as the project progresses.
About Vaalco
Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.
For Further Information
| Vaalco Energy, Inc. (General and Investor Enquiries) | +00 1 713 543 3422 |
| Website: | www.vaalco.com |
| Al Petrie Advisors (US Investor Relations) | +00 1 713 543 3422 |
| Al Petrie / Chris Delange | |
| Buchanan (UK Financial PR) | +44 (0) 207 466 5000 |
| Ben Romney / Barry Archer | Vaalco@buchanan.uk.com |
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future balance sheet strength; and (vi) expectations of future equity and enterprise value.
Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2023 Annual Report on Form 10-K filed with the SEC on March 15, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.
Inside Information
This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.
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1 Payback of 1.8x is based on unaudited operational cash flow for the Côte d’Ivoire assets compared to the acquisition price of $40.2MM as of 31st December 2024.
Source: United States House of Representatives – Congresswoman Jan Schakowsky (9th District of Illinois)
Full Text of Bill (PDF)
WASHINGTON – Rep. Jan Schakowsky (IL-09), Rep. Ilhan Omar (MN-05), and Sen. Cory Booker (D-NJ) have reintroduced the Combating International Islamophobia Act, legislation to address the rise in Islamophobic incidents worldwide. The bill requires the State Department to create a Special Envoy for Monitoring and Combating Islamophobia and develop a comprehensive strategy for establishing U.S. leadership in confronting anti-Muslim bigotry across the globe.
From the violent atrocities against the Uyghurs in China and the Rohingya in Burma to the crackdowns on Muslim communities in India and Sri Lanka, the scapegoating of Muslim refugees in Hungary and Poland, and the rise of white supremacist violence targeting Muslims in New Zealand and Canada, Islamophobia remains a global crisis. Minority Muslim communities in Muslim-majority countries, including Pakistan, Bahrain, and Iran, also continue to face systemic oppression and persecution.
Here in the United States, incidents of Islamophobic hate crimes and discrimination have surged. Mosques have been vandalized, Muslims have been harassed in public spaces, and anti-Muslim rhetoric continues to be normalized in political discourse. The urgent need for federal action to combat this growing threat cannot be overstated.
“Anti-Muslim bigotry is on the rise in the U.S., and around the world, and we have a duty to stop it once and for all,” said Congresswoman Jan Schakowsky. “I’m joining my colleagues, Congresswoman Ilhan Omar and Senator Cory Booker, in reintroducing the Combating International Islamophobia Act. This critical legislation will create a Special Envoy for Monitoring and Combating Islamophobia and will ensure the United States has the resources necessary to safeguard human rights and religious and cultural freedom around the world. I hope all our colleagues join us in standing together against Islamophobia. We must promote peace and acceptance for all.”
“Islamophobia is not just a problem overseas—it is on the rise here at home. From the desecration of mosques to the violent attacks on Muslim Americans, we are witnessing a dangerous resurgence of anti-Muslim bigotry in our communities,” said Congresswoman Ilhan Omar. “We cannot turn a blind eye while Muslim communities face targeted violence and systemic discrimination worldwide. That is why I am proud to reintroduce the Combating International Islamophobia Act alongside Senator Booker and Representative Schakowsky. The United States must take a stand and lead in the fight against this global crisis.”
“Religious freedom is one of our nation’s most foundational values, and no one should ever have to live in fear of discrimination or violence for practicing their faith,” said Senator Cory Booker. “Islamophobic attacks and rhetoric are on the rise in the United States and around the world, and this legislation would establish a Special Envoy at the State Department to monitor and combat Islamophobia in all its forms. We must dedicate resources to protecting people’s fundamental right to practice their faith and put an end to bigotry.”
During the 117th Congress, this bill was successfully passed in the House, marking a historic step forward in the fight against anti-Muslim hate.
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Source: United States House of Representatives – Congressman Chris Pappas (D-NH)
The New Hampshire delegation is sending a letter to President Donald Trump urging him not to impose 25 percent tariffs on Canada, the Granite State’s largest trading partner, and Mexico. Sweeping tariffs would dramatically increase costs for families in New Hampshire and around the nation. Home heating oil is New Hampshire’s largest import from Canada, and these tariffs are estimated to drive up energy prices for families in the middle of winter. It would also increase costs for essential items like groceries, housing, cars, and more. Click here to read the full letter.
In part, the delegation wrote: “During your campaign, you promised to ‘bring down the price of everything.’ Despite that promise, sweeping tariffs would be a tax on Americans that raises the cost of everything from cars and gas to housing and groceries. Tariff costs would be passed on to our consumers and businesses through higher costs for goods and services.”
They continued: “For the more than 350,000 households in New Hampshire who rely on heating oil, propane and wood to keep their homes warm and comfortable, adding these costs would be particularly cruel in the middle of a winter that has seen recent temperatures reach 20 below zero. Home heating oil is New Hampshire’s largest import from Canada, not because we don’t produce enough in the United States, but because it makes logistical and economic sense. The National Energy & Fuels Institute (NEFI), which represents wholesale and retail liquid heating fuel distributors throughout the Northeast, estimates that tariffs could increase heating costs by at least $375 per winter for a home in New Hampshire.”
They concluded: “These taxes would raise families’ grocery bills, too. The type of broad tariffs you’ve proposed could raise food costs by $200 per year for the average household. That’s because the U.S. imports 38 percent of our fresh vegetables, 60 percent of our fresh fruit, and more than 99 percent of our coffee. This is the last thing families need when they’re already struggling with record high prices for eggs or coffee […] We urge you to focus on bringing down prices and reconsider the wisdom of placing sweeping tariffs on imports that would raise prices for our constituents.”
After the November election, a multitude of business leaders verified that, if the President placed sweeping tariffs as promised, they’d be forced to raise prices on consumers. The CEO of Best Buy said, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.” The CFO of Walmart said, “there will probably be cases where prices will go up for consumers.” The CEO of Columbia Sportswear said, “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.” The CEO of AutoZone said, “if we get tariffs, we will pass those tariff costs back to the consumer.” The President of a Texas-based Lipow Oil Associates said, “The prices at the pump are going to go up.”
Source: United States House of Representatives – Congressman Brendan Boyle (13th District of Pennsylvania)
Philadelphia, PA – Congressman Brendan F. Boyle (PA-02), Ranking Member of the House Budget Committee and Member of the House Ways and Means Committee, released the following statement after the White House announced that the Administration will impose a 25 percent tariff on Canada and Mexico starting tomorrow:
“Donald Trump and his Republican allies love to claim they’re fighting for the American worker, but their actions tell a different story. Slapping a reckless 25% tariff on Canada and Mexico won’t protect American jobs—it will drive up costs and make life more expensive for middle-class families.
These tariffs mean higher prices for everyday essentials. Families will pay more for fruits, vegetables, dairy, and meat. Manufacturers will face rising costs for parts and materials, putting good-paying American jobs at risk.
Let’s be clear: tariffs are taxes. Trump’s policies will squeeze farmers, workers, and small businesses while the wealthiest corporations and billionaires continue to cash in on massive tax breaks.
I stand with American workers, not phony populists who talk tough but sell them out at every turn. Democrats will keep fighting for real trade policies that protect jobs, keep prices fair, and strengthen our economy—without forcing the middle class to pay the price.”
Source: United States House of Representatives – Congressman Jared Golden (ME-02)
WASHINGTON — Congressman Jared Golden (ME-02) released the following statement regarding President Trump’s imposition of new tariffs on Canada, Mexico and China:
“President Trump campaigned on tariffs as a tool to level the playing field between American workers and industries and our foreign competitors,” Golden said. “I don’t agree with Trump on everything, but he’s right that the old deal stinks, and we need a new one.”
“Tariffs push back against decades of free trade and globalization that prioritized low prices above all else. It was a race to the bottom that left America deep in trade debt and dependent on foreign nations and gutted our manufacturing sector, domestic supply chains, and entire middle-class communities.
“By privileging our own production and industries — something other countries already do — tariffs can help us rewire our economy for production, not just consumption. We can incentivize job creation and manufacturing while leveling the playing field and rebalancing our trade. These tariffs are also a leveraging tool to help crack down on the deadly flow of fentanyl into our country.
“Reversing the damage of decades of globalization will take time. In the meanwhile, every dollar raised in tariff revenue should be used to offset costs for Americans or invest in and protect American jobs and industries. Paired with increased energy production, support for unions, regulatory reform, and infrastructure investment, tariffs are one piece of the puzzle for building a strong, production-based economy that works for working families.”
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Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)
Bellevue, WA, February 1, 2025
Today, Representatives Suzan DelBene (WA-01) and Don Beyer (VA-08) released the following statement after President Trump imposed sweeping tariffs on some of our largest trading partners.
“President Trump just started a trade war that will raise prices on American families and invite retaliation against American businesses, workers, and farmers. This is a tax on everyday goods that will hit the pocketbooks of middle-class families at the grocery store, the gas station, and the pharmacy counter. Trump says this is a negotiating tactic, but everyday Americans and small businesses will suffer while he and his billionaire friends are insulated from the economic pain this will cause.
“This is a blatant abuse of executive power. No president should unilaterally be able to put in place these broad-based tariffs that will have far-reaching economic impacts in communities across the country – Red, Blue, and everything in between. Congress must reassert its authority by reining in this egregious misuse of the law.”
Background
Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)
Today, Congresswoman Rosa DeLauro released a statement in response to President Trump’s 25 percent tariffs on nearly all trade with Canada and Mexico:
“I am all for the smart use of tariffs — they are an important policy tool that Democrats and Republicans have used to defend critical domestic industries. I worked with President Trump in his first term to make our trade agreement with Canada and Mexico fairer for American workers, and I am ready to do so again.
“President Trump claims to be using these tariff threats to urge greater cooperation on addressing the flow of fentanyl into the U.S. If his goal is truly to stem the tide of fentanyl, there’s an action he can take that would make a difference: closing the de minimis loophole, which allows fentanyl into the U.S. through uninspected low-value shipments. He has the authority to do this today with the stroke of a pen.
“Instead of developing a comprehensive worker-centered trade policy that will bring jobs back to the U.S., President Trump is using the threat of across-the-board tariffs not on behalf of American workers and consumers but to advance his own extremist policy agenda.”
In January, DeLauro urged President Trump’s transition team to finalize efforts to close the de minimis loophole. You can read her letter here.
Source: United States House of Representatives – Congresswoman Gwen Moore (WI-04)
Trump’s Reckless Trade War Will Hurt American Families, Businesses, and Workers
While noticeably going softer on China, Trump’s tariffs hurt key allies and top trading partners Mexico and Canada
“Donald Trump has plunged our country into a dangerous trade war and the American people will bear the cost. Thanks to Trump, American businesses will be saddled with higher costs, which could lead to higher prices on goods Americans need. Prices will likely go up the grocery store, as people still feel squeezed at the checkout counter. The price of homes is expected to increase, as materials used to build homes become more expensive, which comes as homeownership remains unaffordable to many.
For millions of Americans still grappling with inflation, Trump’s tariffs will be a gut punch. History should inform us that another trade war could cause devastation again. The last time Trump picked a trade fight, Wisconsin dairy farms suffered the brunt, contributing to record-level family farm bankruptcies and billions in bailouts. Trump resorted to costly bailouts to cover for his failures and have left farmers weaker in the long term.
In his second term, Trump continues to use tariffs as a political scheme, this time against our top allies and trading partners. Tariffs can help American industries and support our workers if they are used deliberately and carefully, but Trump’s across the board tariffs are neither. As our allies impose retaliatory tariffs, the damage will get worse. Donald Trump hasn’t even been in office for a month, and he is already breaking his promise to lower the cost of living.”
Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)
Today, Congresswoman Rosa DeLauro (CT-03) released the following statement:
“I oppose President Trump launching a trade war with Canada and Mexico, who are already retaliating. It will be a blow to the middle class, working people, and the vulnerable.
“President Trump’s trade war on Canada and Mexico, which are part of the USMCA trade agreement, driven by his 25% tariff on nearly all imports from those countries, will drive up prices on all Americans. All three countries in the USMCA have, until now, acted based on the rules and norms set up by that agreement. It was President Trump who initially proposed the renegotiation of NAFTA into the USMCA, and I was among the Democrats who helped negotiate the agreement and secure wins on labor and other key provisions. The USMCA passed Congress with bipartisan support.
“I condemn President Trump launching a trade war that absolutely guarantees price increases on key products as well as retaliatory tariffs that will affect exporters across many states. We should expect price increases on a wide array of products, including gas, groceries, home construction materials, household appliances, and automobiles. These price increases are unacceptable at a time when Americans are already struggling with the high cost of living.
“I support the tariffs on China that serve America’s interests.”
Source: Panasonic
Headline: Notice of the Settlement of Patent Infringement Lawsuit with Magna International Inc.
Yokohama, Japan, February 3rd, 2025 – Panasonic Automotive Systems Co., Ltd. (Headquarters: Yokohama, Kanagawa, Japan; President: Masashi Nagayasu; hereinafter referred to as “PAS”) has entered into a patent cross-licensing agreement with Magna Electronics Inc. (Headquarters: USA) and Magna International Inc. (Headquarters: Canada) regarding in-vehicle products. This agreement allows both companies to mutually utilize certain of each other’s patented technologies, aiming to enhance technological innovation and market competitiveness.
In March 2021, Panasonic filed lawsuits in the U.S. Federal Court in Texas and the Munich District Court in Germany, claiming that products of Magna International Inc. infringed on our patents related to advanced driver assistance systems (ADAS) for automobiles. Magna filed counterclaims asserting certain patents against Panasonic. After continued discussions, we have agreed to settle by entering into a patent cross-licensing agreement for in-vehicle products and to withdraw all pending lawsuits. The terms of the agreement remain confidential between the parties.
We will continue to strive to enhance our corporate value through the protection and utilization of our intellectual property rights.
Masashige MIZUYAMA, our Executive Vice President (CTO, Intellectual Property), commented, “This agreement is an important step to further strengthen our technological capabilities and intellectual property accumulated by the PAS and Panasonic Group, enhancing our competitiveness in the global market. We will continue to provide more innovative products and meet our customers’ expectations.”
Source: China State Council Information Office
China will file a lawsuit with the World Trade Organization and take necessary countermeasures to safeguard its own rights and interests, the Ministry of Commerce said on Sunday after the United States announced it would impose a 10 percent additional tariff on goods from China.
The Ministry of Commerce said this move fails to solve the problems faced by the US, and undermines normal economic and trade cooperation between the two countries. An expert from a think tank in Beijing said the decision is expected to have a significant impact on US and Chinese industries.
“The unilateral imposition of tariffs by the US seriously violates the rules of the WTO. We urge the US to objectively and rationally view and handle its own fentanyl and other issues, rather than resorting to tariff threats against other countries,” the ministry said in a statement.
Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation, said a higher tariff on Chinese goods will likely result in higher costs of importing products from China, and this cost may be further amplified along the supply chain.
“For US manufacturers, when they import intermediate materials or products from China, the costs of those products will increase, and the price increase will be transmitted along the layers of the supply chain. US consumers could face price inflation on certain products of over 10 percent,” Zhou said.
He added that Chinese exporters could also face a significant challenge, as US importers may need to renegotiate with Chinese companies about specific prices and plans on additional costs.
The Foreign Ministry said in a statement on Sunday that China has expressed strong dissatisfaction and resolute opposition to the latest move, and will take necessary countermeasures to firmly safeguard its legitimate rights and interests.
There are no winners in trade disputes, and China’s stance is consistent and firm.
The US has levied a 10 percent tariff on Chinese imports under the pretext of the fentanyl issue.
The Foreign Ministry said fentanyl is a problem of the US, and China has been among the countries with the strictest and most thoroughly enforced narcotics control policies in the world. In a humanitarian spirit, China has provided support to the US in dealing with its fentanyl problem.
“China urges the US to correct its wrong practices, maintain the hard-won progress of China-US drug control cooperation, and promote stable, healthy and sustainable development of China-US relations,” the Foreign Ministry said in the statement.
The latest move comes after a year of robust foreign trade between US and China.
In December alone, US seaports handled an equivalent of 451,000 40-foot containers of goods from China, up 14.5 percent year-on-year, with some companies stockpiling goods early to get ahead of tariff threats, according to trade data supplier Descartes Systems Group.
Last year, US imports of machinery, bedding, plastic toys and other products from China rose 15 percent over the levels seen in 2023, data from Descartes showed.
Some US companies decided to import goods “earlier” than usual to avoid the tariff threats and potential strikes at ports, Jonathan Gold, president of supply chain and customs policy at the National Retail Federation, told China Daily.
Since 2018, the original round of tariffs imposed on China by the first Trump administration and those kept and extended by then President Joe Biden’s administration, have caused a significant impact.
The Peterson Institute for Inter-national Economics in Washington, DC, found that in 2018, the two-way trade between China and the US was $659 billion. In 2024, the figure declined to $578 billion.
Thomas Fullerton, an economics professor at the University of Texas at El Paso, said a better way for the US to address the competition with countries in the Asia-Pacific region would have been “to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership”, a free trade agreement between 12 countries.
“As trade barriers, tariffs can also cause domestic industries to become less competitive,” Fullerton said.
According to the executive order, the US also imposed a 25 percent tariff on goods from Mexico and Canada. For energy products from Canada, the US imposed a 10 percent tariff.
Source: China State Council Information Office
The European Commission on Sunday criticized U.S. President Donald Trump’s tariff imposed upon three countries, saying they disrupt global trade and are harmful to all, and vowing to hit back if targeted.
“The European Union (EU) regrets the U.S. decision to impose tariffs on Canada, Mexico, and China,” an EU spokesman was quoted by local media.
He highlighted the importance of “open markets and respect for international trade rules,” saying they are essential for strong and sustainable economic growth. “Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides,” he added.
Referring to potential U.S. tariffs on EU products, the spokesman said “the EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.”
“Our trade and investment relationship with the United States is the biggest in the world. There is a lot at stake,” he was quoted as saying.
Since Trump’s second term started, Brussels has been advocating that the two sides should work on strengthening the existing transatlantic relationships, and has dedicated efforts to avoiding a trade conflict with Washington through negotiation. However, Trump doubled down on his plan by saying he would “absolutely” impose tariffs on the EU goods last week.
On Saturday, Trump signed an executive order to impose a 10-percent tariff hike on goods imported from China, and a 25-percent tariff on goods from Mexico and Canada. The move has drawn widespread opposition and immediate retaliations.
In response, China’s Ministry of Commerce said Sunday that China will file a complaint at the World Trade Organization and take corresponding countermeasures to firmly safeguard its rights and interests. Canadian Prime Minister Justin Trudeau announced Saturday that Canada will impose a levy of 25 percent on 21 billion U.S. dollars worth of American goods as of Tuesday. Mexican President Claudia Sheinbaum has instructed the Secretariat of Economy to implement tariff and non-tariff measures to defend Mexico’s interests.
Source: China State Council Information Office
U.S. President Donald Trump’s tariff move against Canada, Mexico and China has sparked criticism and concern in Germany.
On Saturday, Trump ordered to impose a 25-percent tariff on imports from Mexico and Canada, and a 10-percent tariff on Chinese goods. He also signaled that the European Union (EU) could be next, citing the bloc’s persistent trade surplus with the U.S.
While reaffirming Germany’s commitment to economic ties with the U.S., German Chancellor Olaf Scholz emphasized that the first priority should be “not to divide up the world with many tariff barriers.”
“Tariffs have never been a good idea to resolve trade policy conflicts,” Chairman of the German Christian Democratic Union Friedrich Merz said, warning of backlash in the U.S. as rising import costs would fuel inflation and hit American consumers directly.
Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), described the tariffs as “a clear warning to the EU and Ursula von der Leyen,” stressing that neither Germany nor the EU should remain passive.
Trump’s move would come at a high cost for Americans, Jandura said, adding, “The losers are always end consumers, who will feel the price increase at the checkout.”
German companies are also bracing for the impact, as many supply the U.S. market from Mexico, particularly in the automotive industry.
According to the German newspaper Handelsblatt, Mexico has been Germany’s most important investment location in Latin America for years, with total investments exceeding 45 billion U.S. dollars since the 2000s.
Volkswagen Group, which operates one of its largest vehicle factories in Mexico, produces nearly 80 percent of its North America vehicles in Mexico and Canada. A Volkswagen spokesman voiced concerns about the tariffs’ potential economic fallout, warning of negative effects on American consumers and the global auto industry.
According to the credit rating agency S&P, Canada and Mexico produce around 5.3 million passenger cars annually, with approximately 70 percent destined for the U.S.
Importers are likely to pass most, if not all, of the price increase to consumers, S&P noted, warning that the additional costs would further strain affordability in the U.S. auto market.
Source: People’s Republic of China – State Council News
Foreign tourists taste Chinese New Year flavor
Source: American Clean Power Association (ACP)
Headline: ACP Statement on Tariffs on U.S. Imports from Canada, Mexico, and China
WASHINGTON DC, February 2, 2025 – The American Clean Power Association (ACP) released the following statement from Jason Grumet, ACP CEO following the announcement of tariffs on U.S. imports from Canada, Mexico, and China:
“ACP and its member companies share the Trump Administration’s concern over the fentanyl crisis and public health emergency impacting our communities. ACP recognizes and appreciates the Administration’s early focus on this crisis.
“ACP also supports the Administration’s commitment to lower American energy prices. While energy production only represents 5% of our nation’s direct GDP, it drives the productivity of our entire economy, impacting prices of nearly all consumer goods. In concert with the other trade associations representing America’s energy resources, ACP is concerned that increasing the costs of energy production inputs will put upward pressure on consumer energy costs and diminish our capacity to unleash energy abundance.
“While the fuel relied upon by wind and solar energy—complemented by battery storage—is free, some parts for these machines that harness these renewable resources are manufactured in Canada and Mexico. As we have made significant progress manufacturing these components in the United States, the benefits of USMCA have been a positive factor in lowering American energy costs. We look forward to working with the Administration as it pursues multiple imperatives.”
Source: The Conversation – Canada – By Daniel Drache, Professor Emeritus, Department of Politics, York University, Canada
As promised, United States President Donald Trump has imposed punishing tariffs on all exports from Canada and Mexico, leading to retaliatory tariffs from Canada.
Canada’s closest ally has torn up the Canada-U.S.-Mexico trade deal negotiated only seven years ago. The rationale behind what the Wall Street Journal editorial board has called “the dumbest trade war in history” isn’t even clear.
The pessimistic view is that if Canada doesn’t give Trump everything he wants, he will bulldoze the country with more tariffs, sanctions on banks, enhanced border inspections and even a travel ban — everything he recently threatened to do to Colombia.
Canada’s political class is scrambling because the U.S. has long been a cultural sibling and an economic partner. But now it is toxic, threatening and untrustworthy. Will Canada sign another trade deal with Trump in office? The chances recede the longer the tariffs remain in place.
It’s never been more clear that Trump is obsessive, seldom a bluffer and always iron-fisted. He seems to have planned and executed this tariff bomb to cause maximum pain and chaos. Now he says the European Union is next on his list.
Trump is counting on his new majorities in U.S. Congress to ram through his radical right populist agenda, forcing other countries to play a role in his melodrama.
In response to Trump’s charge that the U.S. subsidizes Canadian trade, former Conservative prime minister Stephen Harper pointed out that half of America’s imported oil comes from Canada, and its price is significantly discounted due to a lack of pipeline capacity. “It’s actually Canada that subsidizes the United States in this regard,” Harper said.
Nevertheless, Trump’s preferred foreign policy tactic is to hit first with economic sanctions and negotiate later. With his near total grip on U.S. government, he can now achieve all his aims through tariffs.
Read more:
Canada-U.S. tariff war: How it will impact different products and industries
Trump’s vision for his imperial presidency is organized around an old idea: the revenue tariff. Before income taxes, border tariffs were the primary source of income for government. But back then, government did a lot less.
For example, America’s 19th-century navy of wooden sailing ships was purchased with tariffs. But it would be impossible to fund modern-day health care, student loans and $13 billion aircraft carriers with tariff revenues.
A recent study by the Peterson Institute for International Economics shows the math doesn’t add up. Tariffs are levied on imported goods and are worth about US$3 trillion. American income tax is levied on incomes and are worth more than US$20 trillion. Government would have to be much smaller, and tariffs would have to be so high they would choke American trade, for tariffs to make economic sense.
And yet Trump has a broad mandate. In the summer of 2024, the U.S. Supreme Court ruled in Trump v. United States that presidents require a broadly defined “presumptive immunity from prosecution for … official acts.”
This decision has given Trump the legal clout to force the entire federal government to answer to the president himself.
Read more:
US Supreme Court immunity ruling ideal for a president who doesn’t care about democracy
Trump is using his vast new mandate to wage multiple wars simultaneously. These wars against the guardrails of liberal democracy require the punishment of his enemies inside his own party.
Read more:
Canada should be preparing for the end of American democracy
Republicans who have voted against Trump legislation during his first term faced high-profile challenges in the primaries as he funded their opponents. Today, the war is waged against those who are insufficiently loyal, including the highest ranks of the Coast Guard and the FBI.
The war against the administrative state involves the mass firing of independent inspectors, federal lawyers and thousands of civil servants to be replaced by foot soldiers personally loyal to the leader.
The Trump administration has sent out “deferred resignation” notices that invite the entire civil service to resign. This is the tactic Trump’s key adviser, Elon Musk, implemented at X, and it suggests a wave of firings will soon begin.
The trade war against Canada and Mexico is peculiar because neither country has expressed any willingness to abolish the United States-Mexico-Canada Agreement, which is among the achievements of Trump’s first administration.
Nevertheless, the paranoid Trump seems to be convinced that he got a raw deal in 2018, and so he wants to scrap the whole treaty and negotiate something tougher that brings more jobs home.
In 2024, the cars that were ranked most “American” in terms of their content and final assembly were made by Tesla, Honda and Volkswagen. By comparison, the best-selling the Dodge Ram 1500 pickup truck ranked No. 43 on the list. What Trump considers American and non-American isn’t clear, even to voters.
A new Bank of Canada forecast predicts that American tariffs may reduce Canadian GDP by six per cent. The federal government is planning an enormous bailout package to compensate for widespread job losses like the one offered to businesses and individuals during the pandemic.
Unsurprisingly, Trump divides Canada’s leadership. Alberta and Saskatchewan have publicly criticized the Team Canada approach. Alberta Premier Danielle Smith refused to sign the joint federal/provincial statement and played to her secessionist base.
Read more:
Why Alberta’s Danielle Smith is rejecting the Team Canada approach to Trump’s tariff threats
Even so, former Alberta premier Jason Kenney recognizes the peril, arguing that Alberta needs to “be prepared to retaliate … we can’t be wusses about this; we have to have a spine.”
Canada is an export-led economy based on natural resources. Its strength lies not in refusing to buy California wine or Florida orange juice. Its main sources of leverage are oil and gas, potash and uranium, rare earth minerals, timber products and hydroelectric power. But of all these, oil, uranium, and hydro-electric power are Canada’s biggest guns.
It’s not yet clear how effective the Canadian government’s strategy will be. Previous rounds of retaliation after the steel and aluminum tariffs in Trump’s first term did not drive him to the negotiating table. It’s also unclear what the CEOs of Canada’s branch-plant multinational corporations will do when their loyalties are divided between Trump and Canada.
Furthermore, it’s anyone’s guess how much the dissent of western Canadian premiers has hurt Canada’s case with Trump. Certainly, his preferred tactic is to divide and conquer.
Finally, it’s unclear if Ontario Premier Doug Ford’s “Captain Canada” approach will earn the respect or disdain of Republicans — although, ultimately, it doesn’t matter what the rest of the American political class thinks because Trump and his inner circle are calling all the shots.
In practical terms, there is little Canada can do to address the false accusations that it’s complicit in the illicit drug trade and in migrants crossing the border into the U.S. Facts don’t matter to Trump. He will eventually come up with a demand, and if Canada doesn’t give in, he will ramp up the economic pain.
Welcome to the post-liberal world order.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
– ref. Donald Trump’s tariff wallop demonstrates the brute power of an imperial presidency – https://theconversation.com/donald-trumps-tariff-wallop-demonstrates-the-brute-power-of-an-imperial-presidency-247524
Drivers in the Lower Mainland, Howe Sound and Vancouver Island are advised to avoid travel unless their vehicle is properly equipped for winter weather.
Sunday morning’s traffic tie-up on Highway 1 through North Vancouver was the result of drivers attempting to travel without winter tires or chains. The Ministry of Transportation and Transit’s maintenance contractor did 30 passes of the corridor throughout the morning to stay on top of winter conditions until hindered by spun-out vehicles.
Tow trucks have cleared the vehicles that were blocking traffic, and maintenance contractors have resumed their work. Additional tow trucks remain on stand-by. Drivers can expect delays.
Colder winter weather will linger in the region for the remainder of the week. All drivers are reminded to use caution, avoid travelling in poor weather conditions when possible and prepare for delays.
While highway maintenance crews work to improve road conditions and reduce hazards for drivers, drivers are asked to leave space for these vehicles and move over safely when they see a vehicle with an amber light approaching. Drivers are also reminded that it’s unsafe to pass a snowplow on the right.
For up-to-date information about road conditions, travellers should continue to monitor the forecast and visit: https://www.drivebc.ca/
US Senate News:
Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) released a statement after President Trump signed executive orders to tax goods from Canada, Mexico and China, jacking up the costs for American families:
“President Trump ran for president on a platform of lowering prices, but tariffs do the opposite. These tariffs could cost a typical family $1200 per year. They’re going to make it more expensive for Americans to buy anything from cars and phones to tomatoes and gas – as much as 50 cents per gallon in some parts of the country. We need a targeted response to combat cheating by China – not these across-the-board tariffs, including on our allies, that will increase prices and kill American jobs.”
US Senate News:
Source: United States Senator for Vermont – Bernie Sanders
BURLINGTON, Feb. 2 – Sen. Bernie Sanders (I-Vt.) today released the following statement after President Trump announced tariffs on Canada and Mexico.
President Trump’s unilateral decision to impose a 25 percent tariff on Canada and Mexico is most likely illegal and most definitely harmful. Economists estimate that these tariffs will increase costs for the average American family by as much as $1,200 a year. Given Vermont’s long-established economic ties with our Canadian neighbor, the impact on our state will be even greater. We need a rational and well-thought-out trade policy, not arbitrary actions from the White House. I will do everything possible to undo the damage that Trump’s tariffs are causing working families in Vermont and across the country.