Markets sink as Trump confirms tariffs on Canada, Mexico and China
President Donald Trump has said he is moving forward with 25% tariffs on goods imported from Canada and Mexico into the US, adding that time had run out to reach a deal, BBC reported.
US stock markets sank in response to the measures, which he has threatened since earlier this year and said would now go into effect on Tuesday.
An additional 10% tariff on Chinese imports is also expected to come into force, leaving all three of America's top three trade partners facing significantly higher trade barriers than just a few weeks ago.
"No room left for Mexico or for Canada," Trump said at the White House on Monday. "The tariffs, you know, they're all set. They go into effect tomorrow."
Canadian Foreign Minister Melanie Joly told reporters later on Monday: "Let's be clear, if Trump is imposing tariffs, we're ready."
She said Ottawa planned to impose retaliatory tariffs against US imports of $155bn (£122bn), with the first tranche of $30bn ready immediately to be levied on everyday goods like pasta, clothing and perfume.
Joly noted that Canada did not want a trade war, but would hit back if the US started one.
The foreign minister added that the tariffs were "an existential threat to us", with "thousands of jobs in Canada at stake".
Mexico and China have also said they will retaliate against the US tariffs, raising the prospect of a widening trade war.
Trump threatened to impose the tariffs, which are a tax added to a product when it enters a country - on Canada, Mexico and China in response to what he said was the unacceptable flow of illegal drugs and illegal immigrants into the US, according to BBC.
All the tariffs were supposed to take effect last month, until the US agreed to a one-month delay for Canada and Mexico, pulling its North American neighbours back from the brink of a potentially damaging trade war.
But Trump went ahead with imposing a 10% tariff on Chinese exports to the US in February, meaning goods from the country now face a levy of at least 20%.
Trump has long maintained that tariffs are a useful tool to correct trade imbalances and protect US manufacturing.
He has largely dismissed concerns that the measures risk economic damage in the US, despite the close ties, especially in North America, where businesses have enjoyed decades of free trade.
"What they'll have to do is build their car plants, frankly, and other things, in the United States, in which case they have no tariffs," he added.
The three major indexes in the US sank after Trump's comments. The Dow Jones Industrial Average ended the day down 1.4%, the S&P 500 sank 1.75% and the Nasdaq fell 2.6%.
Officials from Canada and Mexico had been in Washington in recent days, trying to stave off the tariffs.
Mexican President Claudia Sheinbaum appeared to send a message to Trump earlier on Monday when she said at a public event in the city of Colima that "Mexico has to be respected".
"Co-operation [and] co-ordination, yes, subordination, never."
Canadian Prime Minister Justin Trudeau said on Sunday, from a summit on Ukraine in London, that Canada was "not an issue" as a source of illegal fentanyl in the US.
Only 1% of fentanyl seized in the US is thought to come from Canada, according to US data.
The Canada Border Services Agency (CBSA) says it has been "surging" its efforts to tackle fentanyl crossing into the US.
Canadian Internal Trade Minister Anita Anand met officials in Washington in recent days and said over the weekend there will be a response, BBC reported.
"We are steady at the wheel. We are prepared for any eventuality, but we will at every turn defend our country's economy," she told CBC News.
China's state-run Global Times newspaper said that Beijing had prepared countermeasures, which would probably target US agricultural and food products.
President Trump has also announced a 25% charge on all steel and aluminium imports, which is meant to come into effect on 12 March.
In addition, he has threatened to impose custom "reciprocal" tariffs on individual countries, as well as 25% tariffs on the European Union.
Civil Aviation Ministry demands Rs 11 billion for expansion of airports in Lumbini, Karnali Provinces
The Ministry of Culture, Tourism and Civil Aviation has demanded the Finance Ministry to ensure financial resources for the expansion of three airports in Karnali and Lumbini Provinces.
The Ministry has demanded Rs 11 billion to expand the airports of Surkhet and Jumla in Karnali Province and the Tarigaon airport, Dang in Lumbini Province.
Section officer at Tourism Ministry, Prakash Pokharel, informed that the Finance Ministry was proposed to ensure the financial resource for airport expansion.
Earlier, the Civil Aviation Authority of Nepal had recommended the government that it acquired lands for augmenting the airport capacity.
With this, the Council of Ministers on Monday decided to guarantee the financial resources.
Although Rs 5 billion was estimated to acquire lands for expanding the Tarigaon airport of Dang, the Finance Ministry is demanded allocation of Rs 10 million and the guarantee of the resource of Rs 990.
Similarly, the Finance Ministry has been asked to allocate Rs 100 million and guarantee the resource of Rs 4.90 billion for acquiring land and expanding the Surkhet airport.
Rs 1 billion has been estimated for buying land and expanding the facility at Jumla airport, while allocation of Rs 100 million and resource of Rs 400 is urged.
The Karnali Province government led by then chief minister Mahendra Bahadur Shahi had forwarded an ambitious plan to operate province government's own air service.
However, the province government's plan to domestic and inter-province air service named 'Karnali Airlines' is in limbo.
The Shahi-led government had further announced the construction of 'high altitude' airport in Mugu and an airport of an international standard in Surkhet.
Even a Chinese company 'North West' had submitted a feasibility study to the province government for free of cost.
Currently, Kathmandu-Surkhet-Kathmandu has four flights in a day. Number of flights to upper Karnali has radically declined.
In 2077BS, the province government had mooted a plan to even conduct the night flights from Surkhet airport by expanding its runway up to 1,500 meter.
Sagarmatha Sambaad: Preps, expectations and goals
The government has expedited preparations for ‘Sagarmatha Sambaad’, a global dialogue to be organized on May 16-18 to draw the international community’s attention to the adverse impact of climate change on Nepal’s Himalayas.
It plans to invite global leaders, including Indian Prime Minister Narendra Modi and high-level Chinese officials, for the multi-stakeholder dialogue forum themed ‘Climate Change, Mountains and the Future of Humanity’.
Held on Sunday, the first meeting of a management committee, formed for the preparation of the ‘Sambaad’, decided to invite heads of state and government of mountainous and coastal countries, experts working in the climate research sector, representatives of national and international private sectors and influential figures.
The committee formed under Foreign Minister Arzu Rana Deuba has prepared the format for the arrangement of infrastructures and programs for ‘Sagarmatha Sambad’, said contact person of the Sambad and Joint-secretary of the Ministry of Forests and Environment, Maheshwor Dhakal.
The committee has also decided to form an expert committee comprising 16 experts representing different sectors as well as a publicity and coordination committee under the joint-secretary of the Foreign Ministry. The meeting also decided to request partner organizations for demonstration of good practices to mitigate the impacts of climate change.
According to Dhakal, preparatory dialogue on climate change issues facing women and children will be held at the province level. The Ministry of Forest and Environment, and the Office of the Prime Minister and the Council of Ministers will assign the employees required for the ‘Sagarmatha Sambad’ and Sagarmatha Sambad Secretariat will also be made active for the success of the global dialogue.
Minister for Forests and Environment Ain Bahadur Shahi Thakuri is the co-coordinator and Forest Secretary is the member-secretary of the committee that has Chief Secretary, officials of the Office of the Prime Minister and the Council of Ministers, Foreign Ministry, Finance Ministry, Home Ministry, National Planning Commission, Ministry of Culture, Tourism and Civil Aviation, Ministry of Energy, Water Resources and Irrigation, Alternative Energy Promotion Center and National Trust for Nature Conservation as members.
The previous meeting of the Preparations Committee was held on Feb 9 in the presence of Prime Minister KP Sharma Oli. Inviting heads of state or heads of government from neighbouring India, China and representatives from South Asian countries was the agenda of the meeting.
Though the event was planned during the second premiership of Oli, it was postponed in the 11th hour owing to the Covid-19 pandemic. Secretary of the Ministry of Forest and Environment, Deepak Kumar Kharal, stated that the event aims to amplify Nepal’s voice on climate change, drawing international attention to the country’s high vulnerability despite its minimal contribution to global greenhouse gas emissions.
Through the dialogue, Nepal will advocate for compensation for the losses it faces due to the climate crisis and for payment for its environmental services. Despite the Paris Agreement’s goal to limit the global temperature rise to 1.5°C, projections indicate that the global temperature is expected to exceed by 1.8°C before 2050. Several research studies suggest that this temperature rise could lead to the loss of two-thirds of the snow cover in the mountains.
Govt allocates Rs 10 million for Tarigaun Airport
The Ministry of Culture, Tourism and Civil Aviation has allocated Rs 10 million for the Tarigaun Airport in Tulsipur, Dang.
Tulsipur Sub-Metropolitan City's Deputy Mayor Syani Chaudhary said the Ministry has written to the Ministry of Finance to ensure an additional budget of Rs 990 million.
Established in 2011 BS, the airport is unable to land even large aircraft.
At present, the airport is 750 meters long. If it can be increased to 1,500 meters, a 72-seater aircraft can land.
Now only 19-seater aircraft can land at the airport.
Chaudhary said that preparations have been made to initiate the work. saying the small aircrafts have not been able to reap benefits.
Prime Minister KP Sharma Oli had visited the airport a few days ago.
CIT participants to get discount in Gangalal Heart Center
The participants, shareholders and employees of the Citizen Investment Trust (CIT) are entitled to get 10 percent discount in the 'Paying Clinic, Silver, Golden and Platinum Corporate Cardiac Package' of Shahid Gangalal National Heart Center.
The agreement was signed by Executive Director Parbat Kumar Karki on behalf of the CIT and Executive Director Dr Rabi Malla on behalf of the Center on Sunday.
With the agreement in place, members, participants, shareholders and employees of the CIT will now get the discount.
For the discount, it has been made mandatory to submit the CIT identity card or participant identity card.
Government wants to resolve disputes over cable car construction in peaceful way: Minister Lekhak
Home Minister Ramesh Lekhak has called on parties agitating against the cable car construction project in Pathibhara of Taplejung for talks.
In his replies to lawmakers' concern in a session of the National Assembly (NA) today, the Home Minister said the government is effortful to find a solution to the disputes over the cable car construction through negotiations.
"The government wants to resolve the matter peacefully and for the same, a talks team was formed on February 2 under the convenroship of the Home Ministry's joint-secretary. The team is in touch with the protesting sides," he said, adding that the two sides have already hold meetings time and again.
The agitating sides were called for the talks again on February 24 following some hurdlers in the advancement of the talks lately.
He claimed the Ministry is committed to addressing social, religious and cultural concerns of the locals regarding the cable car construction.
He apprised the House that the Council of Ministers on December 31, 2018 (Push 16, 2075 BS) had allowed to clear vegetations along the forest area to be used for the cable car construction.
The preparations for the project implementation had begun earlier.
It was decided at the deputy prime ministerial and home ministerial level on Magh 2 2080 BS (January 16 , 2024) to make security arrangements in cooperation with the Nepal Police in view of establishing a security management camp of the Armed Police Force at the button station for the time being for the security purpose of the project.
For the same reason, the APF and Nepal Police were mobilised in the area, according to him.
NA thematic committees' members reshuffled
The members in the thematic committees under the National Assembly (NA) have been reshuffled.
NA Chairperson Narayan Prasad Dahal announced the changes in today's meeting of the Upper House of the Federal Parliament.
NA Member Krishna Bahadur Rokaya of the Federal Strengthening and National Concerns Committee has been transferred to the Legislation Management Committee.
Similarly, Narayan Dutta Mishra of the Legislation Management Committee has been moved to the Federal Strengthening and National Concern Committee.
The proposal seeking reshuffle of the members was unanimously agreed upon by the NA meeting, it was shared.
UK's Starmer tries to revive hope for Ukraine peace at summit
British Prime Minister Keir Starmer will try to revive hope for peace in Ukraine at a meeting with Volodymyr Zelenskiy and other Western leaders on Sunday, two days after the Ukrainian leader and U.S. President Donald Trump clashed in Washington.
After a heated row with Trump, who threatened to stop support for Ukraine after accusing Zelenskiy of being ungrateful for U.S. aid, the Ukrainian leader flew to London on Saturday to be greeted on Downing Street with a long, warm hug from Starmer.
Zelenskiy will receive a pledge of support from Starmer and other European leaders, who face the stark question of whether they can take over the lead in providing Kyiv with weapons and finance before any peace talks begin.
Lacking the weaponry and depth of ammunition stocks of the United States, European leaders have so far offered expressions of support after the Zelenskiy row, with Germany calling for the release of 3 billion euros ($3.1 billion) for Ukraine.
On Sunday, Starmer will hope they will offer more concrete means to support Ukraine and try to revive a possible peace deal with Russia by convincing Trump Europe can step up to defend itself. Some leaders might also encourage Zelenskiy to go back into talks with the U.S. leader.
"Three years on from Russia's brutal invasion of Ukraine, we are at a turning point," Starmer said in a statement, offering his "unwavering support for Ukraine" by doubling down on providing capacity, training and aid to Kyiv.
"In partnership with our allies, we must intensify our preparations for the European element of security guarantees alongside continued discussions with the United States."
At a meeting that has taken on added significance, Starmer will start Sunday by holding talks with Italian Prime Minister Giorgia Meloni after welcoming Zelenskiy on Saturday with a clear message of support for a visibly shaken leader.
They will then be joined by French President Emmanuel Macron, the EU's Ursula von der Leyen, NATO Secretary General Mark Rutte and leaders from Germany, Denmark, Netherlands, Norway, Poland, Spain, Canada, Finland, Sweden, the Czech Republic and Romania. Turkey's foreign minister will also attend.
BAD END TO GOOD WEEK
Zelenskiy's row with Trump on Friday ended a week when Europe had appeared to be in a better position in its drive to encourage Trump to continue to offer support to Ukraine after cordial visits to Washington by Macron and Starmer.
Both had pressed the U.S. leader to offer what is known as "a backstop" to a potential European peacekeeping force in the event of a deal between Kyiv and Moscow. While they had failed to secure a promise from Trump, he had not totally rejected the idea.
But the rest of Europe is a long way from falling in behind the French and British leaders' plans to safeguard a peace deal, and Starmer will hope to take on a leadership role by suggesting Britain become a bridge between Europe and the United States.
Sunday's meeting is a boost for Starmer, whose team felt his meeting with Trump last week had gone better than expected with Trump praising the British leader and even suggesting Ukraine could regain some lost territory in peace talks.
Friday's disastrous meeting poisoned that mood, and Sunday's summit and an extraordinary EU one in Brussels next week will prove crucial to establishing whether European leaders can offer Ukraine something concrete and repair the damage done.
Italian Prime Minister Giorgia Meloni has also called for an emergency summit involving the United States, European nations and allies to discuss how "to deal with the great challenges of today, starting with Ukraine".
On Sunday, European leaders are expected again to press for peace talks to include Ukraine, to strengthen Kyiv's position and to secure the necessary security guarantees to ensure a long-lasting peace and to deter any future Russian attack.
That would mean persuading Washington to offer a back stop, possibly in the form of air cover, intelligence and surveillance and a greater as yet unspecified threat if Putin again sought to take more territory.
Starmer will update other leaders on his meeting with Trump, when the U.S. president praised his efforts to increase defence spending and offer to deploy peacekeeping troops.
For now, Starmer wants to lower the temperature after the row in Trump's Oval Office.
Some leaders will also urge Zelenskiy to try to rebuild bridges with Trump. NATO's Rutte and Polish President Andrzej Duda have urged the Ukrainian leader to find a way to restore the relationship.
Nils Schmid, foreign policy spokesperson for Chancellor Olaf Scholz's Social Democrats, told Reuters on Saturday that Europe needed to maintain its contacts with Trump.
"Generally speaking, we don't know where Trump will stand on all these issues in three or six months' time," he said. Reuters







