White House walks back doubling of steel and aluminum tariffs as Ontario relents on electricity levy after tit-for-tat day

Talks between the US and China on trade and other issues are stuck at lower levels, people familiar with the matter said, with both sides talking past each other and failing to agree on the best way to proceed.

Australia is playing down the possibility of an exemption from steel and aluminium tariffs expected from US President Donald Trump within days, despite last-minute discussions between officials in Canberra and Washington.

Japan's trade minister said he had asked the United States not to impose trade tariffs on his country, but did not win any assurance that Japan would be exempt, including from a 25% steel and aluminium duty set to start on Wednesday.

The TCC insisted the Prime Minister must chair this task force, comprising both public and private sector representatives, to formulate a proactive strategy against a possible resurgence of protectionist policies under the Trump 2.0 administration.

China announced tariffs on over US$2.6 billion (RM11.5 billion) worth of Canadian agricultural and food products on Saturday, retaliating against levies Ottawa introduced in October and opening a new front in a trade war largely driven by US President Donald Trump's tariff threats.

President Donald Trump said tariffs on Mexico and Canada could go higher than a 25% rate imposed earlier this week, injecting further uncertainty into trade policies that have rattled markets and left businesses on edge.

US President Donald Trump on Friday railed against what he called tremendously high Canadian tariffs on dairy and lumber, and said his administration could soon impose reciprocal tariffs on Canadian products.

US President Donald Trump exempted Mexican and Canadian goods covered by the North American trade agreement known as the USMCA from his 25% tariffs, offering major reprieves to the US’ two largest trading partners.

Wolf warrior-style comments mark China’s strongest rhetoric on US president Donald Trump since he entered the White House