Canada and the EU could team up over tariffs

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4.5 • 1.4K Ratings

🗓️ 12 February 2025

⏱️ 6 minutes

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Summary

From the BBC World Service: Canadian Prime Minster Justin Trudeau will be holding talks with European leaders in Brussels and warned they would work together to counter U.S. steel and aluminum tariff threats. Then, Goldman Sachs International scrapped a diversity rule that once barred the bank from advising all-male, all-white company boards on stock market flotations. Also, we look at how Spain is trying to combat disease threats to its olive harvest.

Transcript

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0:00.0	Steely resolve, Canada and the EU could team up to hit back at Trump's tariffs. Live in the UK,
0:08.1	this is the Marketplace Morning Report from the BBC World Service. I'm Leanna Byrne. Good morning.
0:13.8	We start with fears of an escalating trade war. On Monday, President Trump signed an executive order,
0:19.7	raising tariffs on imported steel and aluminium from 10% to 25%, removing all previous exemptions brought in during the Biden administration.
0:28.9	The changes take effect from March 12th.
0:31.2	And now Canada's Prime Minister, Justin Trudeau, who's in Paris for the AI summit, will be holding talks with European leaders in Brussels.
0:38.5	He's warned they would work together to counter the tariff threat.
0:42.4	We will be working with the American administration over the coming weeks to highlight the negative impacts on Americans and Canadians of these unacceptable tariffs.
0:57.2	But we'll also be working with our international partners and friends. And if it comes to that, our response, of course, will be firm and clear.
1:04.8	Christoph Bondi is a former Senior Council to Canada on International Trade Law, and now partner
1:10.5	at the global firm
1:11.6	SteptollLP in London. He says the two sides will likely try to strengthen their own trading
1:17.5	relationship first. Well, I think they're going to, in the first place, be talking about how to
1:22.4	take better advantage of the CETA, the Canada-EU trade agreement, which came into force in 2017, and has already seen a 60% of the CETA, the Canada EU trade agreement, which came into force in 2017 and has
1:30.3	already seen a 60% increase in trade between the EU and Canada. It's now 160 billion of
1:37.2	bilateral trade between the two parties. So how to deepen that in the context of a United States that is acting in
1:46.7	capricious and protectionist manner. So that's one of the things they'll be discussing. They'll
1:51.8	be discussing security cooperation. And I think more generally, with the retreat of the U.S.
1:58.2	from its traditional role as kind of an international leader and kind of
2:03.6	engaged its retreat from engagement in multilateral institutions that we've seen, how, you know,
2:09.7	the EU, Canada and other like-minded countries can step into that breach and try to keep upholding
2:15.7	the value of international law and the value of international
	...

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