Carney Meets Xi at APEC: Urgent Talks on Tariffs and Trade

UPDATE: Prime Minister Mark Carney is currently meeting with Chinese President Xi Jinping on the sidelines of the APEC summit in South Korea. This significant meeting marks the first direct dialogue between the leaders of the two nations since 2017 and comes amid a pivotal shift in Canada’s stance on China.

During their discussions, Carney emphasized that “distance is not the way to solve problems,” a statement reflecting a new approach as Ottawa transitions from labeling China a “disruptive global power” to recognizing it as a strategic partner. This change in rhetoric follows increasing pressure on Carney to reconsider the ongoing 100 percent tariffs on Chinese electric vehicles, which Beijing has linked to its retaliatory tariffs on Canadian agricultural products like canola, seafood, and pork.

The urgency of this meeting cannot be understated, as trade relations between Canada and China are at a critical juncture. The outcome could significantly impact the Canadian economy, particularly in the electric vehicle sector.

In other urgent news, mayors across Canada are bracing for a financial hit as a new 10 percent U.S. tariff on buses takes effect this Saturday. This tariff threatens to inflate public transit costs, impacting residents and local budgets. Josipa Petrunic, head of a Canadian transit advocacy group, warns that the implications will ripple through the economy as costs escalate for cities reliant on U.S. manufacturing.

Meanwhile, in Atlantic Canada, residents are preparing for a stormy Halloween as Hurricane Melissa approaches Newfoundland. Heavy rains and winds are expected to sweep through the Maritimes starting Friday morning, potentially disrupting evening trick-or-treating plans. Environment Canada has already issued rainfall warnings for the region.

In Toronto, excitement is building as the Blue Jays aim for their first World Series title in over 30 years. Following a decisive 6-1 victory against the Los Angeles Dodgers, the team leads the series 3-2 and is set for Game 6 tonight at the sold-out Rogers Centre. Fans can join a public watch party at Nathan Phillips Square, coinciding with Halloween festivities, while a potential Game 7 looms on Saturday.

Lastly, the shareholder vote regarding the takeover of MEG Energy Corp. by Cenovus Energy Inc. has been postponed until November 6 due to a last-minute regulatory inquiry. This ongoing takeover battle has seen Strathcona Resources Ltd. withdraw its all-stock bid, intensifying the competition for MEG.

As these stories develop, the implications for trade, local economies, and community events resonate widely across Canada. Stay tuned for further updates on these critical issues as they unfold.