New Canadian Prime Minister Mark Carney said Friday that U.S. President Donald Trump will eventually engage in comprehensive trade discussions with Canada, as Americans will bear the consequences of Trump’s trade war. Carney emphasized that talks won’t take place “until we get the respect we deserve as a sovereign nation," adding that this should not be a difficult expectation to meet. On Friday, Trump continued his frequent criticism of Canada, reiterating his view that the country should be the 51st U.S. state and claiming that the U.S. keeps Canada “afloat.” “When I say they should be a state, I mean that,” Trump said. Carney met with provincial leaders at the Canadian War Museum in Ottawa, where he announced relief measures for workers and businesses impacted by the trade conflict and outlined steps to accelerate resource projects. Since taking office last Friday, Carney has yet to have a phone call with Trump. While Trump previously mocked former Prime Minister Justin Trudeau by referring to him as "Governor Trudeau," he has not yet commented on Carney by name. Carney stated that he seeks a broad discussion with the U.S. on trade and security, rather than negotiations focused solely on tariffs. “In the end, Americans will suffer from their own trade policies. That’s why I am confident that a serious discussion will happen—with the respect and scope it deserves,” Carney said. “I’m ready whenever they are.” Trump has imposed 25% tariffs on Canadian steel and aluminum and has threatened sweeping tariffs on all Canadian exports and other trade partners starting April 2. Carney took office after winning the Liberal Party leadership following Trudeau’s resignation earlier this year. He is expected to initiate early parliamentary elections this Sunday, with voting anticipated before April 28. The Liberals were on track for a significant electoral defeat this year until Trump’s trade war reshaped Canadian politics. His repeated attacks on Canada’s sovereignty have angered many Canadians, leading to boycotts of American goods and travel. This surge in national pride has boosted Liberal support in the polls. Carney said Canada’s provincial premiers have agreed to develop a national trade and energy corridor to diversify trade. This plan could include a pipeline from Alberta’s oil fields to Eastern Canada. While Quebec previously opposed such a project, Premier François Legault now suggests attitudes are shifting due to Trump’s threats. Carney noted that Quebec consumes about 350,000 barrels of oil daily, with 70% imported from the U.S. “That’s not a sustainable situation for us. There is an opportunity for a pipeline, but we need social acceptance and Indigenous partnerships,” Carney said. To accelerate infrastructure projects, the federal government will recognize provincial assessments. Canadian leaders also discussed swiftly removing internal trade barriers between provinces and the federal government. Additionally, Carney announced that Ottawa will waive the one-week waiting period for employment insurance for workers affected by tariffs. Canadian businesses will also be allowed to temporarily defer income tax and sales tax payments to improve cash flow.

China will not succumb to intimidation and can withstand the increased tariffs imposed by US President Donald Trump, along with other economic challenges, the Chinese commerce minister stated on Thursday, reports AP. However, he emphasised that “there are no winners in a trade war.”‘ If US wants war, we are ready’: China Addressing reporters on the sidelines of China’s annual national congress session, Wang Wentao reaffirmed Beijing’s call for negotiations. He asserted that coercion and threats would not succeed, highlighting China’s role as a key trading partner for 140 nations, which provides it with diverse alternatives. Wang and other officials outlined Beijing’s economic and financial strategies but did not introduce any major new initiatives. China open to dialogue but resolute against US tariffs Since taking office in January, the Trump administration has twice raised tariffs on Chinese imports. In retaliation, China has imposed duties and other restrictions on American goods and businesses. Wang stressed that China expects mutual respect in its international dealings. “Coercion and threats will not work on China, nor will they intimidate us. China remains steadfast in defending its own interests,” Wang stated, reiterating that “there are no winners in a trade war.” “If the US continues down this misguided path, we will respond accordingly,” he warned. “We will fight to the end.” Despite the firm stance, Wang underscored China’s willingness to resolve trade disputes through dialogue. “Our two sides can meet at an appropriate time, and our teams can initiate discussions as soon as possible,” he said. He also dismissed Trump’s claim that China is responsible for America’s fentanyl crisis—used as justification for imposing 20% tariffs on all Chinese imports—stating that such accusations would not address the issue. China’s diverse global trade options As the primary trading partner of 140 countries and regions, China has secured free trade agreements (FTAs) with over 30 nations, Wang noted. “We are prepared to sign more FTAs,” he added. Acknowledging the difficulties faced by Chinese exporters, Wang explained that Beijing is supporting businesses in expanding their global reach through trade fairs and international ventures. The Chinese government is also increasing financial assistance for export credit while aiming to boost trade in services and e-commerce. “We do not rely on a single market,” he remarked. China keeps its economic growth target at 'around 5%' despite a looming trade war Strengthening domestic consumption and investment China’s economic growth has been weighed down by a sluggish housing market, weak stock performance, limited social welfare, and job losses since the COVID-19 pandemic. Zheng Shanjie, head of the National Development and Reform Commission, China’s top economic planning agency, acknowledged that growth projections for 2025 range between 4.6% and 4.8%, falling short of the government’s 5% target. To stimulate the economy, Zheng revealed that authorities are drafting a “specialised plan of action” aimed at boosting consumer spending and business investment, though he did not disclose specific measures. Finance Minister Lan Fo-an added that China would increase spending on “livelihood and consumption,” pledging more support for heavily indebted local governments and greater investment in education, social security, and public health. “We will ensure that every coin is well spent,” Lan assured, adding that “the central government has left ample room for policy implementation.”

Hong Kong's economy shrank last year for the first time since 2009, government data showed Monday, as the territory struggles with the impact of China's virus outbreak.

China's economic growth sank to a new multi-decade low in 2019 as Beijing fought a trade war with Washington and domestic consumer spending weakened, adding to headaches for the ruling Communist Party.

Tokyo, Oct 21 (AP/UNB) — Asian shares were mixed Monday amid uncertainties about Britain's exit from the European Union and the ongoing trade conflict between the US and China.