27/10/2025

BIZ & FINANCE MONDAY | OCT 27, 2025

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Trump sets 10% hike in tariffs on Canada

WASHINGTON: US President Donald Trump said on Saturday he was increasing tariffs on Canada by an additional 10% “above what they’re paying now”, as he reacted again to an ad by Canada’s Ontario province, a day after it was aired during the World Series broadcast. Trump on Thursday ended trade talks with Ottawa over the tariff-related ad, which Trump said was misleading. Trump announced the higher tariffs in a Truth Social post on Saturday referencing the ad, which features a video of former President Ronald Reagan, a Republican icon, saying that tariffs cause trade wars and economic disaster. The ad had already been running for some days before Trump first reacted to it on Thursday night. Ontario Premier Doug Ford said on Friday that after discussions with Canadian Prime Minister Mark Carney, Ontario would pause the US ad campaign today so that trade talks could resume. The advertisement aired on Friday during the broadcast for Game 1 of Major League Baseball’s World Series, in which the Toronto Blue Jays are facing off against the Los Angeles Dodgers. “Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump posted. “Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now.” Trump posted the message while he was aboard Air Force One on his way to Malaysia, the first stop o Move follows Ontario’s controversial ad during World Series LOS ANGELES: ExxonMobil sued California last week, challenging two state laws that require large companies to publicly disclose their greenhouse gas emissions and climate-related financial risks. In a complaint filed in the US District Court for the Eastern District of California, Exxon argued that Senate Bills 253 and 261 violate its First Amendment rights by compelling Exxon to “serve as a mouthpiece for ideas with which it disagrees”, and asked the court to block the state of California from enforcing the laws. Exxon said the laws force it to adopt California’s preferred frameworks for climate reporting, which it views as misleading and counterproductive. The oil giant said it already reports emissions and climate risks voluntarily, and objects to California’s frameworks. Democratic-ruled California has

The US and Canada flags flutter next to the Blue Water Bridge border crossing in Point Edward, Ontario. – AFPPIC

tariffs on foreign goods while saying they cause job losses and trade wars. The video uses five complete sentences from the five-minute weekly address, spliced together out of sequence. The ad does not mention that Reagan was using the address to explain that tariffs imposed on Japan by his administration should be seen as a sadly unavoidable exception to his basic belief in free trade as the key to prosperity – Reuters

Nations summit in Malaysia, but he told reporters on Air Force One he has no plans to meet with the Canadian leader. The Canadian prime minister had removed most of Canada’s retaliatory tariffs on US imports imposed by his predecessor, but White House adviser Kevin Hassett said on Friday that Trump was frustrated with Canada and trade talks have not been going well. The ad by the Ontario government has a voiceover of Reagan criticising

was signed during Trump’s first term. The Trump administration in August imposed a 35% tariff on Canadian goods not covered by the USMCA. But Canada’s economy has suffered from sector tariffs of 50% imposed this year by Trump on steel and aluminum from all countries. Carney said on Friday that Canada stood ready to resume trade talks with the United States. Trump and Carney will both be at the Association of Southeast Asian

on a trip through East Asia that will largely focus on trade issues. The US Commerce Department, the White House and the office of the Canadian premier did not immediately respond to requests for comment. It was not clear what goods would be affected by Trump’s newly announced tariffs. The majority of Canadian exports to the US are exempt from tariffs because of the United States-Mexico Canada Agreement (USMCA) that

ExxonMobil takes California to court over climate disclosure laws

Ferrari targets AI generation with crypto auction for Le Mans car

MILAN: Ferrari is tapping into crypto markets and tech-rich youngsters with a planned new digital token that its wealthiest fans will be able to use in an auction for a Ferrari 499P, the endurance car that won three straight Le Mans titles. The plan for now is limited in scope and is an effort by the Italian sports car maker to tap into a trend among luxury brands seeking access to the growing wealth of younger tech entrepreneurs, as AI and data centres drive investment and markets around the world. It comes after Ferrari, which is also developing its first electric car, began accepting Bitcoin, ethereum and USDC for car purchases in the United States in 2023 and extended the service to Europe last year. Ferrari is working with Italian fintech Conio to launch the “Token Ferrari 499P” for members of its Hyperclub – which groups 100 of its most exclusive clients, with a passion

for endurance races – to trade among themselves and bid on the racing model. It is set to debut with the start of the 2027 World Endurance Championship season. “This is about strengthening the sense of belonging among our most loyal customers,” chief marketing and commercial officer Enrico Galliera told Reuters. With prominent backers including US President Donald Trump, crypto prices have surged, but regulators warn loose oversight and speculative trading creates risks for investors and financial stability. The token will still take time to become a reality. Conio is applying for a licence under the European Union’s new crypto regulation, but sees room for growth. “The potential for development is enormous,” said Conio’s chief fintech strategist and project architect Davide Rallo. – Reuters

both the companies’ own emissions and indirect emissions by their suppliers and customers. SB 261 requires companies that operate in the state with over US$500 million in revenue to disclose climate-related financial risks and strategies to mitigate risk. Exxon also argued that SB 261 conflicts with existing federal securities laws, which already regulate what publicly traded companies must disclose regarding financial and environmental risks. “The First Amendment bars California from pursuing a policy of stigmatisation by forcing Exxon Mobil to describe its non-California business activities using the State’s preferred framing,” Exxon said in the lawsuit. The California Department of Justice and the California Air Resources Board did not immediately respond to a request for comment. – Reuters

long had some of the strictest environmental rules in areas like vehicle fuel efficiency standards and planning policy, after passing a climate change law in 2006. California passed two laws in 2023 that would require companies to publicly report their greenhouse gas emissions and climate-related financial risks. The California laws were supported by several big companies including Apple, Ikea and Microsoft, but opposed by several major groups such as the American Farm Bureau Federation and the US Chamber of Commerce, which called them “onerous.” SB 253 requires public and private companies that are active in the state and generate revenue of more than US$1 billion annually to publish an extensive account of their carbon emissions starting in 2026. The law requires the disclosure of