From Ferrari to Bombardier - This Tiny Company Is Everywhere

A $150M disruptor is transforming glass into real-time displays and vision systems. Already embedded in global OEMs and Tier 1s, it's scaling fast - yet still under Wall Street's radar.

Trudeau to meet with Canadian opposition leaders to discuss U.S. relations after Trump tariff threat

ROB GILLIES
December 03, 2024

TORONTO (AP) -- Canadian Prime Minister Justin Trudeau will have a meeting with all opposition leaders to discuss U.S.-Canada relations after U.S. President-elect Donald Trump threatened sweeping tariffs on all Canadian products.

A source familiar with the matter said the meeting will happen early Wednesday afternoon. The person spoke on condition of anonymity as they were not authorized to speak publicly on the matter.

Trudeau successfully employed a "Team Canada" approach during Trump's first term in office when the free trade deal between Canada, the U.S. and Mexico was renegotiated. But Trudeau's minority government is in a much weaker position politically now and faces an election within a year.

Trudeau returned home after a dinner at Trump's Mar-a-Lago club in Florida on Friday without assurances the president-elect will back away from threatened tariffs on all products from the major American trading partner.

The Republican president-elect has threatened to impose a 25% tax on all products entering the U.S. from Canada and Mexico unless they stem the flow of migrants and drugs.

Trump called Friday's talks "productive" but signaled no retreat from his pledge to enact the tariffs as one of his first executive orders when he takes office in January.

Canada, which says Trump is unfairly lumping it in with Mexico, is one of the most trade-dependent countries in the world, and 77% of Canada's exports go to the U.S.

During Trump's first term, his move to renegotiate the North American Free Trade Agreement, or NAFTA, and reports that he was considering a 25% tariff on the auto sector were considered an existential threat in Canada.

Kirsten Hillman, Canada's ambassador to Washington, told The Associated Press on Sunday that Trudeau was successful in getting Trump and key Cabinet nominees to understand that there is no comparison between the Canada-U.S. border and Mexico-U.S. border. Hillman sat at an adjacent table to Trudeau and Trump.

The flows of migrants and seizures of drugs are vastly different. U.S. customs agents seized 43 pounds of fentanyl at the Canadian border during the last fiscal year, compared with 21,100 pounds at the Mexican border.

Most of the fentanyl reaching the U.S. -- where it causes about 70,000 overdose deaths annually -- is made by Mexican drug cartels using precursor chemicals smuggled from Asia.

On immigration, the U.S. Border Patrol reported 1.53 million encounters with irregular migrants at the southwest border with Mexico between October 2023 and September 2024. That compares to 23,721 encounters at the Canadian border during that time.

Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border each day.

About 60% of U.S. crude oil imports are from Canada, and 85% of U.S. electricity imports as well.

Canada is also the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34 critical minerals and metals that the Pentagon is eager for and investing for national security.

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