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Top diplomats from the Group of Seven industrialised democracies are converging on southern Ontario as tensions rise between the US and traditional allies like Canada over defence spending, trade and uncertainty over President Donald Trump's ceasefire plan in Gaza and efforts to end the Russia-Ukraine war. Canadian Foreign Minister Anita Anand said in an interview with The Associated Press that the relationship has to continue across a range of issues despite trade pressures as she prepared to host US Secretary of State Marco Rubio and their counterparts from Britain, France, Germany, Italy and Japan on Tuesday and Wednesday. Anand also invited the foreign ministers of Australia, Brazil, India, Saudi Arabia, Mexico, South Korea, South Africa and Ukraine. She said 15 foreign ministers are coming from around the world to the Great White North and funnily enough on the week of our first large snowfall. The work that Canada is doing is continuing to lead multilaterally in an era of a .
The US has rejected India's claim that the 50 per cent tariffs imposed by Washington on copper are safeguard measures under World Trade Organization (WTO) rules, stating there is no basis for New Delhi's proposal to suspend duty concessions on American goods. The tariffs were imposed on August 1. As India is an exporter of copper products to the US, it has sought consultations with the US on the matter under the WTO safeguard agreement in September. India has stated that the duties, although claimed to be taken for security interests, are safeguard measures. "These actions are not safeguard measures. Accordingly, there is no basis for India's proposal to suspend concessions or other obligations under...the Agreement on Safeguards with respect to these measures," according to a communication, dated November 6, from the US in response to India's notification. A WTO member may take a safeguard action (restrict imports of a product temporarily) under the WTO Agreement on Safeguards to
High US tariffs are expected to affect close to 8 per cent of India's overall auto component production, ratings firm Icra said on Wednesday. Indian auto component exporters are at a relative disadvantage compared to most other Asian exporting nations, highlighting the importance of concluding an India-US bilateral trade agreement, it added. Auto component exports contribute nearly 30 per cent to the industry's revenues, with the US alone accounting for 27 per cent of this share. "As a result, close to 8 per cent of India's overall auto component production is expected to be directly affected by the recently announced tariffs," Icra stated. The imposition of a 50 per cent tariff on Indian goods places Indian auto component exporters at a disadvantage compared to their Asian counterparts, as countries such as China, Japan, Vietnam, and Indonesia face lower tariffs of 1530 per cent, it pointed out. Further, manufacturers in Mexico and Canada remain exempt under the United ...