Global Economy 2026-01-26 08:04:37


Carney pushes back on Trump’s 100% tariff threat over China trade deals with Canada amid tensions

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Canadian Prime Minister Mark Carney said Sunday that Canada has no plans to pursue a free trade deal with China, pushing back against President Trump’s threat to slap 100% tariffs on Canadian goods.

Carney said Canada’s recent agreement with China only rolled back tariffs in a few sectors that had been hit in recent years and did not amount to a free trade deal. He noted that under the U.S.–Mexico–Canada Agreement, Canada has committed not to pursue free trade agreements with nonmarket economies without prior notification.

“We have no intention of doing that with China or any other nonmarket economy,” Carney said. “What we have done with China is to rectify some issues that developed in the last couple of years.”

Carney made his first official visit to China earlier this month as he and Chinese President Xi Jinping work together to forge an improved bond between their countries. The leaders reached an agreement that would allow up to 49,000 Chinese electric vehicles to enter the Canadian market at a lower tariff rate of 6.1%, Carney’s office said.

US TRADE REP SHRUGS OFF WORLD LEADERS’ SWIPES AT TRUMP AMID DAVOS BACKLASH

In 2024, Canada matched U.S. trade policy by imposing a 100% tariff on Chinese electric vehicles and a 25% tariff on steel and aluminum. China retaliated with 100% duties on Canadian canola oil and meal and 25% tariffs on pork and seafood.

Trump issued his tariff threat in a social media post, warning that if Carney “thinks he is going to make Canada a ‘Drop Off Port’ for China to send goods and products into the United States, he is sorely mistaken.”

TRUMP WARNS CANADA OF 100% TARIFFS IF IT BECOMES CHINA’S ‘DROP OFF PORT’ WITH NEW POTENTIAL TRADE DEAL

In another post on Sunday, Trump claimed Canada is being taken over by China.

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“China is successfully and completely taking over the once Great Country of Canada,” Trump’s post read. “So sad to see it happen. I only hope they leave Ice Hockey alone!”

‘Bond villain’: Newsom roasted as photo of him posing with ‘sugar daddy’ Alex Soros goes viral

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California Gov. Gavin Newsom and the Trump administration have been at each other’s throats on the sidelines of the World Economic Forum in Davos this week, during which Newsom was mocked for cozying up to “billionaire sugar daddy” Alex Soros after the California governor accused world leaders of kowtowing to President Donald Trump. 

Newsom attended the conference this week and slammed foreign world leaders for “rolling over” when confronted by President Donald Trump, but Newsom was criticized himself this week for cozying up to Alexander Soros, the son of billionaire philanthropist George Soros, while in Davos. 

“Governor Newsom, who strikes me as Patrick Bateman meets Sparkle Beach Ken, may be the only Californian who knows less about economics than Kamala Harris. He’s here this week with his billionaire sugar daddy, Alex Soros, and Davos is the perfect place for a man who, when everyone else was on lockdown, when he was having people arrested for going to church, he was having $1,000 a night meals at the French Laundry,” Treasury Secretary Scott Bessent said during a press conference Wednesday at the USA House in Davos. “And I’m sure the California people won’t forget that.”

Bessent’s comments came after Newsom lamented to a reporter earlier in the week that “people are rolling over” to Trump, adding he “should have brought a bunch of kneepads for all the world leaders” at the conference. 

BESSENT MOCKS NEWSOM AT DAVOS AS ‘PATRICK BATEMAN MEETS SPARKLE BEACH KEN’

But, a subsequent photo posted online by the younger Soros with Newsom at the sidelines of the World Economic Forum this week, praising the California governor’s rebuke of those bending a knee to the Trump administration in Davos, went viral among critics who, like Bessent, accused Newsom of cozying up to Soros.

“Great catching up with the real star of the 2026 World Economic Forum, my friend Gavin Newsom,” the young Soros captioned his photo with the California governor. “So glad he’s here calling out world leaders for believing appeasement works when it comes to Trump. It doesn’t. It only emboldens him to become more chaotic and destructive. World leaders could take a page out of Newsom’s book. It’s time to stand tall, stand firm, and stand united — before it’s too late.”

In response, Sen. Ted Cruz, R-Texas, posted an AI-generated version of the same photo Soros posted to his social media, but juxtaposed Newsom into a NASCAR uniform with sponsorship logos reading “Soros” and “CCP” strewn across it.

“Fixed it for you,” the Texas senator captioned his photo. 

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“Gavin Newscum auditioning to be Alex Soros’ next sugar baby is a waste of time – all the money in the world could not make Newscum’s pitiful presidential dreams come true,” White House spokeswoman Taylor Rogers said. 

“Someone confiscate Alex Soros’ Instagram account,” Tim Miller, “Bulwark Podcast” host and MSNBC analyst wrote in response to Newsom and Soros showing off their friendship in Davos.

“Tells you all you need to know about Gavin Newsom’s true allegiance” said London Center for Policy Research President and former Army intel official Lt. Col. (retired) Tony Shaffer. “Indeed – Newsom is the Soviet star in the Marxist globalists vision to return the world to Futile Mercantilism.”

“Hey, you found a billionaire I want to tax,” quipped California Post opinion editor Joel Pollak, while advisor to Sen. Tim Scott, R-S.C., Nathan Brand, noted how Newsom “already looks like a Bond villain, and posing with Soros at the World Economic Forum in Davos doesn’t help.”

On Wednesday, Newsom accused the Trump administration of blocking him from speaking at the USA House in Davos. 

When reached for comment, the White House neither confirmed nor denied the allegations. “No one in Davos knows who third-rate governor Newscum is or why he is frolicking around Switzerland instead of fixing the many problems he created in California,” White House spokesperson Anna Kelly added when asked about the claims from Newsom.    

Soros, who has donated roughly $70,000 to Newsom’s political ambitions, has a history of posting and praising Newsom on social media.

“Great to see the inspiring Gavin Newsom, a force who’s unafraid to push back against this Administration’s threats to our democracy and constitutional rights,” Soros wrote in September on social media along with a photo of himself and Newsom at an event for the Clinton Global Initiative. The pair also met there and took a photo together in 2023.

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“Great to see CA Governor Gavin Newsom in New York for the #ClimateSummit,” Soros says in another post from 2019 including a photo with Newsom. “He is doing a phenomenal job reducing carbon emissions in California!”

Fox News Digital reached out to Newsom’s office, but did not receive a response.

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