Global News Of Note: Europe, Canada Continue To Oppose U.S. Tariffs

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• After the government of Ontario ran a television ad opposing U.S. tariffs imposed on Canadian products, President Donald Trump proclaimed that he would end “all trade negotiations” with Canada. The Canadian response was measured. A day after President Trump’s remarks, Prime Minister Mark Carney said his country is prepared to resume trade negotiations “when the Americans are ready.” According to the BBC, Prime Minister Carney also noted that while Canadian negotiators had made “a lot of progress” in trade talks with the U.S. government, he and his cabinet also are focused on “developing new partnerships” elsewhere. Over the weekend, the U.S. president also suggested he may increase tariffs on Canadian products by 10 percent over current levels due to the ads.
• As GMK Center reported, “The European Commission is putting pressure on” the U.S. government to lift its Section 232 tariffs on steel and aluminum products. Readers may recall that under an agreement with the United States, European countries agreed to consider measures to protect their steel, aluminum, and derivative products from the impact of excess capacity. The “European Commission believes that it has fulfilled its part of the agreement by proposing to increase European steel tariffs to 50 percent, reduce quotas by almost half, and more closely monitor the origin of imported steel,” GMK Center said.
• Crude steel output from China continued to decline during the first nine months of 2025. As MySteel reported, total volume fell 2.9 percent from the same period in 2024, dropping to 746.25 million tons. For September alone, China produced 73.49 million tons of crude steel. That figure was down 4.6 percent from the year before. China’s daily crude steel output averaged 2.45 million tons percent day in September 2025, a figure that was down by 1.9 percent from August 2025.