live from london, this is business today. president trump pushes ahead with new tariffs with canada's prime minister trudeau promising a tough for the country's industry to be protected. and removing all previous exemptions brought in during the biden administration. the changes take effect from march 12th. to come for other industries including cars, chips and pharmaceuticals. well, the reaction has been swift. chancellor scholz told

germany's parliament that on the largest market in the world with a50 million people. sefcovic had this to say. by imposing tariffs, the us will be taxing its own partners directly involved, but also risk having disruptive we are currently assessing the scope of the measures and its neighbours should be co—operating against the bigger competitive threat — china.

the only way to compete with asia, particularly with china and with other countries, is to stay together. leaders in brussels. he warned they would work together to counter the tariff threat. and if it comes to that, our response, of course,

i asked him what prime minister trudeau will be talking the canada—eu trade agreement, which came into force in 2017 between the eu and canada. that is acting in a capricious and protectionist manner?

leader and its retreat from engagement in multilateral institutions that we've seen, how, the value of international law and the value of international and for canada, it's a very tense time they're one of the biggest exporters at the moment for tariffs of 25% on all canadian goods, you assume there's negotiations going on? yes. and you know, we've seen this movie before. trump administration was to impose tariffs

but also, you know, it's going to be imposed only in 30 days. so one can assume that there is engagement on every possible the north american economy as a whole less competitive and thus less able to respond to its perceived and the real problem steel in particular, is over—production in china. that production was absorbed by the chinese construction industry. and so this is a really kind

of broad brush response in the us's interest. and it remains to be seen if the us will indeed go ahead with this tariff. president trying to throw some red meat to his maga base to say that he's protecting us interests, when in fact, in practice, he's doing the opposite. immediately to us tariffs. clear—headed" response. with the eu and canada.

its steel industry. make uk for some reaction. and serious response. and i think we welcome that. it's a very, very important market. a no—win and no—lose game for them. and some security reasons. they really need the high quality steel that a kind of numbers perspective

and looks at the impact it the kind of steel that's made in the us, that they really need the steel that they get from the uk because actually we really need this market. interest rates. michelle fleury was watching in new york. good news for senators

on the banking committee rates again soon, mr powell seemed to be at pains