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Brazil starts process for reciprocating US tariffs
Brazil starts process for reciprocating US tariffs
Sao Paulo, 29 August (Argus) — Brazil has started the process of developing reciprocal tariffs against the US, vice-president and trade minister Geraldo Alckmin said, a move designed to speed up negotiations. Brazil's foreign trade chamber, Camex, has 30 days to determine how the 50pc tariffs the US imposed on Brazil effective 6 August can be countered under the country's economic reciprocity law approved in April. The law authorizes retaliation through goods, services and intellectual property. There is no time frame for the process of imposing reciprocal tariffs after the initial 30-day deliberation period. "Brazil will not give up on its sovereignty," Alckmin said this week during a visit to Mexico, where he signed two cooperation agreements on biofuels with Mexico as well as a letter of intent on agriculture. "I hope that [this process] will help accelerate dialogue and negotiations [with the US], which is what president Lula has been asking us to do." The move comes weeks after President Luiz Inacio Lula da Silva had said that Brazil would not reciprocate the tariffs but seek to negotiate. Brazil has been working to counter the tariffs' effect on its economy by supporting companies in efforts to find new markets , and by approving a line of credit to small businesses hurt by the measures. Earlier this month, Brazil asked the World Trade Organization to intervene in the dispute over tariffs. The US typically runs a trade surplus for goods and services with Brazil, which has totaled more than $400bn over the last 15 years, finance minister Fernando Haddad said in a televised interview in early July. In the first half of 2025 the US' trade surplus with Brazil reached $2.3bn, a more than seven-fold increase from a year before, according to US-Brazil chamber of commerce Amcham. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Canada opens major projects office in Calgary
Canada opens major projects office in Calgary
Calgary, 29 August (Argus) — Canada launched its new Major Projects Office (MPO) today, part of prime minister Mark Carney's effort to help the country pivot away from over-dependence on the US for trade and fast-track infrastructure projects. The office, which will be based in the oil and gas hub of Calgary, Alberta, has a mandate to both streamline and accelerate regulatory approval processes, acting as a single point of contact in an effort to get "nation-building projects built faster," Carney said. The office will consider projects named to a special, but yet-to-be-unveiled, "National Interest Projects" list, which will be able to avoid certain regulatory hurdles that have discouraged applications in the past. They will include ports, railways, energy corridors, critical mineral developments and clean energy initiatives, according to the government. Former Trans Mountain chief executive Dawn Farrell will oversee the office. She held the top role at the federally-owned pipeline company for two years ending in August 2024, overseeing the C$34bn ($25bn) 590,000 b/d Trans Mountain Expansion (TMX) project, which had been mired in regulatory red tape for years. "The government will announce the first set of nation-building projects in the coming weeks," said Carney. The Canadian Association of Petroleum Producers estimates that the oil and gas industry has about more than C$100bn worth of projects planned or waiting for a final investment decision. The office is a product of Bill C-5, passed by Parliament in June in response to the trade hostilities started by the US administration under President Trump. Carney this spring campaigned on providing Canadians with both an answer to Trump's rhetoric and to kickstart a lagging economy that has been stifled by unfriendly policies for investors. Having the office headquartered in Calgary, but with offices also in other major Canadian cities, represents an olive branch to Alberta that is frequently at odds with the federal government. The province has demanded changes to onerous federal policies, mostly relating to energy, warning Carney that a national unity crisis could unfold otherwise. Energy has arguably been Canada's largest bargaining chip in the ongoing trade war with the US, but Carney has so far has so far refused to remove restrictive policies inherited from his predecessor Justin Trudeau, despite calls from industry to scrap them. This includes the oil tanker ban on British Columbia's north coast, an industrial carbon tax, and an emissions cap on oil and gas producers that they say amounts to a cap on production. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Climate action is a business opportunity: Cop 30 head
Climate action is a business opportunity: Cop 30 head
London, 29 August (Argus) — Climate action is the "defining business opportunity of our time", and the private sector's participation is "vital", the incoming president of the UN Cop 30 climate summit, Brazilian diplomat Andre Correa do Lago said today. Businesses and other stakeholders "can shape the future global economy", and must "step forward", do Lago said. Cop 30 is scheduled for 10-21 November in Belem, northeast Brazil. "In Belem, the private sector will have an unprecedented opportunity to lead the world forward… We are calling businesses to attend and engage through credible solutions, partnerships, investments and ideas", he added. Businesses can be "co-architects" of governments' plans to tackle climate change, do Lago said. His presidency "sees the private sector as a beneficiary of the climate transition, and an indispensable partner in driving its implementation". This involves companies creating "credible transition plans", he added. The Cop 30 presidency has launched an "Action Agenda", in order to connect outcomes negotiated under the UN process to concrete initiatives. It can also serve to guide the private sector, do Lago said. The initiative has mapped commitments and plans — many made by the private sector — from previous Cop conferences, and the Cop 30 presidency will ensure that progress is reported transparently, via a publicly-accessible system. Climate transition ‘irreversible' Do Lago acknowledged "compounding geopolitical and socioeconomic challenges", but noted that the "ongoing climate transition is irreversible", and a key driver of innovation and growth. "The private sector has already accelerated the transition in many significant ways", but it must now increase its engagement and tap into the "outstanding opportunities" that the shift to clean energy offers, do Lago said. He pointed to a UN report which in July flagged up the "spectacular cost declines" in energy transition technologies. The private sector will also draw focus at Cop 30 as a potential source of climate finance, particularly as several major country donors of international development aid step back . Climate finance is a central topic at summits such as the annual UN Cop climate conferences, and will remain so this year. The Cop 29 and Cop 30 presidencies will present a "roadmap" — agreed last year in Baku, Azerbaijan — to scale up climate finance from all sources to developing nations to $1.3 trillion/yr by 2035. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Cop 30 calls for action, not negotiation: Panelists
Cop 30 calls for action, not negotiation: Panelists
Sao Paulo, 29 August (Argus) — Participants in the UN Cop 30 summit in November will come with high expectations for practical solutions rather than negotiations and discussion on theoretical plans, panelists said during a climate conference in Sao Paulo, Brazil, on Thursday. Cop 30, to be held in northern Brazil, must bring practical solutions related to mobilization of capital from private and public resources and bring to action capacity building plans, Cop 27 presidency's representative Mahmoud Mohieldin said at the International Emissions Trading Association (IETA)'s climate summit. All theoretical issues are resolved and clearly stated on the Paris agreement's Article 6, he said, which will drive climate actions in futuer summits, rather than formulating more paperwork and climate theories. "Negotiations are over," Cop 30 presidency representative Shigueo Watanabe Jr said. "This is a call for action." Private initiatives are seeking nature-based solutions to ensure liquidity in the carbon markets, long-term safeguards to draw investors into sustainable projects and a clear legal infrastructure enabling trustworthiness, US commodities broker StoneX's vice president of carbon markets Nathalie Flores said . The aviation and marine transport sectors are providing good examples of long-term frameworks for global-scale decarbonization efforts, said Paula Kovarsky, the co-chair of Sustainable Business Cop 30 — a global initiative designed to support private sector contributions to Cop negotiations. Legal uncertainty amid emerging development market risks still hamper private funding for climate action plans, such as energy transition and decarbonization, Kovarsky said. Panelists also pointed out that having too many coalitions may appear to be a hurdle for formulating a uniform solution that pleases all parties. Thus, trade cooperation between the EU and developing countries must occur to enable a just transition, to include such mechanisms as the carbon border adjustment mechanism (CBAM), Mohieldin said. Another topic relevant to Cop 30 will be the participation of indigenous peoples in climate discussions, which still exclude indigenous science on biodiversity and decarbonization plans, according to the Organization of Indigenous Peoples of the Colombian Amazon's lead advocacy strategist Mateo Estrada. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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