Record production comes as analysts say Venezuelan output is not likely to significantly hit demand in short term

China’s EV brands may start building in Canada as tariffs drop, but U.S. backlash and Canadian labor concerns are already heating up

President Donald Trump on Saturday threatened to slap 100% tariffs on Canadian imports if America’s second-biggest trading partner makes a trade deal with China.

US Commerce Secretary Howard Lutnick dismissed as “political noise” the moves in recent days by Canada’s Prime Minister Mark Carney to strengthen trade relations with China, and raised the risk of that maneuver seeping into talks over a revamped North American trade accord later this year.

Diplomatic tensions rise as Donald Trump alleges Canadian opposition to US missile defence over Greenland, criticises trade with China, and Canadian leaders respond.

Canada and China have reached a preliminary agreement to remove all tariffs from canola meal and peas. Tariffs on canola seed are expected to be reduced to 15 per cent.