Business
Trump to hit Canada, Mexico and China with tariffs
US President Donald Trump will impose tariffs of 25% on Mexico, 25% on Canada and 10% on China today [01], says the White House.
But Trump said on Friday that Canadian oil would be hit with lower tariffs of 10%, which could take effect later, on 18 February.
The president also said he planned to impose tariffs on the European Union in the future, saying the bloc had not treated the US well.
White House press secretary Karoline Leavitt said the Canada and Mexico duties were in response to “the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans”.
Trump has also repeatedly said the move was to address the large amounts of undocumented migrants that have come across US borders as well as trade deficits with its neighbours.
Ms Leavitt told a news briefing at the White House on Friday: “These are promises made and promises kept by the President.”
During the election campaign, Trump threatened to hit Chinese-made products with tariffs of up to 60%, but held off on any immediate action on his first day back in the White House, instead ordering his administration to study the issue.
US goods imports from China have flattened since 2018, a statistic that economists have attributed in part to a series of escalating tariffs that Trump imposed during his first term.
Earlier this month, a top Chinese official warned against protectionism as Trump’s return to the presidency renews the threat of a trade war between the world’s two biggest economies – but did not mention the US by name.
Addressing the World Economic Forum in Davos, Switzerland, Ding Xuexiang, Vice Premier of China, said his country was looking for a “win-win” solution to trade tensions and wanted to expand its imports.
China, Canada and Mexico are the top US trading partners, accounting for 40% of the goods imported into the US last year, and fears are rising that the new steep levies could kick off a major trade war as well as push up prices in the US.
Canadian Prime Minister Justin Trudeau said on Friday: “It’s not what we want, but if he moves forward, we will also act.”
Canada and Mexico have already said that they would respond to US tariffs with measures of their own, while also seeking to assure Washington that they were taking action to address concerns about their US borders.
The BBC has reached out to the Chinese embassy in the US for comment.
If US imports of oil from Canada and Mexico are hit with levies it risks undermining Trump’s promise to bring down the cost of living.
Tariffs are an import tax on goods that are produced abroad.
In theory, taxing items coming into a country means people are less likely to buy them as they become more expensive.
The intention is that they buy cheaper local products instead – boosting a country’s economy.
But the cost of tariffs on imported energy could be passed on to businesses and consumers, which may increase the prices of everything from petrol to groceries.
Around 40% of the crude that runs through US oil refineries is imported, and the vast majority of it comes from Canada.
On Friday, Trump agreed tariff costs are sometimes passed along to consumers and that his plans may cause disruption in the short-term.
Mark Carney, the former head of Canada’s and England’s central banks, told BBC Newsnight on Friday that the tariffs will hit economic growth and drive up inflation.
“They’re going to damage the US’s reputation around the world,” said Carney, who is also in the running to replace Prime Minister Trudeau as leader of Canada’s Liberal Party.
[BBC]
By Sanath Nanayakkare
Continuing its mission to drive inclusive economic recovery and empower Sri Lanka’s grassroots business sector, the Commercial Bank of Ceylon PLC has actively accelerated the disbursement of the Asian Development Bank’s (ADB) Enhancing Small and Medium-Sized Enterprises Finance Project line of credit.
As Sri Lanka’s premier private sector lender, Commercial Bank drives regional development by bridging financial gaps outside the Western Province. Jaffna and the broader Northern Province remain pivotal focus areas due to their immense potential for industrial regeneration, vibrant agricultural output, and entrepreneurial resilience in the post-crisis economic landscape.
Directing targeted, affordable financing enables local enterprises to overcome historical financing barriers, expand production capacity, and stimulate employment across regional supply chains.
Quality at the Source: ADB Country Director Shannon Cowlin inspects a bottle of premium sesame oil at the New V.S.P. Gingelly Oil factory floor in Jaffna. Working capital facilities extended through Commercial Bank under the ADB line of credit enable manufacturers like Harish Industries to meet growing wholesale and retail demand across Sri Lanka while securing long-term economic resilience.
The dedicated credit scheme offers affordable interest rates to help small and medium-sized enterprises (SMEs) rebound from recent macroeconomic shocks, maintain employment stability, and build long-term sustainability. Designed to target underserved segments, the funding line prioritizes viable enterprises located outside the Colombo district, women-owned and women-led businesses, and ventures incorporating strong climate finance components. Eligible sectors span manufacturing, agriculture, animal husbandry, technology, tourism, and direct export industries.
A standout beneficiary showcasing the transformative impact of this regional focus is Harish Industries, a flourishing manufacturing firm located within the purview of Commercial Bank’s Manipay branch in Jaffna. Owned and operated by proprietor Ponnuchamy Prabakaran, Harish Industries manufactures premium sesame oil under the popular brand name “New VSP Gingelly Oil”.
The working capital facility extended by the line of credit to Harish Industries helped to cater to short-term liquidity needs, ease out cash flow pressure, and operate the business in a sustainable manner.
Additionally, this financial backing helped create more employment opportunities, strengthen its supply chain, and expand business operations to meet growing wholesale and retail demand across Sri Lanka.
by Sanath Nanayakkare
True corporate leadership extends far beyond financial metrics and market dominance. For the Commercial Bank of Ceylon – recognised as Sri Lanka’s top-ranked bank in the 2026 edition of The Banker’s Top 1000 World Banks and the country’s first 100% carbon-neutral bank—true progress means investing directly in the nation’s ecological health.
On 19 September, the Bank demonstrated how a massive institutional infrastructure can be mobilised for the greater good.
Marking International Coastal Cleanup Day 2026 under its “Forward Together for a Cleaner Future” platform, the Bank brought together employees, corporate management, customers, and volunteers for a coordinated national conservation initiative spanning 20 locations.
What sets this effort apart is its deliberate breadth. The campaign moved far beyond a conventional beach cleanup by integrating 16 coastal sites – including prominent Colombo locations like Mount Lavinia, Wellawatte, and Galle Face, alongside regional spots from Point Pedro to Dondra – with four vital inland waterways, such as the Mahaweli River at Polgolla Dam and Parakrama Samudraya. This structural reach ensured that even inland communities could actively participate in a unified national environmental mission.
This massive undertaking was anchored by robust partnerships, working alongside the Marine Environment Protection Authority (MEPA) as the technical partner and the United Nations Global Compact (UNGC) Network Sri Lanka. By translating its formal 2025 adoption of Sustainable Development Goal 6 (Clean Water and Sanitation) and its role as a UNGC Patron into boots-on-the-ground volunteerism, the Bank bridged high-level environmental policy with grassroots action.
Ultimately, Commercial Bank’s nationwide mobilisation proves that when a premier financial institution harnesses its expansive network, corporate responsibility stops being a theoretical framework and becomes a tangible, community-driven force for a cleaner future.
The grand halls of the Taj Samudra in Colombo buzzed with a distinct energy on the morning of September 25, 2026, as leaders gathered for the National Celebration of World Tourism Day.
Yet, beneath the formal discussions on digital agendas and artificial intelligence, a deeper, more vibrant narrative was quietly unfolding. This was not merely a story of algorithms and automated efficiency; it was a human story – a tale of Sri Lanka’s youth stepping forward to redesign the future of hospitality.
For generations, Sri Lanka’s allure has been rooted in its timeless landscapes, golden shores, and the legendary warmth of its people. But as global travel evolves, a new generation of tech-savvy local innovators is finding ways to weave cutting-edge technology into the rich tapestry of Sri Lankan culture. This shift took center stage during the Tourism Start-Up Competition 2026, held under the theme “AI-Driven Innovation for the Future of Tourism”.
Out of 52 competitive applications spanning tertiary and commercial levels, young minds proved that technology and tradition can go hand in hand.
The twenty-five shortlisted teams stood before expert panels to defend visions that bridge the gap between ancient heritage and modern data intelligence.
Behind every submitted AI solution was a young entrepreneur eager to protect local destinations, enhance visitor experiences, and elevate service delivery.
When the twelve winners were finally honoured, the celebration transformed into something much greater than an awards ceremony.
It served as a powerful reminder that the true engine of Sri Lanka’s digital transformation is its youth. Armed with code, creativity, and a profound love for their country, these young visionaries are ensuring that when travelers explore Sri Lanka, they do not just witness the future – they feel the heartbeat of a new, digitally empowered era of hospitality.
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