Trendwatch: EU lawmakers back US trade pact with built-in safeguards; Port of Halifax and PSA Halifax welcome first electric remotely operated rail cranes; Iran talks with Oman over permanent toll system for Hormuz

EU lawmakers back US trade pact with built-in safeguards 

European Union lawmakers reached a tentative deal on Wednesday to scrap import tariffs on all U.S. industrial goods and give some U.S. agriculture and seafood products easier access to the bloc’s market, the European Parliament said in a May 20 press release. 

The Parliament and the Council of the European Union moved to write into EU law a framework trade accord reached with the U.S. in August 2025. Simultaneously, they empowered the European Commission, the bloc’s executive arm, to suspend some or all of the new tariff breaks if Washington D.C. allows duties on European steel and aluminum derivative products to climb above the agreed 15% ceiling. 

Port of Halifax and PSA Halifax welcome first electric remotely operated rail cranes 

The Port of Halifax has received two new electric rail-mounted gantry (RMG) cranes at PSA Halifax’s Atlantic Hub terminal, introducing the first remotely operated yard equipment in Halifax, which increases capacity, efficiency and reliability. 

The new cranes enable operators to control movements from a centralized control room, improving safety and comfort by eliminating the need to work at height and in variable weather conditions, while enhancing operational accuracy and throughput in yard operations. 

Iran talks with Oman over permanent toll system for Hormuz

Iran is discussing with Oman how to set up some form of a permanent toll system that will formalize its control of maritime traffic through the Strait of Hormuz.

“Iran and Oman must mobilize all their resources both to provide security services and to manage navigation in the most appropriate manner,” the Iranian ambassador to France, Mohammad Amin-Nejad, said in an interview with Bloomberg in Paris on May 20.

“This will entail costs, and it goes without saying that those who wish to benefit from this traffic must also pay their share,” he said in Farsi, through an interpreter, adding that the system will be transparent. “And if today there is any desire for the situation to improve, a solution must be found to tackle the root of the problem.”

Facing an uncertain future, USMCA renewal draws support from North American industries 

As the July 1 deadline for deciding on renewal of the United States-Mexico-Canada Agreement nears, some key industry groups are marshalling their forces to lobby for extension and strengthening of the pact. 

Their action appears to be an attempt to get ahead of what could prove to be either a smooth renewal or a contentious, drawn-out battle — the outcome largely depending on the mood of President Donald Trump. 

In March of this year, the U.S. and Mexico kicked off bilateral technical discussions, focusing on issues pertaining to the two nations’ manufacturing industries, and a desire to tighten up country-of-origin rules under the USMCA. Canada wasn’t part of those initial talks — it’s currently on the diplomatic outs with President Donald Trump, although was expected to engage at a later date. 

Carney: Canada's ports lag as nation looks beyond U.S. trade

Prime Minister Mark Carney says that Canada's ports need to be more efficient if the country's going to more resilient in the face of its deteriorating trade relationship with the U.S.

According to The Wall Street Journal, Carney — while speaking at an event in British Columbia — said that it takes too long for goods that land at Canadian ports to reach the rest of the country, citing a lack of port capacity and adequate rail connections among other factors at play.

“We have fallen way behind in terms of the productivity of our ports and our trade corridors,” he said.