AGP Executive Report

Canada–U.S. Trade War: Ottawa is facing a fresh legal and economic test after Trump revived a little-used 1930s tariff power (Section 338) to hit C$20B of Canadian imports, prompting “dollar-for-dollar” Canadian counter-tariffs up to 50% starting Sept. 8, with officials saying the targets are also meant to apply political pressure on specific U.S. states and industries. Policy & Cost Pressure: Labour and small-business groups are urging stronger federal support as the tariff fight escalates, while economists warn prices could rise on both sides. Banking & Markets: Canadian banks are beating expectations even as trade uncertainty lingers, and investors are watching how the Bank of Canada may hold rates amid the shock. Immigration & Student Finance: Canada is raising proof-of-funds for international study permits from Sept. 1, 2026 (living expenses for a single student outside Quebec to C$23,448), tightening budgets for applicants. Crypto Enforcement: INTERPOL says it arrested 58 people and seized $2.67M in a multi-country crackdown on crypto investment scams, including operations involving Canada. Global Finance Links: India’s finance minister Nirmala Sitharaman is in the U.S. for G20 talks and investor outreach after meetings in Canada, while Canada and India push for a bigger trade and investment agenda. Business & Infrastructure: Ottawa is also backing major projects like Xanadu’s quantum manufacturing push, and EBRD is expanding risk-sharing support for Tunisia’s Attijari Bank.

Canada-US Trade War: Ottawa’s latest counter-tariff moves and the broader tariff fight are rattling households and businesses, with economists warning the bigger risk may be job losses and slower investment rather than just higher prices. Economic Pulse: Statistics Canada says real GDP rebounded in Q2, growing at a 3.3% annualized pace (after a revised 0.3% gain in Q1), led by exports and business investment, though July looks flat as trade uncertainty returns. Policy & Markets: Finance Minister Nirmala Sitharaman landed in the U.S. for a six-day run that includes G20 talks and meetings with CEOs and investors after a Canada stop tied to the India-Canada Economic and Financial Dialogue. Quantum Manufacturing: Xanadu secured a C$195M repayable loan from Ottawa to build a photonics/quantum manufacturing facility in Toronto, aiming to strengthen Canada’s quantum supply chain. Energy Infrastructure: Trans Mountain filed to expand pipeline capacity to move more oil to Asia, as the trade war sharpens pressure on energy exports. Talent & Research: Canada is recruiting 64 professors from top U.S. universities, framed as a response to tighter U.S. higher-education scrutiny and funding pressure. Corporate/Finance: Air Canada and Brink’s settled their Pearson gold heist dispute, ending one court fight while criminal cases continue.

Canada–U.S. Trade War: Canada is adjusting and expanding counter-tariffs after removing U.S. seafood from the initial list; the revised measures are set to take effect Sept. 8, with Ottawa saying it’s matching “dollar for dollar, rate for rate” while support ramps up for tariff-hit sectors. Macroeconomy: Despite the tariff shock, Statistics Canada says GDP rebounded sharply in Q2 (3.3% annualized; 0.8% for the quarter), driven by exports and domestic demand—though a fresh 50% U.S. tariff round adds uncertainty. Central Banking: A Reuters poll finds the Bank of Canada likely holds its 2.25% rate for at least another year as inflation stays near target and the economy recovers. Public Finance: Canada’s 2026/27 deficit for the first three months shrank to C$370M, helped by stronger revenues. Ontario Support: Ontario is broadening the Protect Ontario Financing Program to help workers and businesses facing new tariff pressures. Corporate/Markets: MEMX is combining with BOX Options to address options liquidity fragmentation; Laurentian Bank reported a small Q3 net income while progressing its split-and-sale plan. Energy/Industry: Evonik is investing over C$150M in a Vancouver GMP drug manufacturing facility, backed by federal funding.

Canada-U.S. Trade War: Ottawa says the U.S. has withdrawn demands tied to Canadian culture and French-language discoverability, reopening the door to talks—though Washington also says there are no “open channels.” Tariffs & Retaliation: Canada is matching new U.S. 50% duties dollar-for-dollar and has adjusted its counter-tariffs, removing seafood and fish items after warnings they could hit Atlantic Canada’s processing sector; the Sept. 8 measures remain in focus. Great Lakes Flashpoint: Trump signed an order renaming Lake Ontario “Lake America,” while Prime Minister Mark Carney vowed “now and always” and cited the Wendat origin of the name. FX & Markets: The Canadian dollar was cited around C$200.50–204.95 per unit in Pakistan exchange listings as investors await Fed Chair Kevin Warsh’s Jackson Hole remarks. Canada-India Investment Push: India is ready to start a Bilateral Investment Treaty with Canada, targeting CAD 70B trade by 2030. AI & Business: Kinaxis touts AI agents that are starting to convert into paying customers, reinforcing the “AI that makes money” theme. Public Finance/Policy: Ottawa is funding research talent, including 64 new Eddie Goldenberg Research Chairs of Canada, as part of the Global Impact+ initiative.

Canada–U.S. Trade War: Canada removed seafood and fish from its retaliatory tariff list, a late Wednesday change meant to limit broader economic harm; Maine lobster would have faced a 25% duty starting Sept. 8, but the exemption is being welcomed by lobstermen as talks remain strained. Markets: The S&P/TSX composite slipped about 95 points as financial stocks fell, while U.S. markets rose; the Canadian dollar traded around 72.1 U.S. cents. Policy & Diplomacy: Trade minister Dominic LeBlanc said the U.S. is withdrawing positions tied to discoverability and labelling and won’t target measures promoting French language and Canadian culture, while Carney’s European outreach continues amid criticism. Banking & Capital: National Bank and Royal Bank updates landed as investors weigh earnings and valuation pressure. Cross-border Investment: Finance Minister Nirmala Sitharaman pitched India as an investor destination to Canadian firms and urged OTPP to deepen infrastructure bets, including via NIIF and GIFT-IFSC. Business Deals: Duliban expanded Hamilton-area commercial insurance expertise by combining with Tripemco; Aecon’s ONxpress JV booked alliance contracts for Ontario’s GO Expansion. Tech/Finance Access: RDSP.ca launched a national English platform for DTC and RDSP support.

Canada-U.S. Tariff Escalation: Ottawa moved to match Washington’s latest 50% tariff push, announcing retaliatory duties up to 50% on about 700+ U.S. goods (starting Sept. 8), with sectors like steel, aluminium, dairy, appliances, cosmetics and even everyday items in the mix—while officials frame it as “dollar-for-dollar” pressure to protect Canadian jobs. Trade Diversification & Logistics: With the relationship strained, Canada’s West Coast ports are pitching their role in growing non-U.S. trade, citing 2025 cargo volumes worth C$409B and overseas reach across 170+ markets. Policy Pivot to Investment: Finance Minister Nirmala Sitharaman courted Canadian capital in Toronto, stressing India’s tax certainty and investor-friendly reforms, while TD Economics argues Canada could unlock an “investment super cycle” if tax/regulatory competitiveness and skills access improve. Defense Industry Boom: Canada’s defence build-out is accelerating as firms shift toward domestic contracting and Arctic tech, reflecting Carney’s push for economic self-sufficiency amid U.S. friction. Energy & Housing Costs: A geothermal push highlights an underused clean heat resource, while renters face barriers to heat pumps without landlord buy-in. Banking & Markets: EQB reported a Q3 loss tied to the PC Financial deal closing, and DMG Blockchain posted weaker Q3 results as it transitions toward AI data-centre operations.

Canada–U.S. Trade War: Ottawa has published its retaliatory tariff plan, hitting 700+ U.S. products with duties up to 50% starting Sept. 8, while the U.S. escalated with 50% levies on about US$20B of Canadian imports; the fight is also being framed as political leverage tied to U.S. swing states. Policy & Markets: Prime Minister Mark Carney is pushing a “Team Canada” approach with opposition leaders as investors watch how the tariff shock could ripple through jobs, consumer prices, and corporate earnings. Banking Watch: National Bank of Canada’s Q3 results and earnings call materials show continued focus on capital markets and wealth, even as trade uncertainty hangs over the sector. Infrastructure Push: Nine national groups are launching the Canadian Infrastructure Report Card coalition, citing a large public infrastructure backlog and aiming to spotlight conditions that affect long-term growth. Tech/Finance Infrastructure: Cisco rolled out a Sovereign Critical Infrastructure offering in Canada, targeting government and other critical operators with options for on-prem and air-gapped deployments. Business & Capital Markets: CIRO issued a trading halt for Centauri Minerals pending closing, while FireFly Metals trading resumed—another reminder that deal and financing timelines remain active.

Trade War Escalation: Canada announced counter-tariffs of 15%–50% on about 700 U.S. products worth CAD 27.6B, starting Sept. 8, matching Washington “dollar for dollar, rate for rate,” with steel/aluminium, furniture, clothing, smartphones, cosmetics and dairy among the biggest hits. Cost Pressure for Small Business: One Stratford concrete exporter says the new duties could cost roughly $1M a year on $2M in U.S. sales—an example of how the tariff fight is landing on everyday Canadian firms. Policy + Politics Collide: Ottawa paired the tariffs with a support package for workers and businesses, while the White House traded accusations with Canada and Trump floated renaming Lake Ontario to “Lake America,” underscoring how the dispute is turning into a broader political showdown. Market Watch: Currency markets stayed rangebound as investors looked ahead to inflation data and Jackson Hole, with risk sentiment supported by Middle East de-escalation signals. Corporate Moves: NATCO Pharma will invest an additional US$14M in eGenesis (total US$22M), while FireFly Metals secured up to A$190M to advance its Green Bay copper-gold project in Newfoundland.

Canada–US Trade War: Canada announced retaliatory tariffs on about C$27.6B (US$19.9B) of U.S. goods, effective Sept. 8, matching Washington “dollar for dollar” with rates of 15%, 25% and 50% across roughly 700 products, targeting sectors like steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, alongside a C$7.5B support package for workers and businesses. Policy Flashpoint: The dispute also spilled into politics and symbolism, with Trump floating renaming Lake Ontario to “Lake America” as rhetoric escalates. Banking & Markets: Scotiabank reported results that beat estimates, helped by strength in capital markets and its international unit, while investors weigh broader trade and macro risks. Fintech/Markets Infrastructure: Clear Street launched electronic execution across Europe and Asia-Pacific, extending its algorithmic trading reach beyond Canada and the U.S. Autonomous Logistics Funding: Qatar Investment Authority led a US$200M Series D for driverless-truck startup Gatik, with Koch Disruptive Technologies and others participating, as autonomous freight expands across routes including Ontario. Healthcare Philanthropy: Rio Tinto Canada Fund pledged $2M to Quebec healthcare innovation via McGill and Montreal Children’s Hospital initiatives.

Canada–US Tariff War: Ottawa will announce its response to Trump’s new 50% tariffs on Canadian imports Tuesday, with retaliatory measures and expanded Employment Insurance support for workers and businesses; Carney says the U.S. is trying to “destroy” key Canadian industries, while Trump escalates threats including 50% auto tariffs from Jan. 1, 2027. Housing & Costs Fallout: In the U.S. Midwest, new tariffs on Canadian building materials (lumber, plywood, windows, cabinets, steel/aluminum) are expected to push up construction costs and home prices in places like the Miami Valley. Markets & FX: The Canadian dollar steadied near multi-month lows as investors weigh Iran sanctions and tariff escalation; oil and tech sentiment stayed jumpy ahead of Nvidia results. Canadian Energy Link: An Oklahoma report highlights that oil and natural gas were largely exempt, helping keep Canadian crude flowing through the Cushing hub and protecting midstream/refining activity. Labour & Auto Sector: Unifor and GM reached tentative agreements covering about 4,600 Canadian auto workers, with wage/benefit gains subject to ratification. Trade Talks & Culture: Canada’s cultural sector says the collapse of U.S. streaming talks could reopen negotiations with American platforms over Canadian content funding. Mining & Capital Markets: FireFly Metals launched an equity raise up to A$190m alongside a Green Bay Copper-Gold PEA, targeting a final investment decision after de-risking and feasibility work. Corporate Finance: Helium Evolution closed a C$25m private placement, issuing units at C$0.15 with 3-year warrants at C$0.30.

Canada–U.S. Trade War: The talks are off and the tariffs are on. The U.S. imposed 50% duties on about $20B of Canadian goods, while Prime Minister Mark Carney says Canada will hit back with “dollar-for-dollar” measures starting Sept. 8; economists warn the renewed escalation could shave roughly 0.5 percentage points off growth and add inflation pressure. Auto & Steel Shock: Trump also threatened to raise tariffs on Canadian cars, trucks, auto parts and steel to 50% effective Jan. 1, 2027, ratcheting up uncertainty for manufacturers and supply chains. Regional Fallout: B.C. Premier David Eby says the province is the most exposed, with analysis pointing to major job risk in wood, pulp/paper, minerals, energy and agriculture. OSFI Leadership: OSFI appointed Jing Yang as Deputy Superintendent for Risk, Strategy and Policy, bringing experience from the Bank of Canada and international regulators. ETF Simplicity: Fidelity Canada highlights that with Canada’s ETF lineup topping $1T in assets, investors may want to focus on goals, risk and true holdings—not just fund names. Gold & Debt Mood: Gold jumped to a 3-month high as investors fretted about government debt and policy uncertainty. Cybersecurity: SickKids says a third-party software vulnerability exposed some employee data and job applications, while patient care systems were unaffected. AI in Finance: Goldman Sachs warned that over-reliance on AI could weaken bankers’ reasoning skills. Business & Investment Links: India’s Finance Minister Nirmala Sitharaman will visit Canada and the U.S. Aug. 25–Sept. 2 for an economic and financial dialogue and investment roundtables.

US-Canada Trade War: Mark Carney suspended talks and Canada retaliates “dollar-for-dollar” after the U.S. imposed 50% tariffs on about US$20B of Canadian goods; Ottawa says retaliatory levies start Sept. 8, with steel and dairy among the targets. Business Impact: Ottawa is set to outline a tariff-relief plan for affected firms, likely using the BDC, as provinces brace for a longer fight. Market Mood: The loonie slipped near multi-month lows as investors weighed tariff fallout, while gold pushed to a 3+ month high ahead of U.S. inflation data and Fed Chair Kevin Warsh’s Jackson Hole remarks. Banking & Payments: Helcim raised $38M to expand its small-business payments platform as big banks pull back from merchant services. Capital Markets: Berkshire’s new CEO Greg Abel is reshaping the cash-heavy playbook, while Global Traffic Network reported weaker results with Canada a drag. Energy & Shipping: Studies back year-round navigation potential in the Hudson Bay corridor, boosting the case for Churchill shipping. Mining & Metals: Elevra Lithium signed a binding spodumene supply deal with Mangrove Lithium for Eastern Canada. Geopolitics: EU foreign policy chief Kaja Kallas demanded Israel halt West Bank E1 settlement expansion, warning it harms a two-state path.

US-Canada Trade War Escalates: Trump’s administration imposed 50% tariffs on about $20B of Canadian goods after talks collapsed, and PM Mark Carney vowed “dollar-for-dollar” retaliation starting Sept. 8, targeting sectors like steel, dairy, appliances, electronics and ag equipment—while both sides trade blame and warn the rupture could reshape the long-running alliance. Market Mood Check: U.S. stocks ended the week higher despite rising Treasury yields and debt worries, but investors are clearly watching tariffs again as a real cost driver. Banking & Credit Watch: A new focus is emerging on private credit’s risks, with the Bank of Canada flagged as concerned about how it’s growing. Fraud & Scams: Canada’s anti-fraud centre warns criminals are impersonating the agency to steal banking details or money, and IRCC issued fresh visa-fraud red flags for applicants. Policy Pressure on Provinces: A Fraser Institute study estimates provinces could face a $19.4B shortfall if Ottawa cuts transfers in a way similar to the mid-1990s. Tech & Property Sector: Teranet named Sam Ishak as CIO to push enterprise tech and security for Canada’s property data infrastructure. Crypto Sentiment Research: A Fed-linked study says crypto investors are driven more by beliefs about future returns than by demographics, helping explain volatility.

Canada–U.S. Trade War: Prime Minister Mark Carney says the U.S. introduced “unfair, uneconomic” last-minute demands, so Ottawa suspended talks and will hit back with “dollar-for-dollar” tariffs on $20B of U.S. goods starting Sept. 8, after Washington imposed 50% duties early Saturday; Carney warns the fight threatens CUSMA and Canada’s sovereignty, while premiers back retaliation but differ on next steps. Business Fallout: Canadian business leaders are stuck in limbo as the tariff shock removes certainty for investment and supply chains, with experts warning costs will flow through to households. Auto and Cultural Flashpoints: Carney points to U.S. pressure on autos and limits on Canada’s ability to strike other deals, while Quebec says Washington even tried to negotiate around French-language protections for consumer devices. Investor Angle: Amid the escalation, coverage also highlights how Canadian investors are positioning for volatility via dividend and retirement-income strategies, including monthly payers and gold IRA guidance. Tourism Impact: New York State is launching “NY LOVES CANADA” promotions after a sharp drop in Canadian visitors and spending, aiming to offset tariff-and-currency headwinds.

Canada-U.S. Trade War: Prime Minister Mark Carney suspended talks after “last-minute” U.S. changes and the U.S. moved ahead with 50% tariffs on about $20B of Canadian goods; Canada vows “dollar-for-dollar” retaliation starting Sept. 8, targeting sectors like steel, dairy, appliances, ag equipment, pulp & paper, and electronics. Auto Sector: Unifor and GM reached tentative labour agreements for 4,600 autoworkers in Ontario, with ratification meetings set for Aug. 29-30. Arctic Trade & Shipping: New research says year-round shipping from Churchill is feasible using existing ice-class vessels, with declining sea ice extending the navigable season. Personal Finance & Housing: One-third of Canadians renewing mortgages are worried about higher payments, while Saskatchewan housing starts rose 23.9% year over year to July 2026. Fraud & Enforcement: A Gujarat man accused in a $7.5M elder fraud scheme was arrested at Toronto Pearson after crossing from the U.S. on pretrial release. Investing Angle: Analysts point to resilience in the TSX and dividend opportunities for TFSA income investors as markets weigh trade risks.

Canada-U.S. Tariffs: Prime Minister Mark Carney says Canada is suspending trade talks after “unfair” last-minute U.S. changes, with Washington set to impose 50% tariffs on about C$28B of Canadian goods at midnight; Ottawa will respond “dollar for dollar,” while LeBlanc says negotiators still have “more work to do” with hours left. Deal Hopes & Market Pulse: Reports suggest a possible compromise—auto tariffs down to 15% and steel/aluminum at 25%—as the loonie climbs toward a three-month high on oil strength and trade-deal optimism. Household & Compliance Watch: RBC faces a FCAC fine over inaccurate credit card statements after fraud-related card replacements, a reminder to check refunds and credits. Provincial Cost Relief: Alberta cabinet advice reportedly warned against promising a second automatic $100 energy rebate due to CRA tax treatment concerns. Energy & Inputs: A tariff on ferrochrome is raising a key stainless-steel input cost, with Canadian-linked supply chains in the spotlight. Global Finance Link: Canada and India plan a finance ministers’ dialogue in Toronto to deepen investment and cooperation in critical minerals, AI, and advanced manufacturing.