AGP Executive Report

U.S.-Canada Trade: Canada is bracing for Trump’s planned 50% tariffs after the U.S. set large tariff-rate quotas for refined sugar products and certain sugar-containing goods—an early sign trade rules could shift fast. Retail & Consumer Demand: Canadian retail sales rose 1% in May, with volumes up 0.3%, suggesting spending is holding up even as tariff uncertainty lingers. Housing & Markets: The Bank of Canada was ordered again to stop using replacement workers during a security strike, adding labour-market friction to an already jittery investment mood. Immigration & Labour: IRCC says it’s inviting skilled workers through Express Entry across seven professional categories, including healthcare, STEM, skilled trades, transport and French-language candidates. Business Growth & Investment: FedDev Ontario is putting nearly $40.5M into 23 Waterloo/Brant organizations to strengthen supply chains and defence/AI capabilities. Energy & Infrastructure: Canada renewed the Quebec Fisheries Fund with CAD 50M over five years, while Ottawa also backed Maritime electricity integration planning to reduce fragmentation costs. Corporate Moves: Systemair acquired Mississauga-based Temspec to expand decentralised HVAC in North America, especially schools. Tech & Security: Arctic Wolf was named a leader in IDC’s managed detection and response assessment for midmarket. Cyber/AI Governance: A new legal-industry AI report finds near-universal adoption, with privacy and “hallucinations” topping concerns.

Canada-U.S. Tariff Shock: President Trump has announced new 50% tariffs on about US$20B of Canadian goods, with an Aug. 19 start date unless a deal is reached—sparking immediate alarm from exporters and consumers, especially in alcohol, dairy and auto-related categories. Trade Negotiations & CUSMA: U.S. trade officials say the move is meant to push interim “options” for Canada and Mexico as CUSMA talks continue, while Canadian leaders call it unilateral and argue it violates the agreement. Bridge Politics: The Gordie Howe International Bridge opening plans have been disrupted as tensions rise, with the U.S.-Canada relationship “sapping the joy” around the long-awaited crossing. Business Impact Watch: Canadian retailers and small manufacturers are bracing for higher costs and demand swings; experts also frame the tariffs as possible leverage rather than a final outcome. Corporate Earnings: Teck posted strong Q2 results, while argenx reported solid half-year performance and Air Canada ratified a new IAMAW collective agreement. Security & Public Safety: Niagara police issued Canada-wide warrants in a homicide case after recovering a suspect vehicle in Quebec. Other Canada Economy Signals: CMHC is pointing to a housing slowdown, and Statistics Canada data shows Lethbridge ranking among the higher crime-severity metros.

U.S.-Canada trade shock: President Trump has imposed new 50% tariffs on a broad range of Canadian goods, with duties set to start Aug. 19 and aimed at items including autos, alcohol, dairy and even consumer goods like wine and hockey sticks—prompting Ottawa to say it will consider “all options” while Carney vows to intensify talks. Gordie Howe bridge fallout: Canada cancelled a joint U.S.-Canada bridge celebration after the tariff threat, saying it would be “inappropriate” to proceed with a celebratory event between the countries. Energy politics: New polling finds a solid majority of Canadians back new oil pipeline proposals, with economic security and reduced U.S. dependence driving support. Housing outlook: CMHC says economic uncertainty will keep weighing on Canada’s housing market, with home sales and prices expected to decline in 2026. Immigration: IRCC issued 5,000 Express Entry invitations for French-language candidates with a CRS cut-off of 399. Business moves: Bacardi Canada named Kevin Gouthro managing director; Wendy’s opened its first “Future Fresh” restaurant in Canada; and GrubMarket completed its acquisition of SPUD to expand in B.C. and Alberta.

U.S.-Canada Tariff Shock: President Donald Trump’s new 50% tariffs on a wide range of Canadian goods—set to start Aug. 19—have already forced companies to rethink cross-border sales, and Canada is pushing for “intensified” talks with Washington after Carney said the two sides agreed to negotiate. Bridge Politics: The planned joint Gordie Howe International Bridge celebration with the U.S. was called off, though the bridge is still expected to open to traffic July 27, with Canada holding a separate event. Sector Fallout: Dairy is a central flashpoint, with supply management and access rules under USMCA at the centre of U.S. complaints; Canadian liquor producers in Alberta are also bracing for potential knock-on effects. Finance & Pensions: CPP Investments is expanding its C$ bond program by drawing in more foreign investors, including central banks and insurers, as it targets about C$20B in new issuance this year. Health Costs: A new Canadian Journal of Cardiology analysis says generic semaglutide could cut prices by up to 70% and improve affordability for eligible type 2 diabetes patients. Aerospace & Defence: Canada is joining the next-generation GCAP fighter jet program as an observer, gaining insight into industrial collaboration and delivery plans. Local Business Impact: A Brandon water treatment upgrade aims to meet Health Canada drinking-water guidelines by 2029.

U.S.-Canada Trade War: President Donald Trump’s administration moved to impose new 50% tariffs on a wide range of Canadian goods—targeting autos, alcohol and dairy—using a rarely used Section 338 approach, with duties set to start in about 30 days and even reaching some CUSMA-compliant products; Policy Response: Prime Minister Mark Carney says Canada will intensify talks with Washington but is weighing “all options” if the tariffs proceed, while economists estimate the hit could land around 5% of Canada’s exports to the U.S.; Jobs Risk: trade lawyers and analysts warn the targeted sectors could see demand drop and job losses follow, with the impact likely delayed but cumulative; Defence & Industry: Canada became an observer in the UK-Japan-Italy Global Combat Air Programme for a sixth-generation fighter, aiming for industrial collaboration without a purchase commitment, while Ottawa also backed aerospace manufacturing with funding for Pratt & Whitney Canada; Corporate Moves: Sleep Country Canada agreed to buy U.S. retailer Sleep Number for about $702M, and Rio Tinto will transfer its aluminum composites customer base to Canada’s Cymat Technologies; Labour & Politics: a new national poll finds Canadians back stronger worker protections and oppose making it harder to strike.

Trade War Escalation: U.S. President Donald Trump signed three proclamations imposing 50% tariffs on a wide range of Canadian imports (about $20B), citing alleged “discriminatory” treatment of U.S. cars, alcohol and dairy; the duties are set to start in 30 days and apply even to goods covered under USMCA, while energy, potash, fish and critical minerals are exempt. Canadian Response: Prime Minister Mark Carney said Canada is ready to “intensify” talks and called the move a USMCA violation, as Ontario Premier Doug Ford urged dollar-for-dollar retaliation. Diplomacy & Investment: Canada’s foreign minister Anita Anand met Pakistan’s leaders in Islamabad to revive trade and investment ties, including accelerating a Foreign Investment Promotion and Protection agreement and an import protocol for Canadian canola. Critical Minerals Push: Mineral diplomacy coverage highlights how producer nations are using fragmented G7/BRICS strategies to negotiate better terms in the critical minerals race. Aerospace Signal: Canada plans to engage Pratt & Whitney Canada to strengthen the aerospace sector at the Farnborough Airshow. Business & Tech: Bombardier announced an Environmental Product Declaration for its Global 8000, while a Canadian quantum cryptography expert praised China’s progress at a major AI conference.

Wildfire-tariff standoff: Trump again raised the idea of tariffs over “poisoned” Canadian wildfire smoke, while Ontario Premier Doug Ford called the threats “rubbish,” as U.S. air-quality alerts and business disruptions continue. Energy & trade: U.S. ambassador Pete Hoekstra told an Edmonton summit Alberta and Saskatchewan can make the “most compelling” case to supply 3–4 million more barrels a day to the U.S. Defence & aerospace: Ottawa extended Babcock Canada’s Victoria-class submarine servicing contract for six years (about $1.1B), and a separate Farnborough announcement signals federal engagement with Pratt & Whitney Canada to strengthen the aerospace sector. Industrial real estate: Brookfield and CPP Investments agreed to buy LXP Industrial Trust for about US$5.2B, betting on U.S. logistics demand. Policy & families: The Canada Child Benefit is increasing for 2026–27, with announcements in the Northwest Territories and Ontario. Markets: Canada’s inflation cooled to 2.8% in June, helping the loonie pull back from recent highs. Corporate moves: MUFG named Valeria Strappa head of global transaction banking for the Americas, covering Canada, the U.S. and Latin America. Health & pharma: Canada’s Supreme Court upheld the general ban on patenting medical treatment methods, but found a specific dosing regimen patentable.

Wildfire fallout and trade threats: US President Donald Trump told PM Mark Carney Canada must stop wildfire smoke “poisoning our air,” and floated “pay some damages” or tariffs—raising the stakes for cross-border costs as smoke continues to disrupt US cities. Travel and health advisories: Global Affairs Canada updated its US travel warning over an “explosive” cyclosporiasis outbreak, while Canada also keeps advising against non-essential travel to Saudi Arabia and updates guidance for other Middle East destinations. Aerospace and business aviation: Bombardier’s Global 8000 set a new speed record on a Los Angeles-to-Farnborough run, underscoring Canada’s high-end manufacturing clout. Markets and AI infrastructure pressure: A new look at Nvidia’s outlook ties AI spending to massive power and grid strain, with hyperscaler capex expected to keep climbing. Corporate moves: CLINUVEL’s ADS is set to start trading on Nasdaq under ticker CUVL, boosting visibility for the company’s US investor base. Tech policy: Apple Maps is restricting sponsored listings for several home service categories, affecting how Canadian contractors can buy ads.

Wildfire fallout and trade tensions: Ontario Premier Doug Ford called U.S. criticism of Canada’s wildfire response “absolutely unacceptable,” as President Donald Trump blamed Canadian forest management for smoke and threatened to add pollution costs to tariffs. Border policy: Canada moved to curb Ebola risk by temporarily banning entry for foreign nationals who were in the Democratic Republic of the Congo in the past 21 days, with carriers barred from boarding affected passengers. Markets and rates: A week of mixed signals featured a sharp drop in U.S. June CPI, while the Bank of Canada held its rate at 2.25% and upgraded its growth outlook; Europe and China also showed softer activity. Business and investment: UBS reiterated a Hold on Canada Goose; Reliance outlined a long-term growth plan across telecom, oil-to-chemicals and new energy. Energy infrastructure pulse: An Angus Reid survey found 63% of Canadians support a proposed Alberta-to-B.C. pipeline, with economic arguments leading support. Entertainment with Canadian reach: Christopher Nolan’s The Odyssey topped the weekend box office in Canada and the U.S., and FIFA’s World Cup finale is drawing major global attention.

Wildfire–Trade Clash: President Donald Trump escalated pressure on Canada over wildfire smoke, threatening new tariffs tied to “willful negligence,” while Ontario Premier Doug Ford called the move unacceptable and pushed back on lumber tariffs. Air Quality & Business Disruption: Canadian smoke is driving hazardous air alerts across parts of the U.S. and disrupting travel, with American Airlines issuing alerts for 29 airports as conditions worsen. Wildfire Response Update: Ottawa says there are 796 active wildfires (with 60 requiring full suppression) and announced $1.25M more for preparedness as hot, dry weather threatens higher fire danger. Auto Sector Deal: Unifor and Ford reached a tentative three-year contract covering about 5,150 Canadian workers, including 3% annual wage increases, a $12,000 first-year bonus, and job security tied to plant investments. Retail Affordability: New research finds Canadians actively shop across channels—often starting in-store and switching fast—using competition to manage affordability. Media Expansion: TC Transcontinental expanded raddar nationwide, boosting weekly distribution to about 11.6M copies and adding 500+ local versions for advertisers. Defence Procurement: Canada signed a contract for 225 Armoured Combat Support Vehicles (ACSV), with 35 earmarked for transfer to Ukraine, valued at about $1.4B.

Wildfire smoke meets trade war: U.S. President Donald Trump is threatening new tariffs on Canada, arguing Ottawa is responsible for hazardous wildfire smoke blanketing parts of the U.S. Midwest and Northeast, while Ontario Premier Doug Ford calls the criticism “absolutely unacceptable” and says Canada is spending to protect people. Local business disruption: Across the U.S., smoke has triggered flight delays and event cancellations, and Canadian wildfire haze is also hitting Canadian communities—raising costs for restaurants and outdoor markets as air quality worsens. Immigration bottleneck: Canada has paused new Parents and Grandparents Program applications indefinitely, while continuing to process a large backlog—leaving families weighing alternatives. Data-centre backlash: Ottawa’s push to expand AI data centres is colliding with municipal concerns over water and environmental impacts, with Hamilton rejecting a proposed moratorium. Food and markets: Reuters warns high harvests may not translate into a global grain surplus, and Dollarama recalled garlic powder over Bacillus cereus contamination risk. Business and policy signals: The Greater Niagara Chamber urges governments to treat arts and tourism as economic assets, while Canada raises wage thresholds for the Temporary Foreign Worker Program.

Wildfire-tariff showdown: Trump again blamed Canada for wildfire smoke blanketing the U.S., warning of “incalculable” costs and threatening fresh tariffs on Canadian goods. Business confidence in Alberta: A new Alberta Business Council CEO survey finds leaders optimistic on the year ahead, even as the upcoming referendum worries them. Investment gap spotlight: The Fraser Institute says Canada’s business investment per worker fell sharply since 2014, widening the gap with the U.S. and raising productivity and wage concerns. Trade and diplomacy: Mexico’s foreign secretary said it won’t pursue a separate deal with Washington that leaves Canada out of USMCA talks. AI infrastructure push: Canadian firms continue positioning for the AI boom, including data-centre and energy buildouts. Security and crime: Manitoba RCMP are seeking suspects after an ATM was dragged from a Dauphin business. Community and veterans: The Royal Canadian Legion marked its 100th anniversary with events in Ottawa and across the country.

Defence Procurement: Prime Minister Mark Carney says Canada will buy 190 Canadian-made armoured combat support vehicles over four years in a deal worth nearly $2B with GDLS-Canada, while also funding 35 more for Ukraine—part of a broader push to expand the fleet and deepen local defence industrial capacity. Maritime Innovation: BCIT and Kongsberg Maritime announced a $76.5M Marine Innovation Simulation Centre of Excellence in B.C., aimed at boosting maritime R&D and training using simulation tech for safety, autonomy, cyber resilience and low-emissions operations. Capital Markets: CIRO posted trading halts and scheduled a sanctions hearing for Donald Edward McMillan, alongside a separate settlement hearing notice for Scotia Securities Inc.—a reminder that enforcement activity remains active in Canada’s dealer ecosystem. Food & Retail: Lactalis Canada is set to buy Agropur’s fine cheese business (OKA, Monsieur Gustav and L’Extra), while Ontario has triggered targeted Disaster Recovery Assistance for Ontarians flooding damage in parts of Ottawa. Business & Tech: Vancouver’s GroundedAI closed a $2M round to expand its underground data platform for tunnelling and civil mining. Macro/Markets: The S&P/TSX composite fell more than 100 points as tech and base metals weighed on sentiment, with U.S. markets also lower. Environment Disruption: Canadian wildfire smoke continues to trigger hazardous air alerts and business/event disruptions across parts of the U.S., including the Great Lakes and Mid-Atlantic.

Wildfire Smoke Disrupts Business: Canadian wildfire haze is hitting the U.S. hard, with hazardous air forcing flight delays and event cancellations, including major impacts around Oshkosh AirVenture and closures like Bass Bay Beer Garden. Defence Spending & Procurement: Prime Minister Carney is moving ahead with a near-$2B deal for 190 armoured combat vehicles, while Canada also looks set to join the GCAP next-gen fighter program as an observer. Critical Minerals Deal: Tees Valley Lithium’s parent has signed heads of terms for UK refining of Alberta lithium into battery-grade lithium hydroxide, strengthening Canada–UK supply-chain ties. Ports & Trade: Churchill Port in Manitoba is set to resume grain exports for the first time in six years, supported by federal and provincial funding. Finance & Housing: The Bank of Canada held its key rate at 2.25%, while RBC warns Canada’s housing recovery is a long road ahead. Consumer & Regulation: B.C. is cracking down on door-to-door financing ahead of a ban, with a company ordered to repay about $113K. Business Tech: Computyne’s invoice validation push is gaining traction across the UK, U.S. and Canada.

Port of Vancouver Gateway Strategy: Federal Transport Minister Steven MacKinnon says the Port’s “transformational” upgrade has been referred to Canada’s Major Projects Office, with plans built around Roberts Bank Terminal 2 and other terminal expansions aimed at boosting trade capacity and GDP. Housing slowdown: New home construction keeps cooling in June as builders pull back amid weak demand, higher costs, and a surplus of unsold homes, while RBC warns recovery is still a long road. Defence procurement: Prime Minister Mark Carney announces nearly $2B over four years to build 190 armoured combat support vehicles in Ontario, lifting the fleet to 550 and targeting domestic supply chains. Gordie Howe bridge tolls: Carney says Canada won’t share tolls with the U.S. until the bridge debt is repaid, even as a profit-share deal is set for 15 years. Wildfire disruption: Canadian wildfire smoke continues to foul air across parts of the U.S., while in Canada, orange-level air warnings have forced cancellations of outdoor events and markets. Media jobs: Corus confirms unspecified layoffs tied to centralizing production, as ad revenue declines and debt pressures mount. Rail safety dispute: Teamsters Canada urges CN to stop running trains through active wildfire zones after a viral cab video. Mental health funding: Kids Help Phone expands 24/7 youth mental health messaging nationwide with a $2M, four-year Health Canada-funded investment. Telecom leadership: Airties adds Stephen Howe to its board and names Michael Rezek chief business development officer as it pushes broadband software growth.

BoC Rate Hold: Bank of Canada kept its benchmark at 2.25% for a sixth straight meeting, citing improving growth but warning Middle East-linked oil-price risks could keep inflation sticky. Immigration Policy: IRCC paused new applications to sponsor parents and grandparents for permanent residence, aiming to rebalance intake and processing capacity. Trade & Cross-Border Tensions: MPs are demanding the full Gordie Howe Bridge agreement with the U.S., questioning how toll profits will be shared and whether Canada can recover what it paid. Energy & M&A: Greenfire Resources agreed to buy Connacher for about $907.4M to expand Alberta oil-sands production. Markets & Corporate Moves: CIRO halted and then resumed trading in Scorpio Gold (SGN) pending news; QVC Group advanced its U.S. restructuring with a plan to cut debt sharply. Business Risk & Fraud: B.C. Securities Commission alleges a foreign-exchange trading company defrauded investors and illegally distributed securities. Health & Innovation: Apnimed’s AD109 NDA was accepted by the FDA for obstructive sleep apnea, with a Feb. 28, 2027 target action date.