🚀 Canada removing most tariffs on the US

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Canada moved to ease trade tensions with Washington on Friday, announcing it will lift most of its retaliatory 25% tariffs on U.S. goods while keeping duties on autos, steel, and aluminum in place. Prime Minister Mark Carney framed the decision as a way to “focus squarely on strategic sectors,” noting the shift follows his first direct call with Donald Trump since tariff talks collapsed earlier this month. The White House called the move “long overdue,” while both leaders signalled a willingness to restart negotiations ahead of this year’s scheduled review of the U.S.-Mexico-Canada Agreement. Carney, who inherited the tariffs imposed by Justin Trudeau, said Trump assured him that rolling them back would jump-start broader talks, underscoring a fragile but possible thaw in one of North America’s most strained trade relationships.

2. For the first time since the Great Recession, workers who stay in their jobs are seeing faster wage growth than those who switch, a reversal that has persisted for six months and signals a cooling labour market. Data from the Atlanta Fed shows job “stayers” earned 4.1% more in July versus 4% for “switchers,” a subtle gap but one that economists say reflects declining job openings, a sharp drop in voluntary quits, and diminished bargaining power for workers. Experts warn the shift suggests employees are “job-hugging” out of caution, with long-term unemployment rising and many displaced workers forced to accept lower-paying roles. While the overall labour market remains resilient, the pattern points to growing cracks as high interest rates and economic uncertainty continue to weigh on hiring.

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4. Retail giants like Walmart, Home Depot, and Target say tariffs are raising costs but haven’t yet caused the consumer pullback many feared, with spending proving resilient and companies finding ways to blunt the impact. Strategies such as early importing, diversifying supply chains, and selectively raising prices have limited sticker shock, though lower-income shoppers are showing more price sensitivity. Strong brands like Coach and Birkenstock have managed to pass along higher costs with little pushback, while Crocs warned of weakening demand and trimmed orders for the second half of the year. Analysts caution that while big retailers’ scale and new revenue streams are cushioning the blow, rising duties and lingering uncertainty could pressure profits more heavily in the months ahead

   Headlines

   1. The US will soon begin garnishing wages for individuals who are behind on their student loans.

   2. The FBI raided the home of John Bolton, Trump’s former national security advisor, who has since become an outspoken critic of the president.

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