🚀 Canada taking US to the WTO

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Canada has requested WTO consultations over U.S. tariffs, calling them "unjustified" after President Trump imposed a sweeping 25% duty on Canadian and Mexican imports, citing concerns over fentanyl trafficking. Prime Minister Trudeau criticized the move as “a very dumb thing to do” and retaliated with immediate 25% tariffs on C$30 billion of U.S. goods, with the potential to expand to C$125 billion. If WTO consultations fail within 60 days, Canada may seek formal dispute resolution. Meanwhile, China is also challenging U.S. tariffs, raising fears of escalating global trade tensions.

2. Foot Locker’s holiday results were mixed, beating earnings expectations but missing on revenue, and the retailer warned of continued profit pressure in 2025 due to deep discounting in the sneaker industry—especially from Nike, its largest brand partner. While comparable sales rose 2.6%, Foot Locker expects margins to remain tight as Nike clears out old inventory with steep markdowns, pushing more consumers to buy directly from Nike rather than multi-brand retailers. CEO Mary Dillon’s turnaround plan includes diversifying brands, remodeling stores, and shifting away from malls, but Foot Locker is still shrinking, expecting a 4% store reduction this year.

3. A sharp drop in mortgage rates to 6.73%—the lowest since December 2024—triggered a 20.4% surge in weekly mortgage applications, with refinance applications spiking 37% and purchase applications rising 9%. The decline, driven by economic uncertainty and new tariffs, gave some recent buyers a chance to refinance, though affordability remains a challenge due to high home prices and low inventory. While the spring homebuying season is seeing early momentum, concerns over tariffs raising construction costs add another layer of uncertainty to an already strained housing market.

4. Headlines

   1. Donald Trump warned Americans in a speech before a joint session of Congress that tariffs will cause “a little disturbance” in the short term.

   2. Donald Trump reiterated that he intends for the United States to control Greenland.

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