🚀 Trump ends trade talks with Canada

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Donald Trump abruptly ended all U.S. trade talks with Canada on Friday in retaliation for Ottawa’s new digital services tax targeting American tech companies. Announcing the move on Truth Social, Trump accused Canada of mimicking the European Union’s policies and warned that tariffs on Canadian exports to the U.S. would be announced within a week. The decision threatens a $762 billion annual trade relationship with one of America’s closest allies and comes just days after Trump met with Canadian Prime Minister Mark Carney at the G7 summit in Alberta.

2. Sticker prices are rising across the U.S. as the latest inflation data came in hotter than expected and businesses begin re-ticketing products to reflect new tariffs, with some increases reaching 15%. Nike warned it hasn't yet passed on its full tariff-related costs to consumers, while inventory levels are shrinking as retailers brace for uncertainty. Imports have slowed—particularly from China—due to tariff hikes, and shipping indicators suggest a weaker-than-usual peak season. Supply chain experts say companies are choosing lean inventories over risky overstocking as spot freight rates plunge and trade tensions keep everyone guessing.

3. The U.S. and China confirmed a new trade framework that includes easing tech restrictions and permitting rare earth exports, as announced by China’s Ministry of Commerce. Beijing said it will review licenses for controlled items, while the U.S. will lift several sanctions, though specifics remain vague. President Trump confirmed the agreement was signed Wednesday, building on a Geneva consensus reached in May and further negotiated in London earlier this month. While the deal signals a thaw in relations, experts caution that key details—like which rare earth curbs are lifted—are still unclear and trade constraints likely persist.

   Headlines

   1. California Governor Gavin Newsom is suing Fox News for defamation.

   2. Nike stock gained 17% after a better-than-expected earnings call.

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