🚀 US to implement 35% tariff on Canada

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump announced a sweeping 35% tariff on all Canadian imports starting August 1, escalating trade tensions over what he claims is Ottawa’s failure to curb fentanyl flows and its retaliation against earlier U.S. duties. The new levy, which comes atop existing tariffs on Canadian steel, aluminum, autos, copper, and other goods, could rise further if Canada responds in kind. Prime Minister Mark Carney defended Canada’s anti-fentanyl efforts and vowed to protect Canadian workers while continuing trade talks ahead of a July 21 deadline. Trump, citing a rising trade deficit and national security, warned of broader tariff hikes on other U.S. trading partners as well.

2. Goldman Sachs is piloting “Devin,” an autonomous AI software engineer from startup Cognition, marking Wall Street’s boldest move yet toward a hybrid human-AI workforce. Goldman’s tech chief, Marco Argenti, says hundreds or thousands of Devins could join its 12,000-person developer team to tackle tedious engineering tasks and boost productivity up to fourfold. Devin is part of a new class of “agentic AI” that executes complex, multi-step tasks independently, signalling a shift from AI as helper to AI as co-worker. While Cognition is backed by Peter Thiel and valued at nearly $4 billion, Goldman doesn't hold a stake, yet its adoption could catalyze further AI integration across finance and stoke fresh fears about looming job cuts.

3. Tom Lee’s “Granny Shots” ETF (GRNY) is one of 2025’s breakout performers, racking up $1.5 billion in assets just eight months after launch and delivering a 13.7% return versus 7.8% for the MSCI USA Large Cap Index. The fund takes its name from the underhand basketball shot, reflecting Lee’s strategy of targeting S&P 500 stocks that sit at the intersection of multiple long-term investment themes like AI, cybersecurity, energy, and millennial-driven growth, to boost resilience across market cycles. With top holdings like Robinhood, Oracle, and AMD, the fund’s disciplined, rules-based approach is proving both popular and profitable, ranking in the top 3% of active funds this year despite a 0.75% expense ratio.

   Headlines

   1. Bitcoin continues to hit new all-time highs, topping $118,000.

   2. IMAX is expected to have its best financial year as moviegoers return to theatres this year amidst a box office revival for Hollywood.

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Onwards and Upwards,

Liam Gill