• Markets: Wall Street will get a temperature check on inflation, the AI market, and Iran sanctions this week (more on those later), all while investors keep an eye on the bond market following the US Treasury Department’s intervention. Those bond worries have given gold some of its luster back as investors search for safe havens. The metal hit its highest level in three months last Friday.

Mad aboot tariffs

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Canada may be renowned for its maple syrup and its friendliness, but it’s ditching the sweetness as trade tensions with the US escalate. After talks to avert steep new US tariffs collapsed on Friday, Canada has vowed to slap retaliatory tariffs on US goods on Sept. 8. Both sides blame the other and appear to be digging in for a trade war.

He said, he said:

• “You’re at war when you get attacked,” Canadian Prime Minister Mark Carney said. “We got attacked.”
• Meanwhile, President Trump said on Truth Social, “Canada wants the benefits of being a State, without being one!!!”

Where we are now

Because no deal was reached, the US made good on its threat to slap new 50% tariffs on $20 billion worth of Canadian goods. Canada’s exports to the US are typically worth $382 billion annually. While the new import taxes primarily target the forestry, alcohol, dairy, and textile industries, the impacted items also include everything from hockey sticks to dog leashes and fake mustaches.

Canada hasn’t yet released the list of goods it will tariff in response, but Carney pledged to match the US levies dollar for dollar. He said Canada’s tariffs would target similar industries.

How did we get here?

Well, that depends on whom you’re asking since the US and Canada each assert that the other introduced impossible last-minute conditions after a deal appeared close earlier in the week. Sticking points reportedly included tariffs on trucks and on products made with steel.

But even before this, there was enough drama to fuel an entire season of Degrassi: The US and Canada have a long history as allies and trade partners, but when Trump imposed sweeping global tariffs, Canada was one of the few countries to retaliate, going “elbows up” and imposing retaliatory tariffs, while Canadians boycotted US booze and travel. Trump used a never-before tested legal authority to impose the latest tariffs, and has also repeatedly referenced making Canada the 51st state.

Looking ahead…the USMCA—a trade deal President Trump negotiated with Canada and Mexico during his first term is up for review—and the current trade spat suggests that’s going to be contentious.—AR

      

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