After three tiresome months of threats, deadlines, ultimatums and pauses, the opening salvos in the great North American trade war have finally been lobbed. This is investment reporter Tim Shufelt, and today we’re talking about – what else? – tariffs, Trump and trade. Our focus will be on how the stock market has attempted to process the bewildering breakdown of the system of free trade that forms one of the pillars of the Canadian economy. We’ll also look at how European defence stocks have bolted skyward since the U.S. suspended aid to Ukraine. And we’ll touch on the trade war relief plans being readied by Canadian governments.
Donald Trump appears on a television screen as traders work on the floor of the New York Stock Exchange on March 05, 2025.Spencer Platt/Getty Images
TARIFFS
‘A little disturbance’
Donald Trump may have underplayed the economic toll of his tariff war just a smidge in the process of making America great again. “A little disturbance,” as he characterized it in his speech to Congress on Tuesday night. This contrasts with the rising risk of a U.S. recession, sharply increasing inflation expectations, shaken consumer confidence and American job losses coming into view in vulnerable industries.
And yet, Trump was sort of right from the perspective of the stock market. Sure, things have been volatile. But hardly proportional to the world-changing geopolitical upheavals that are afoot. The S&P 500 index is just 4.9 per cent off the record high it notched two weeks ago. And in the two trading days since 25-per-cent tariffs on Canada and Mexico have been in place, the U.S. benchmark is pretty much flat.
Curiouser still, the TSX has held up just as well. It’s down by 3.6 per cent from its year-to-date high, while shedding only 0.5 per cent over the last two days.
To get to where the real action is, you need to go beneath the surface, where fortunes are shifting – part of a mass recalibration of winners and losers in a hostile, protectionist era. Let’s dive in.
Canadian stocks
Investors have had three months to wrap their heads around the contours of a trade war and its toll on domestic companies. Of course, there is more than just trade friction behind the ups and downs of Canadian stocks in that time, but some tariff-related themes certainly jump out.
Auto parts
This one’s a no-brainer. There’s no industry more continentally integrated, with parts zig-zagging across borders multiple times before final assembly. Tariffs could effectively break the industry’s supply chain, which is why the losses have been so severe in these names. On average, the three Canadian auto parts stocks – Magna International Inc., Linamar Corp., and Martinrea International Inc. – are down by about 20 per cent in the last three months or so. And that’s after a one-month tariff reprieve for the sector announced by the Trump administration on Wednesday pared the losses.
Oil and gas
Canadian oil essentially has one market. After meeting domestic refining needs, 98 per cent of our crude is exported to the U.S., according to the Canadian Association of Petroleum Producers. So, even at reduced tariff rate of 10 per cent, these stocks are exposed. Since last November, the sector is down by about 15 per cent. And over the past few trading days, big names in oil and gas have been hit hard. Shares in both Cenovus Energy Inc. and Suncor Energy Inc. have lost about 11 per cent over that time.
The tech sector has been the focus of the recent selloff globally, with the Nasdaq Composite Index dipping briefly in correction territory on Tuesday. The TSX doesn’t have a ton of tech exposure, but what is there has been smoked this week. Shopify Inc. is down by 6 per cent, while Celestica Inc. has lost 16 per cent.
What’s worked
Gold. That’s pretty much it. Gold prices are up by around 35 per cent in the past year. Plus, Canadian gold producers get the added benefit of a cheap loonie, since they typically sell what they produce in U.S. dollars but pay costs in Canadian dollars. Since late November, gold stocks account for 11 of the top 15 performers in the S&P/TSX Composite Index.
A view of a production line at Rheinmetall.Fabian Bimmer/Reuters
DEFENCE STOCKS
The rearmament of Europe
The stock market has a twisted sense of humour. After last Friday’s debacle in the Oval Office stunned the world, investors wondered, “Where’s the upside?” The answer: European defence companies.
When Ukraine’s president was berated on national television for not saying “thank you” enough, after which the U.S. cut off military support for the resistance against the Russian invasion, the financial burden for the war quickly shifted to Europe.
This chain of events confirmed that a cycle of heightened military spending in Europe is “for real,” according to a note by JPMorgan Chase analysts, who hiked their price targets for the group of stocks by an average of 25 per cent.
“The events of the last two weeks have turbo-charged this thesis,” the analysts wrote.
The beneficiaries include German arms manufacturer Rheinmetall AG, British defence contractor BAE Systems Plc, and Swedish aerospace and defence company Saab AB. All three are up by 15 to 20 per cent this week alone.
NON-DIVERSIONS
Pandemic-style stimulus in the works
While this space is normally reserved for something off-beat, this is no time for frivolous distractions. We’re at (trade) war, people!
Since Canada has found itself in Trump’s crosshairs for reasons that remain largely unknown, governments have been contemplating supports for Canadian households and businesses impacted by a trade war.
To cushion the blow of lost jobs, which Immigration Minister Marc Miller suggested on Monday could ultimately number one million, economists are calling on Ottawa for immediate reforms to employment insurance system.
But policymakers would be wise to heed the lessons learned from the pandemic when it comes to emergency stimulus, Claude Lavoie writes.
The essentials
Looking for our updates on market movers, analyst actions, stock technicals, insider trades and other daily, weekly and monthly insight? Click here to visit our Inside the Market page.
Globe Investor highlights
The trade war, a proposed $1.2 trillion European fiscal bazooka and the emergence of China as tech race leader are upending global flows of money, marking a potential turning point for investor capital away from the United States.
Why this week’s steep U.S. dollar plunge may be more remarkable than it appears on first glance.
Friday will bring the release of February job numbers for both Canada and the U.S. – and the monthly numbers will be particularly interesting this time around. Private sector numbers from ADP came in much weaker than expected on Wednesday, suggesting this could be yet another U.S. economic print that leaves investors feeling queasy. Meanwhile, a soft Canadian number could seal the deal on another interest rate cut by the Bank of Canada at its next policy meeting next week.
See our full economic and earnings calendar here (You can bookmark the page – it gets updated weekly)
Traders work on the floor of the New York Stock Exchange, on March 5, in New York City.Spencer Platt/Getty Images
You cannot possibly process every piece of data related to your finances in a trade war, so forget about even trying.
Instead, try taking a periodic look at these five essential numbers. They were picked because they offer a double-dose of investor intelligence. What’s happening in a particular market or sector, and what that says about the broader economy and investing environment.
Given that investors tend to heavily emphasize Canadian stocks in their portfolios, the S&P/TSX Composite Index demands your attention. But the U.S.-based S&P 500 is even more more important because it’s the index U.S. President Donald Trump watches closely. If the S&P 500 tanks, it means global investors are censuring his economic policies.
Bond yields are tricky in that they move in the opposite direction of bond prices. If investors are worried about how the trade war will affect economic growth and stock prices, they will pile into bonds in a way that pushes up bond prices and send yields lower. This is exactly what happened Tuesday, as stock markets fell hard. More declines in bond yields would tell us investors see a worsening economy ahead. On the plus side, lower bond yields give banks room to lower fixed mortgage rates.
Statistics Canada’s monthly labour force survey is the definitive guide to the job market, which is in turn the definitive guide to the economic health of the country. GDP is vital, sure. But what matters most is that people are able to find – and keep – work. If the unemployment rate starts to push higher, expect insolvencies to rise and the housing market to fade. Until the trade war started, the job market was doing surprisingly well.
This is the reference interest rate for variable-rate mortgages, lines of credit and floating-rate loans. Without a trade war, the economy has been stable enough to suggest the Bank of Canada will in the near term either leave rates untouched or make just one last cut on top of the six we’ve seen since spring 2024. The central bank’s rate-cutting in 2025 will be a clear sign of how much trouble it sees in the economy. March 12 is the next opportunity for the bank to adjust rates, and a cut is expected.
Nerves are already jangling at the prospect of a trade war causing a stock market decline. A drop in housing prices would be worse, given the importance Canadian puts on home equity as an indicator of wealth and financial well-being. The most widely used gauge for the housing market is the monthly report on national average resale prices from the Canadian Real Estate Association. The numbers in the coming months will be a must-read, given how preliminary reports from Vancouver and Toronto in February suggest a big-time slowdown in sales.
What questions do you have about tariffs?
The tariffs announced by U.S. President Donald Trump have upended decades of free trade in North America, causing chaos on both sides of the border.
Alongside the chaos come many questions about how this will affect Canadians’ lives, and Globe reporters are here to help you navigate those. Perhaps you’re curious about how this might impact the sector you work in, or maybe you’d like to know what this means for your mortgage. Tell us what you want to know about these new levies, and we’ll do our best to answer. Please submit your questions below or send an email to audience@globeandmail.com with “Tariff Question” in the subject line.
A car carrier trailer crosses the border from the U.S. to Canada as seen from Champlain, New York.Brendan McDermid/Reuters
7:49 p.m.
Tariffs have forced a ‘sea change’ in provinces’ support for new pipelines, Alberta Premier says
– Emma Graney and Adam Radwanski
Tariffs imposed by U.S. President Donald Trump have resulted in a “sea change” of support among premiers and territorial leaders for pipelines, Alberta Premier Danielle Smith says, including a potential “Energy East 2.0.″
Until the United States comes “back to reality,” Ms. Smith said, Canada should focus its efforts and financial means on building multiple oil and gas pipelines to all coasts, to dramatically increase the amount of fossil fuels sold to Asia and Europe. And she believes there is a spirit of collaboration among premiers and territorial leaders to get construction under way as quickly as possible.
“It’s a really constructive table that we’ve had at the Council of the Federation. We’ve had some pretty honest conversations about it,” Ms. Smith told reporters Wednesday at a press conference announcing Alberta’s retaliatory actions against the U.S.
Yukon Premier Ranj Pillai arrives for a first ministers meeting in Ottawa on Jan. 15, 2025.Sean Kilpatrick/The Canadian Press
Yukon Premier Ranj Pillai says his government is considering limiting support for companies tied to Elon Musk, a prominent supporter of U.S. President Donald Trump, as part of a potential second phase of action in response to U.S. tariffs.
Pillai says in a statement in response to U.S. tariffs that Yukon’s new measures could come into effect in the days and weeks ahead if the U.S. doesn’t see “the error in their ways”.
Last month, Pillai said his government was considering halting use of Starlink, a high-speed internet service owned by Musk.
7:08 p.m.
Homeowners face risk of higher insurance premiums as tariffs put pressure on building material costs
– Clare O’Hara
Canadian homeowners can expect to face higher premiums when they renew their home insurance, as new U.S. tariffs add pressure on property and casualty insurers by raising the cost of building materials and appliances.
On Tuesday, U.S. President Donald Trump implemented across-the-board tariffs of 25 per cent on Canadian and Mexican imports, with separatetariffs on steel and aluminum starting on March 12. Canada responded swiftly with tariffs of its own across a number of U.S. imports.
The tariffs placed by Mr. Trump on building materials such as aluminum, steel and lumber will add extra costs for insurers to the goods used in replacing and repairing homes, cars and businesses, Brett Weltman, spokesperson for the Insurance Bureau of Canada, said to The Globe and Mail.
A worker drives a forklift past stacked plywood that will be sanded at Richmond Plywood’s manufacturing facility in Richmond, British Columbia on Tuesday.Jennifer Gauthier/Reuters
Canadian producers of softwood lumber are facing challenges to gain greater access to timber in British Columbia as they cope with new U.S. tariffs stacked on top of existing duties.
Tree harvesting has plunged in recent years on Crown land in B.C., to an estimated 31 million cubic metres last year from 60 million cubic metres in 2018.
Vancouver-based forestry analyst Russ Taylor said the B.C. government finds itself in a bind on the forestry file, after Tuesday’s implementation of 25-per-cent tariffs, which are in addition to the current duty rate of 14.4 per cent for Canadian softwood shipped south of the border.
Ottawa moves to guard against ‘predatory’ foreign acquisitions amid tariff battle
– Jameson Berkow
The federal government has given itself more power to block foreign investments in Canadian companies, a day after sweeping U.S. tariffs on goods from Canada took effect.
Ottawa’s guidelines that determine when a foreign investment could face a national-security review were updated on Wednesday to include “the potential of the investment to undermine Canada’s economic security.”
Innovation Minister François-Philippe Champagne said in a statement that the change was necessary “as a result of the rapidly shifting trade environment.” He did not specifically refer to the continental trade war that U.S. President Donald Trump launched on Tuesday, though he did warn of “opportunistic or predatory investment behaviour by non-Canadians.”
Trump mulls exempting certain agricultural products from tariffs: report
– Reuters
U.S. President Donald Trump is considering exempting certain agricultural products from tariffs imposed on Canada and Mexico, Bloomberg reported on Wednesday.
Workers harvest cabbage on a field less than ten miles from the border with Mexico, in Holtville, Calif.Gregory Bull/The Associated Press
6:06 p.m.
Ford calls trade war ‘craziest thing I’ve ever seen in my life’ on CNN
– Globe Staff
Ontario Premier Doug Ford said the Canada-U.S. trade war “is the craziest thing I’ve ever seen in my entire life” in a Wednesday interview on CNN, adding that the 30-day reprieve on tariffs that U.S. President Donald Trump granted to the auto sector only creates uncertainty.
Mr. Ford said he had spoken with Minnesota Governor Tim Walz – the Democrats’ former vice-presidential candidate – shortly beforehand and remarked: “What a gentleman he is, what an absolute champion he is.”
5:36 p.m
Vance says many U.S. industries asking for tariff exemptions
U.S. Vice-President JD Vance, with Secretary of Defense Pete Hegseth (L) and Director of National Intelligence Tulsi Gabbard (R), speaks to the press as he tours the US-Mexico border.BRANDON BELL/AFP/Getty Images
Speaking to reporters in Texas, where he is touring the southern border, Vice-President JD Vance said a number of industries have reached out to the Trump administration asking for exemptions to tariffs.
“I think the President has been very clear here that he wants the tariffs to apply broadly. He doesn’t want to have 500 different industries getting 500 different carveouts,” Mr. Vance said.
“And the way to avoid application of the tariffs is to have your factory and have your facility in the United States of America. That is the way: Invest in America. That is how you will avoid being penalized by these tariffs.”
5:32 p.m.
Trump, tariffs overtake inflation as top concern for Canadians in new poll
People rally across the street from the Embassy of the United States of America in Ottawa on Tuesday.Justin Tang/The Globe and Mail
A new poll suggests the trade war with the United States is now the biggest source of political anxiety for Canadians, knocking inflation out of the top spot.
Leger’s new poll, released Wednesday, says that 28 per cent of Canadians believe dealing with President Donald Trump’s tariffs and U.S. aggression is the most important challenge facing Canada today.
The cost of living dropped to second place in the latest polling; 21 per cent of Canadians ranked it at their top concern, followed by health care and housing affordability.
This is the first Leger poll since August 2022 to report that something other than inflation is the top source of political concern for Canadians.
The Leger poll sampled more than 1,500 Canadian adults from Feb. 28 to March 2.
Cars pass along the assembly line at the Stellantis plant in Brampton, Ontario.Chris Young/The Canadian Press
Mr. Trump changes his mind at such a speed that nothing is assured. There is still ample cause to worry about how this tariff fixation could trigger, as economists predict, a deep Canadian recession.
But there are also reasons to be hopeful that Canada will survive this trade war and emerge as a stronger, more independent and more unified country.
For Mr. Trump, maintaining high tariffs against Mexico and Canada risks increasing prices, an inflation spike that he well knows wreaked havoc on Joe Biden’s presidency.
The United States-Mexico-Canada Agreement is up for renewal in 2026. Tariffs that come on-stream now could be of a short-term duration and have limited effect. Mr. Trudeau will be gone, too. That will help.
U.S. Secretary of State Marco Rubio arrives to President Trump’s joint address to Congress on Tuesday.Tierney L. Cross/Getty Images
U.S. Secretary of State Marco Rubio will attend a meeting of Group of Seven foreign ministers in Canada next week, Canadian Foreign Minister Melanie Joly told the Toronto Region Board of Trade on Wednesday.
The ministers are due to meet in the province of Quebec from March 12-14.
Joly says she spoke with U.S. Secretary of State Marco Rubio by phone today, and Finance Minister Dominic LeBlanc spoke with his counterpart, Commerce Secretary Howard Lutnick.
Joly told the audience that it’s not clear what U.S. President Donald Trump wants.
She says only the American people can change Trump’s mind, “so our job collectively is to make sure that the American people realize this is a tax on them.”
Joly says polls suggest Canada is winning the “communications battle” over the tariffs.
4:38 p.m.
Alberta won’t buy U.S.-made alcohol or contracts, Premier Danielle Smith says
– Emma Graney
Alberta Premier Danielle Smith has announced measures the province will take in retaliation for tariffs imposed by U.S. President Donald Trump.
The province will only buy goods and services for agencies, school boards, Crown corporations and municipalities from domestic suppliers or countries with which Canada has a free trade agreement that is being honoured. The government is asking grocery stores to do the same, and purchases of U.S. alcohol and VLTs are off the table.
Ms. Smith said Wednesday that Alberta will also enter into free trade and labour mobility agreements with any province willing to do so.
“This economic attack on our country, combined with Mr. Trump’s continued talk of using economic force to facilitate the annexation of our country, has broken trust between our two nations in a profound way. It is a betrayal of a deep and abiding friendship,” Ms. Smith said.
“Albertans will decide our own destiny free of coercion from any government.”
4:34 p.m.
Stocks rebound as markets eye easing of trade tensions
– Globe staff, Reuters
Major North American stock indexes finished higher in choppy trading on Wednesday, as investors cheered the likely easing of trade tensions between the U.S. and major trading partners.
Stocks turned positive after a report said President Donald Trump was considering a one-month delay of auto tariffs on Canada and Mexico. Equities extended gains after a White House announcement confirmed that Trump agreed to delay tariffs on some vehicles.
Earlier, Wall Street had lost ground following mixed economic data and as investors also worried about a trade war.
“We are on the tariff roller coaster,” said Wasif Latif, chief investment officer at Sarmaya Partners in New Jersey. “The economic data, the Fed, and all that stuff seems to have been pushed to the background for now. It’s just a reminder how these policies have an impact in the long run and the markets are reacting to it.”
Opinion: Five numbers to watch to follow the trade war’s impact on your finances and investments
– Rob Carrick
You cannot possibly process every piece of data related to your finances in a trade war, so forget about even trying.
Instead, try taking a periodic look at these five essential numbers. They were picked because they offer a double-dose of investor intelligence. What’s happening in a particular market or sector, and what that says about the broader economy and investing environment.
A banner reading “Buy Canadian” is held aloft by a pair of hockey sticks in front of a house in Winnipeg.Ed White/Reuters
Saskatchewan Premier Scott Moe says the province will stop purchasing and halt the sale of American booze and work to stop buying other U.S. goods.
Moe says government procurement will also focus on prioritizing Canadian suppliers. He says the goal is to greatly lower or completely eliminate U.S. procurement when it comes to capital projects.
Moe says the United States is Saskatchewan’s biggest trading partner and will continue to be once the dust of the trade war settles, but adds that their relationship is changing quickly.
He has said Trump’s tariffs are unnecessary and will lead to steep “self-inflicted” price increases for goods and job losses on both sides of the border.
3:35 p.m.
NHL commissioner says trade war could cause ‘pain’ for league
A woman holds up a Canadian flag as the national anthem is played during pre-game ceremonies at the NHL game between the Ottawa Senators and New Jersey Devils Saturday October 25, 2014 in Ottawa.Adrian Wyld/The Canadian Press
NHL commissioner Gary Bettman says any negative effects on the Canadian dollar caused by the Trump administration’s tariffs could be “painful” for the league.
Speaking Wednesday on CNBC’s “Squawk Box,” Mr. Bettman said the NHL’s seven Canadian clubs perform well and account for 25 per cent of the league’s revenue.
But he said a drop in the Canadian dollar relative to its American counterpart could cause difficulties, as the Canadian teams pay their players in U.S. dollars.
Mr. Bettman, who said he has yet to speak to the Trump administration on the issue, said he has spent a lot of time in Canada over the past 30 years and that Canadians “love Americans.”
He said the current animosity relates to a “policy issue” with people in the two countries caught in the middle and hopes it can be resolved soon.
Canada’s productivity gap with the U.S. could worsen as trade tensions mount
– Chris Wilson-Smith
Amid a flurry of headlines about tariffs, Canada’s labour productivity is perhaps a bit removed from the spotlight.
Still, a report from Statistics Canada this morning highlights why economists have called the country’s productivity gap a crisis – and perhaps one of the economy’s most vital lifelines.
The latest data show that Canada’s labour productivity edged up in the fourth quarter of 2024, marking its first increase in a year. While the 0.8-per-cent growth, supported by interest rate cuts, might provide a glimmer of hope, economists caution that the broader picture remains bleak, particularly compared with the United States.
In a research note to clients, Shelly Kaushik, senior economist at BMO, said Canada’s productivity gap with the U.S. could worsen as trade tensions mount. But improving productivity could be one of Canada’s best tools to protect its economy over the medium and long term, she said, providing a buffer against trade uncertainties and helping drive sustainable growth.
Corporate Canada has been slow to invest in new technologies and has done a poor job of retaining skilled workers or spending on the right tools and training to boost output. U.S. businesses, meanwhile, have ramped up investments in artificial intelligence and other technologies, further widening the productivity gap with Canada.
3:04 p.m.
Canada needs sweeping harmonization of interprovincial trade rules to fight tariffs, business organization says
– Justine Hunter
Canada could move quickly to sweep aside interprovincial trade barriers by expanding the membership of Western Canada’s free trade agreement to other provinces, a national business organization says.
Andrew Wynn-Williams, a vice-president of the Canadian Manufacturers & Exporters, said in an interview Wednesday that Canada needs sweeping harmonization of its interprovincial trade rules to help offset the damage of broad new U.S. tariffs.
“The trick with internal trade barriers is that people always imagine them as, ‘Oh, you know, you can’t ship wine from B.C. to Alberta’ or that kind of thing, But in reality, it’s a lot more complex than that. It’s tons and tons and tons of small regulations and different types of administrative barriers,” he said. “To deal with them one at a time would be like emptying the ocean with a thimble.”
He said one way to fast-track change would be to entice other provinces to join the New West Partnership Trade Agreement. Since 2013, that accord between the governments of B.C., Alberta, Saskatchewan and Manitoba has promised full mutual recognition or reconciliation of each province’s rules affecting trade, investment or labour mobility.
While the partnership hasn’t fully achieved its goals, Mr. Wynn-Williams said it provides an efficient mechanism that could produce swift results now, given the pressures of the U.S.-Canada trade war.
“If we could just get Ontario and Quebec to join the New West Partnership, that would make a big difference right away,” he said.
2:45 p.m.
What questions do you have about tariffs? Share your thoughts
– Globe staff
How will tariffs affect Canadians’ lives? Tell us what you want to know about these new levies, and we’ll do our best to answer. Please submit your questions below or send an email to audience@globeandmail.com with “Tariff Question” in the subject line.
What questions do you have about tariffs?
The tariffs announced by U.S. President Donald Trump have upended decades of free trade in North America, causing chaos on both sides of the border.
Alongside the chaos come many questions about how this will affect Canadians’ lives, and Globe reporters are here to help you navigate those. Perhaps you’re curious about how this might impact the sector you work in, or maybe you’d like to know what this means for your mortgage. Tell us what you want to know about these new levies, and we’ll do our best to answer. Please submit your questions below or send an email to audience@globeandmail.com with “Tariff Question” in the subject line.
2:17 p.m.
Canada won’t budge on retaliatory moves until all U.S. tariffs are withdrawn, Doug Ford says
– Jeff Gray
Ontario Premier Doug Ford says Canada isn’t going to budge on retaliatory moves until all U.S. tariffs are withdrawn, adding that he takes little solace from word of a temporary reprieve for the auto sector.
Mr. Ford, addressing reporters at Queen’s Park shortly after 1 p.m., said he spoke with Prime Minister Justin Trudeau before his Wednesday call with U.S. President Donald Trump but had not yet been briefed on that conversation.
“I spoke to the Prime Minister earlier. We’re on the same page – zero tariffs – and we aren’t going to budge,” Mr. Ford said. “We’re going to buckle down.”
He said Canada should now move toward talks on a new trade deal. He said Americans may have woken up to the potential economic fallout from U.S. tariffs, with markets sinking and warnings of rising prices.
But he said he took little from a reported 30-day reprieve for the auto sector, which may have been the result of a plea from America’s Big Three automakers.
“They put a reprieve for 30 days, but we’re going to stand solid for zero tariffs,” Mr. Ford said.
“I always worry when someone says 30-day reprieve. That gives them a chance to start, you know, lining things up and planning their next move,” he said. “And we all know that what the President says today may change tomorrow.”
2:06 p.m.
How will Canadian businesses respond to U.S. tariffs? Findings from KPMG survey
A forklift operator stacks finished plywood products at Richmond Plywood’s manufacturing facility in Richmond, British Columbia, March 4, 2025.Jennifer Gauthier/Reuters
How will Canadian businesses respond to U.S. tariffs? A KPMG survey of 602 companies, conducted between Feb. 13 and Feb. 28, offers considerable insight.
The survey, published yesterday, found that two-thirds of businesses said they can withstand a trade war that lasts more than a year. However, 30 per cent said they would sustain “significant profit losses,” and 3 per cent said they would go out of business.
Even before the tariffs came into force Tuesday, companies have been adjusting. Half the respondents said they began reducing production and/or laying off employees in anticipation of tariffs. Another quarter said they will start reducing headcounts and production within four to six months if tariffs remain in place.
Other key findings of the survey:
Three-quarters of companies have already launched a “strategic review” of their operations. The same proportion are looking at divestment or acquisition options
62 per cent would consider shifting production to the U.S. A separate survey last month found 48 per cent “plan to shift investments or production to the U.S.”
46 per cent said they have three to five alternative markets other than the U.S.
Half have cancelled business travel to the U.S.
1:49 p.m.
Canadian auto sector given one-month exemption
– Laura Stone
The United States is exempting automakers from tariffs for a month, the White House confirmed Wednesday.
White House Press Secretary Karoline Leavitt read a statement from President Donald Trump confirming the pause.
“We spoke with the big three automakers. We are going to give a one-month exemption on any autos coming through USMCA. Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the President is giving them an exemption for one month so they are not at an economic disadvantage,” Ms. Leavitt said.
She said the three companies Mr. Trump spoke with were Stellantis, Ford and General Motors.
“They requested the call, they made the ask, and the President is happy to do it.”
Jeff Grey, the president of Unifor Local 222 which represents workers at the General Motors plant in Oshawa, Ont., said his members are feeling uneasy as tariffs between the United States and Canada go into effect.
The Globe and Mail
1:30 p.m.
Trump takes to social media following talk with Trudeau
– Laura Stone
In a Wednesday post on Truth Social, U.S. President Donald Trump said Prime Minister Justin Trudeau called him to ask what could be done about tariffs.
The President said many Americans have died from fentanyl from Canada and Mexico – “and nothing has convinced me that it has stopped.”
“He said it’s gotten better, but I said, ‘That’s not good enough,’” Mr. Trump wrote, adding that the call ended in a “somewhat friendly manner!”
Mr. Trump then weighed into Canadian politics.
“He was unable to tell me when the Canadian Election is taking place, which made me curious, like, what’s going on here? I then realized he is trying to use this issue to stay in power. Good luck Justin!”
Mr. Trudeau has announced his resignation, and his replacement as Prime Minister and leader of the Liberal Party will be named Sunday. At a news conference Tuesday, he said it will be up to his successor to determine when his final day in office will be, but it should happen “reasonably quickly.”
In a separate post, Mr. Trump said Mr. Trudeau, whom he referred to as Governor – as he has done in the past when musing about Canada becoming the 51st state – caused the problems the U.S. is experiencing “because of his Weak Broder Policies,” which he claimed have allowed fentanyl and “illegal aliens” to pour into the United States.
“The Policies are responsible for the death of many people!” he wrote.
1:19 p.m.
Trudeau and Trump talk trade and fentanyl
– Steven Chase
Prime Minister Justin Trudeau spoke with U.S. President Donald Trump for about 50 minutes Wednesday, and while no specific agreement came out of the conversation, talks are continuing, a source familiar with the matter said.
The source said that if a deal materializes it may include a reprieve from U.S. tariffs for the auto sector.
The Globe and Mail is not identifying the source because they were not authorized to discuss the matter publicly.
Mr. Trump and Mr. Trudeau were joined on the call by Vice-President JD Vance and U.S. Commerce Secretary Howard Lutnick.
The entire discussion was about trade and fentanyl, the source said, adding that Finance Minister Dominic LeBlanc and Mr. Lutnick have matters to follow up on.
Staff member removes bottles of U.S. alcohol from the shelves of a LCBO store in Toronto on March 4, 2025.Arlyn McAdorey/Reuters
Jack Daniel’s maker Brown Forman’s CEO Lawson Whiting said on Wednesday Canadian provinces taking American liquor off store shelves was “worse than a tariff” and a “disproportionate response” to levies imposed by the Trump administration.
Several Canadian provinces have taken U.S. liquor off store shelves as part of retaliatory measures against President Donald Trump’s tariffs.
“I mean, that’s worse than a tariff, because it’s literally taking your sales away, (and) completely removing our products from the shelves,” Whiting said on a post-earnings call.
Canada on Tuesday also imposed 25-per-cent tariffs on goods imported from the U.S., including wine, spirits, and beer.
Whiting, however, said that Canada accounted for only 1 per cent of their total sales and could withstand the hit.
12:43 p.m.
Doug Ford says he had a ‘good conversation’ with U.S. Commerce Secretary Howard Lutnick
– Jeff Gray
Ontario Premier Doug Ford said he had a “good conversation” with U.S. Commerce Secretary Howard Lutnick on Tuesday.
In a brief comment to reporters before heading into a cabinet meeting Wednesday, the Premier said he would have more to say after Prime Minister Justin Trudeau spoke with U.S. President Donald Trump.
According to two senior government sources, Mr. Lutnick cast the tariffs as part of a negotiation toward a trade deal.
He also urged Mr. Ford to “stand down” on retaliating against the U.S., the sources said, something Mr. Ford rejected.
The Globe and Mail is not identifying the sources as they were not authorized to speak publicly about internal discussions.
Mr. Lutnick also told Fox Business on Tuesday that he had spoken with Canadian and Mexican officials and that Mr. Trump may announce a compromise on the tariffs on Wednesday.
But in an interview with Ottawa talk radio station 580 CFRA Wednesday morning, Mr. Ford rejected the idea of any compromise. “We want zero tariffs. We don’t want half the amount of tariffs.”
He said Canada should maintain “dollar-for-dollar” countertariffs and repeated his threat to cut off Ontario power exports to the U.S. if the dispute continues.
12:32 p.m.
Shoppers will see some food prices rise because of tariffs, but not all at once
An grocery store employee restocks Canadian-made dairy products in Montreal on Tuesday, Feb. 4, 2025.Christinne Muschi/The Canadian Press
Now that Canada and the U.S. are in a trade war, consumers can expect some prices to rise at the grocery store – but not on all products, and not all at once.
Gary Sands of the Federation of Independent Grocers says stores are already getting price increase requests from some of their suppliers.
After U.S. President Donald Trump enacted sweeping tariffs on Canadian goods Tuesday, Canada responded with tariffs of its own on a broad range of U.S. imports.
These include food products like orange juice, peanut butter, alcohol and coffee.
University of Guelph food economy professor Mike Von Massow says once Canada’s second round of retaliatory tariffs comes into play later this month, the effects will likely be more pronounced at the grocery store.
The Canadian government says the second round would include fruits and vegetables, beef, pork and dairy.
12:19 p.m.
Trump held call with GM, Ford CEOs on potential tariff delay
GMC Hummer EVs are seen on an assembly line ahead of a tour by the US president of the General Motors Factory ZERO electric vehicle assembly plant in Detroit, Michigan.MANDEL NGAN/AFP/Getty Images
U.S. President Donald Trump held a call Tuesday with the CEOs of General Motors and Ford and the chair of Stellantis to discuss the potential of delaying tariffs on North American-built vehicles by 30 days, two sources told Reuters.
Automakers have offered to boost U.S. auto investments but want certainty about tariff and environmental policies, the sources added.
GM CEO Mary Barra, Ford CEO Jim Farley along with Ford executive chairman Bill Ford and Stellantis chair John Elkann told part in the call. The automakers have urged Trump to waive 25-per-cent tariffs on Mexico and Canada on vehicles that comply with the 2020 U.S.-Mexico-Canada Agreement’s rules of origin.
12:12 p.m.
Workers and businesses in tariff-hit industries can expect support, employment minister says
Employment and Labour Minister Steven MacKinnon during a press conference in Ottawa on Friday, Dec. 13, 2024.PATRICK DOYLE/The Canadian Press
Employment Minister Steven MacKinnon says the federal government is ready to support workers and businesses affected by the trade war with the U.S. but is holding off on rolling anything out until the situation stabilizes.
“The Government of Canada will want to know exactly what it is the U.S. has on its mind before coming forward with what will be very serious and very significant proposals to protect businesses and workers,” he said Wednesday at a news conference.
Immigration Minister Marc Miller suggested Monday that one million jobs could be at risk in a trade war. Mr. MacKinnon said the government has done modelling on the impact of tariffs on employment but doesn’t want to speculate.
BMO said Tuesday that if tariffs remain in place for one year, Canada is at risk of a moderate recession and the unemployment rate could rise to 8 per cent, up from 6.6 per cent in January.
‘We are Canadian’: Patriotic video celebrates Canada and responds to America’s threats
– Jana G. Pruden
Jeff Douglas, who rose to fame as “Joe” in the iconic Molson Canadian rant commercial, has released a video responding to America’s threats against Canada.
Mr. Douglas said the video was produced by an anonymous collective of Canadian creatives and advertising professionals, all of whom donated their services.
“These are professionals who typically are competitors, coming together, offering what they have, for a common goal,” he said by e-mail.
“It’s been a very humbling thing to witness and be part of and, I think, a good example of what we need to see across the country in the months ahead. No logos, no brands … the client for this one is Canada.”
White House trade counselor Peter Navarro speaks with reporters on Feb. 25, 2025, in Washington.Alex Brandon/The Associated Press
Donald Trump’s trade adviser cautioned Justin Trudeau to tone it down Wednesday and accused the Prime Minister of disrespecting the President as the U.S. launched a trade war against Canada.
Mr. Navarro appeared on CNN to discuss Washington’s decision to slap 25-per-cent tariffs on Canadian and Mexican goods.
He linked the tariffs to fentanyl smuggling, as Mr. Trump has repeatedly done, even though the President has also characterized them as economic policies.
Responding to Mr. Trudeau’s remarks that the tariffs aren’t about drugs, Mr. Navarro accused Canada of allowing Mexican cartels to embed themselves across the country.
“I think Mr. Trudeau, it would be really useful if he just tones stuff down,” he said.
He also criticized the Prime Minister for referring to the President as “Donald” during his press conference Tuesday.
“I watched the conference yesterday with Mr. Trudeau. He’s calling the President dumb. He’s calling him Donald, instead of respectfully the President,” Mr. Navarro said.
11:15 a.m.
Canadian bankers worry retail customers could be hardest hit by tariffs
The Bank of Nova Scotia signage is pictured in the financial district in Toronto on September 8, 2023.Andrew Lahodynskyj/The Canadian Press
Bank of Nova Scotia chief risk officer Phil Thomas says retail banking customers could take the hardest hit if the United States prolongs its trade war with Canada.
At a conference held by Royal Bank of Canada Wednesday, Scotiabank’s head of risk said the lender is scanning its portfolio of customers across personal, commercial and corporate banking for those most impacted by tariffs. He said job losses caused by tariffs will determine whether retail customers are able to absorb trade war shocks.
“What keeps me awake at night will be the Canadian retail consumer,” Mr. Thomas said.
In recent years, Canada’s banks have been setting aside more provisions for credit losses – the funds lenders reserve to cover potential loan defaults – as a buffer against higher interest rates and a slowing economy.
During first quarter earnings that ended Jan. 31, the lenders adjusted their provisions slightly to account for the uncertainty prompted by U.S. President Donald Trump’s tariff threats, but reserves for the year ahead will depend on the duration of the trade war.
“This is where unemployment starts to become the catchword for the industry and for us more broadly,” Mr. Thomas said. “Small businesses: Will they start laying off people because tariffs are impacting their business directly? And mid-market commercial. These will be the clients that we’ll be very active with in terms of what support they need from the bank.”
Ottawa adds measures to guard against ‘predatory’ investments by non-Canadian companies
– Joe Castaldo
The federal government is updating criteria for reviewing foreign investment and will now include measures to guard against “predatory” acquisitions of economically important domestic businesses by non-Canadian companies.
The changes come one day after the United States implemented steep tariffs on Canada, which responded with retaliatory levies of its own. Economists widely expect tariffs to send Canada into a recession.
Innovation Minister François-Philippe Champagne said in a statement Wednesday that the valuations of Canadian companies could fall because of the trade chaos, leaving them vulnerable to “opportunistic or predatory investment behaviour by non-Canadians.”
Guidelines for the Investment Canada Act, which is used to review significant foreign investments for economic benefits and national security implications, will now include the “potential of the investment to undermine Canada’s economic security through the enhanced integration of the Canadian business with the economy of a foreign state,” according to Innovation, Science and Economic Development. “In an increasingly geopolitically fractured world, Canada is facing more frequent threats to its national security through economic means.”
10:45 a.m.
Canada’s premiers strike back against Trump’s tariffs
Ontario Premier Doug Ford holds a press conference regarding the new tariffs that the U.S. has placed on Canada, at Queen’s Park in Toronto on March 4.Nathan Denette/The Canadian Press
Canadian premiers banned U.S. booze from their liquor-store shelves, barred American companies from government contacts and floated cutting off supplies of power, nickel, uranium or potash, calling U.S. President Donald Trump’s tariffs a betrayal of a long-time ally.
Provincial leaders pulled the trigger on retaliation plans many of them had announced weeks ago – while expressing support for Ottawa’s move to push back with staged tariffs of its own.
In addition to moves aimed at striking back at the U.S., Ontario, Manitoba and Quebec are among the provinces that have pledged to bring in tax deferrals, tax cuts or direct aid to businesses expected to be reeling from the blow.
The provinces appeared united in their condemnation of U.S. tariffs. But divisions persisted over whether to use energy as a future bargaining chip, with Saskatchewan’s Premier rejecting calls to impose restrictions on potash and uranium, which some of his counterparts insisted were necessary.
“I think we should hit them right where it hurts,” Nova Scotia Premier Tim Houston said.
Premiers from across Canada have outlined plans to respond to U.S. tariffs. B.C.’s David Eby says food security is a key concern of his, while Wab Kinew of Manitoba, Susan Holt of New Brunswick and François Legault of Quebec say the pain from tariffs will be felt on both sides of the border.
The Canadian Press
10:37 a.m.
Canadians cancel U.S. travel plans amid anger over tariffs
Travellers wheel and carry their luggage through Trudeau airport in Montreal, Friday, Jan. 3, 2025.Graham Hughes/The Canadian Press
Airlines and travel companies are seeing bookings to the United States plummet as Canadians rethink their plans amid anger toward U.S. President Donald Trump as well as a weak loonie.
Travel agency Flight Centre Travel Group Canada says February bookings to American cities dropped 40 per cent from the same month in 2024, while one in five customers cancelled their trips to the U.S. over the past three months.
Air Canada announced last month it would reduce flights by 10 per cent to Florida, Las Vegas and Arizona in March – usually go-to hot spots during spring break season.
WestJet also says there has been a shift in bookings from the U.S. to other sun destinations such as Mexico and the Caribbean.
The loonie, which has hovered around 70 cents US for the past few months, has also given pause to travellers looking to stretch their budget.
U.S. President Donald Trump’s long-threatened tariffs are here, plunging the country into an escalating trade war with China, Canada and Mexico. In response, all three countries announced retaliatory measures.
The Associated Press
10:26 a.m.
Auto stocks slightly recovering this morning after Trump tariffs
– Reuters
Carmakers Ford rose 3.2 per cent, General Motors added 4.8 per cent and Tesla gained 1.8 per cent, after logging sharp declines in the previous session.
In a victory lap address to Congress on Tuesday, U.S. President Donald Trump said that his election win, combined with new tariffs, would allow the auto industry in the U.S. to flourish.
Reuters
10:15 a.m.
Trudeau and Trump expected to talk 11 a.m. ET: source
– Steven Chase
U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau are scheduled to speak late Wednesday morning, the day after the United States imposed 25 per cent tariffs on imports from Canada and Mexico, a source familiar with the matter said.
It’s expected the two men would talk by 11 a.m. ET, the source said.
The Globe and Mail agreed not to name the source, who was not authorized to speak publicly on the matter.
Mr. Trump imposed the tariffs, including lower rates of 10 per cent on energy and critical minerals, after alleging Canada and Mexico did not do enough to stop a flow of fentanyl into the United States. The punitive levies threaten to disrupt $1-trillion in annual two-way trade between Canada and the United States.
Canada responded to Mr. Trump by announcing retaliatory tariffs on $30-billion of U.S. goods, with tariffs on a further $125-billion to follow in several weeks.
9:45 a.m.
U.S. to make Canada, Mexico tariff announcement on Wednesday, Lutnick says
U.S. Commerce Secretary Howard Lutnick walks through Statuary Hall prior to U.S. President Donald Trump’s speech to a joint session of Congress at the U.S. Capitol in Washington, D.C., U.S., March 4, 2025.Brian Snyder/Reuters
U.S. Commerce Secretary Howard Lutnick says President Donald Trump’s administration is expected to announce a new tariff plan on Wednesday, which could offer relief for some sectors such as the auto industry, as the fallout from the trade war with Canada and Mexico continues.
The President is also scheduled to speak with Prime Minister Justin Trudeau on Wednesday, according to U.S. reports, but the Prime Minister’s Office has not yet confirmed.
Mexico’s government may reach out to Canada and other countries about the U.S. imposition of tariffs, the nation’s President said on Wednesday.
President Claudia Sheinbaum said she is tentatively set to have a phone call with Mr. Trump on Thursday morning about the new tariffs on Mexico and Canada.
Appearing on Bloomberg Television on Wednesday, Mr. Lutnick said the President is thinking about easing tariffs on some industries, such as the auto sector.
“The President is listening to the offers from Mexico and Canada. He’s thinking about trying to do something in the middle,” Mr. Lutnick said. “I think early this afternoon or this afternoon, we expect to make an announcement and my thinking is it’s going to be somewhere in the middle.”
He added that if countries have complied with the United States-Mexico-Canada Agreement and include a certain amount of U.S. content in their products, they can avoid tariffs.
He also said officials in Canada are working “really hard” with Homeland Security to address the President’s concerns about the flow of fentanyl into the U.S.
“Remember, this is not a trade war. This is a drug war,” he said.
Mr. Lutnick said that reciprocal tariffs are coming on April 2, adding that next month the “bigger trade picture” will be examined.
7:18 a.m.
Germany rips up its debt brake to revive stagnant economy as Trump’s trade war rages on
Germany’s chancellor-in-waiting and leader of the Christian Democratic Union party (CDU) Friedrich Merz leaves after officials of the German conservative parties and the center-left SPD resumed exploratory talks on forming a coalition at the Chancellery in Berlin, Germany March 5, 2025.Annegret Hilse/Reuters
Donald Trump’s inglorious and savage economic revolution has hit Germany – but in a positive way.
On Tuesday night, Friedrich Merz, the chancellor-in-waiting, struck an extraordinary, even shocking, deal to scrap Germany’s “debt brake,” a hangover from the long era of the Angela Merkel.
She was chancellor of Europe’s biggest economy from 2005 until 2021. One of her signature economic moves was to lock her country into a fiscal straightjacket that put a tight cap on budget deficits in the name spending sobriety; federal borrowing was limited to a mere 0.35 per cent of GDP.
The result was massive under-investment in infrastructure and public assets, from digital networks and railways to roads and weapons. Visitors to Europe’s richest economy were often unpleasantly suprised by the shabby bridges and tunnels.
Along came Mr. Trump, who was highly critical of Germany’s miserly defence spending and launched a global trade war that could crimp German exports of cars, machine tool, pharmaceuticals, chemical and other products to the United States. Mr. Merz, the leader of the conservative CDU/CSU alliance that placed first in last month’s election, responded by striking a deal with the rival Social Democrats to scrap the constitutional debt brake and open the spending spigots, which will go to parliament for approval.
The German and wider European markets cheered the idea of Germany opening its wallet to revive its stagnant economy and bolster is armed forces, allowing the country, perhaps, to deliver fresh weapons to Ukraine. Economists at Deutsche Bank described Mr. Merz’s move as “one of the most historic paradigm shifts in German postwar history,” adding that “the speed at which this is happening and the magnitude of the prospective fiscal expansion is reminiscent of German reunification.”
Germany’s DAX stock index rose almost 3.5 per cent in morning trading. The euro rose against the dollar, and German borrowing costs surged on the prospect of greater government borrowing.
Greater defence spending in itself will not make the German economy more competitive or productive. Such spending has “low fiscal multipliers,” as economist say. But it will deliver a temporary sugar rush. The real benefit will come from infrastructure spending, which will benefit the wider economy over the medium- and long-term.
Watch economists upgrade their GDP forecasts for Germany. Thanks in good part to Mr. Trump, Germany is finally dragging itself out of its economic coma.
7:14 a.m.
Premarket: TSX futures rise as Trump officials consider tariff relief
A person crosses the street with a large Canadian flag at a rally across the street from the Embassy of the United States of America in Ottawa, in response to U.S. tariffs on Canada, on Tuesday, March 4, 2025.Justin Tang/The Globe and Mail
Futures tied to Canada’s main stock index climbed on Wednesday following a challenging two-day decline, amid news of U.S. President Donald Trump’s administration contemplating easing the stringent tariffs on Canadian and Mexican imports.
By 6:32 a.m. ET, futures for March on the S&P/TSX index had risen 0.43 per cent.
The Toronto Stock Exchange’s S&P/TSX composite index tumbled 1.7 per cent by the close on Tuesday, settling at 24,572. This marked its second consecutive day of significant losses and its steepest decline since December 18.
U.S. Commerce Secretary Howard Lutnick said on Tuesday the government was considering easing the 25-per-cent tariffs on Canadian and Mexican imports to products that comply with the trade pact negotiated with the two nations during Trump’s first term.
The Canadian dollar strengthened against its U.S. counterpart.
The day range on the loonie was 69.20 US cents to 69.56 US cents in early trading. The Canadian dollar was down about 0.51 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.67 per cent to 105.03, hitting a three-month low on trade tensions.
The euro rose 0.47 per cent to US$1.0677. The British pound gained 0.25 per cent to US$1.2827.
In bonds, the yield on the U.S. 10-year note was last down at 4.243 per cent ahead of the North American opening bell.
Chinese Premier Li Qiang speaks during the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, Wednesday, March 5, 2025.Andy Wong/The Associated Press
As U.S. President Donald Trump addressed an angrily divided Congress on Tuesday evening, across the world in China, the scene was a marked contrast, with the country’s leaders gathering in Beijing to project calm and unity in the face of an escalating trade war.
Concurrent with Mr. Trump’s address, in which he angrily defended his policy of imposing stringent tariffs against the country’s three largest trading partners – Canada, Mexico and China – Chinese Premier Li Qiang stood before the Great Hall of the People to hail the resilience of the country’s economy in the face of an “increasingly complex and severe external environment.”
“The underlying trend of long-term economic growth has not changed and will not change,” Mr. Li said in opening the annual session of the National People’s Congress, China’s rubber-stamp parliament. “The giant ship of China’s economy will continue to cleave the waves and sail steadily toward the future.”
Ahead of his speech, Beijing unveiled an annual growth target of “around 5 per cent.” This is the same as last year, despite the challenges posed by Mr. Trump’s tariffs and structural issues facing the Chinese economy, including a property bubble, local government debt and a growing demographic challenge.
Chinese state media echoed Mr. Li’s defiance, with a piece in the state-run China Daily saying the country “stays strong in the face of U.S. tariff wars.”
“While Washington’s trade policies strain traditional alliances, Beijing is leveraging its economic initiatives to attract new partners,” author Shan Yuexing wrote. “The global balance of power is shifting, and the United States risks finding itself increasingly isolated in a trade war of its own making.”
U.S. President Donald Trump addresses a joint session of Congress at the U.S. Capitol on March 04, 2025 in Washington, DC.Win McNamee/Reuters
U.S. President Donald Trump took aim at Canada and Mexico in a highly partisan and divisive address to Congress in which he pledged tariffs against America’s allies and promised an economic resurgence for his country in a speech that was at times interrupted by jeers from Democrats.
In a speech lasting longer than 90 minutes that touched on cost-of-living, government waste, border security and social issues, Mr. Trump touted his administration’s record and vowed to bring a “common sense revolution” to the United States.
Mr. Trump, who on Tuesday imposed 25-per-cent tariffs on Canadian and Mexican goods, said the current trade practices are unfair and the U.S. won’t allow it anymore.
“Much has been said over the last three months about Mexico and Canada. But we have very large deficits with both of them,“ Mr. Trump said.
“We pay subsidies to Canada and to Mexico of hundreds of billions of dollars. And the United States will not be doing that any longer.”
Mr. Trump repeated his pledges to reclaim the Panama Canal and told the people of Greenland: “And, if you choose, we welcome you into the United States of America.”
A car carrier trailer crosses the border from the U.S. to Canada as seen from Champlain, New York.Brendan McDermid/Reuters
7:49 p.m.
Tariffs have forced a ‘sea change’ in provinces’ support for new pipelines, Alberta Premier says
– Emma Graney and Adam Radwanski
Tariffs imposed by U.S. President Donald Trump have resulted in a “sea change” of support among premiers and territorial leaders for pipelines, Alberta Premier Danielle Smith says, including a potential “Energy East 2.0.″
Until the United States comes “back to reality,” Ms. Smith said, Canada should focus its efforts and financial means on building multiple oil and gas pipelines to all coasts, to dramatically increase the amount of fossil fuels sold to Asia and Europe. And she believes there is a spirit of collaboration among premiers and territorial leaders to get construction under way as quickly as possible.
“It’s a really constructive table that we’ve had at the Council of the Federation. We’ve had some pretty honest conversations about it,” Ms. Smith told reporters Wednesday at a press conference announcing Alberta’s retaliatory actions against the U.S.
Yukon Premier Ranj Pillai arrives for a first ministers meeting in Ottawa on Jan. 15, 2025.Sean Kilpatrick/The Canadian Press
Yukon Premier Ranj Pillai says his government is considering limiting support for companies tied to Elon Musk, a prominent supporter of U.S. President Donald Trump, as part of a potential second phase of action in response to U.S. tariffs.
Pillai says in a statement in response to U.S. tariffs that Yukon’s new measures could come into effect in the days and weeks ahead if the U.S. doesn’t see “the error in their ways”.
Last month, Pillai said his government was considering halting use of Starlink, a high-speed internet service owned by Musk.
7:08 p.m.
Homeowners face risk of higher insurance premiums as tariffs put pressure on building material costs
– Clare O’Hara
Canadian homeowners can expect to face higher premiums when they renew their home insurance, as new U.S. tariffs add pressure on property and casualty insurers by raising the cost of building materials and appliances.
On Tuesday, U.S. President Donald Trump implemented across-the-board tariffs of 25 per cent on Canadian and Mexican imports, with separatetariffs on steel and aluminum starting on March 12. Canada responded swiftly with tariffs of its own across a number of U.S. imports.
The tariffs placed by Mr. Trump on building materials such as aluminum, steel and lumber will add extra costs for insurers to the goods used in replacing and repairing homes, cars and businesses, Brett Weltman, spokesperson for the Insurance Bureau of Canada, said to The Globe and Mail.
A worker drives a forklift past stacked plywood that will be sanded at Richmond Plywood’s manufacturing facility in Richmond, British Columbia on Tuesday.Jennifer Gauthier/Reuters
Canadian producers of softwood lumber are facing challenges to gain greater access to timber in British Columbia as they cope with new U.S. tariffs stacked on top of existing duties.
Tree harvesting has plunged in recent years on Crown land in B.C., to an estimated 31 million cubic metres last year from 60 million cubic metres in 2018.
Vancouver-based forestry analyst Russ Taylor said the B.C. government finds itself in a bind on the forestry file, after Tuesday’s implementation of 25-per-cent tariffs, which are in addition to the current duty rate of 14.4 per cent for Canadian softwood shipped south of the border.
Ottawa moves to guard against ‘predatory’ foreign acquisitions amid tariff battle
– Jameson Berkow
The federal government has given itself more power to block foreign investments in Canadian companies, a day after sweeping U.S. tariffs on goods from Canada took effect.
Ottawa’s guidelines that determine when a foreign investment could face a national-security review were updated on Wednesday to include “the potential of the investment to undermine Canada’s economic security.”
Innovation Minister François-Philippe Champagne said in a statement that the change was necessary “as a result of the rapidly shifting trade environment.” He did not specifically refer to the continental trade war that U.S. President Donald Trump launched on Tuesday, though he did warn of “opportunistic or predatory investment behaviour by non-Canadians.”
Trump mulls exempting certain agricultural products from tariffs: report
– Reuters
U.S. President Donald Trump is considering exempting certain agricultural products from tariffs imposed on Canada and Mexico, Bloomberg reported on Wednesday.
Workers harvest cabbage on a field less than ten miles from the border with Mexico, in Holtville, Calif.Gregory Bull/The Associated Press
6:06 p.m.
Ford calls trade war ‘craziest thing I’ve ever seen in my life’ on CNN
– Globe Staff
Ontario Premier Doug Ford said the Canada-U.S. trade war “is the craziest thing I’ve ever seen in my entire life” in a Wednesday interview on CNN, adding that the 30-day reprieve on tariffs that U.S. President Donald Trump granted to the auto sector only creates uncertainty.
Mr. Ford said he had spoken with Minnesota Governor Tim Walz – the Democrats’ former vice-presidential candidate – shortly beforehand and remarked: “What a gentleman he is, what an absolute champion he is.”
5:36 p.m
Vance says many U.S. industries asking for tariff exemptions
U.S. Vice-President JD Vance, with Secretary of Defense Pete Hegseth (L) and Director of National Intelligence Tulsi Gabbard (R), speaks to the press as he tours the US-Mexico border.BRANDON BELL/AFP/Getty Images
Speaking to reporters in Texas, where he is touring the southern border, Vice-President JD Vance said a number of industries have reached out to the Trump administration asking for exemptions to tariffs.
“I think the President has been very clear here that he wants the tariffs to apply broadly. He doesn’t want to have 500 different industries getting 500 different carveouts,” Mr. Vance said.
“And the way to avoid application of the tariffs is to have your factory and have your facility in the United States of America. That is the way: Invest in America. That is how you will avoid being penalized by these tariffs.”
5:32 p.m.
Trump, tariffs overtake inflation as top concern for Canadians in new poll
People rally across the street from the Embassy of the United States of America in Ottawa on Tuesday.Justin Tang/The Globe and Mail
A new poll suggests the trade war with the United States is now the biggest source of political anxiety for Canadians, knocking inflation out of the top spot.
Leger’s new poll, released Wednesday, says that 28 per cent of Canadians believe dealing with President Donald Trump’s tariffs and U.S. aggression is the most important challenge facing Canada today.
The cost of living dropped to second place in the latest polling; 21 per cent of Canadians ranked it at their top concern, followed by health care and housing affordability.
This is the first Leger poll since August 2022 to report that something other than inflation is the top source of political concern for Canadians.
The Leger poll sampled more than 1,500 Canadian adults from Feb. 28 to March 2.
Cars pass along the assembly line at the Stellantis plant in Brampton, Ontario.Chris Young/The Canadian Press
Mr. Trump changes his mind at such a speed that nothing is assured. There is still ample cause to worry about how this tariff fixation could trigger, as economists predict, a deep Canadian recession.
But there are also reasons to be hopeful that Canada will survive this trade war and emerge as a stronger, more independent and more unified country.
For Mr. Trump, maintaining high tariffs against Mexico and Canada risks increasing prices, an inflation spike that he well knows wreaked havoc on Joe Biden’s presidency.
The United States-Mexico-Canada Agreement is up for renewal in 2026. Tariffs that come on-stream now could be of a short-term duration and have limited effect. Mr. Trudeau will be gone, too. That will help.
U.S. Secretary of State Marco Rubio arrives to President Trump’s joint address to Congress on Tuesday.Tierney L. Cross/Getty Images
U.S. Secretary of State Marco Rubio will attend a meeting of Group of Seven foreign ministers in Canada next week, Canadian Foreign Minister Melanie Joly told the Toronto Region Board of Trade on Wednesday.
The ministers are due to meet in the province of Quebec from March 12-14.
Joly says she spoke with U.S. Secretary of State Marco Rubio by phone today, and Finance Minister Dominic LeBlanc spoke with his counterpart, Commerce Secretary Howard Lutnick.
Joly told the audience that it’s not clear what U.S. President Donald Trump wants.
She says only the American people can change Trump’s mind, “so our job collectively is to make sure that the American people realize this is a tax on them.”
Joly says polls suggest Canada is winning the “communications battle” over the tariffs.
4:38 p.m.
Alberta won’t buy U.S.-made alcohol or contracts, Premier Danielle Smith says
– Emma Graney
Alberta Premier Danielle Smith has announced measures the province will take in retaliation for tariffs imposed by U.S. President Donald Trump.
The province will only buy goods and services for agencies, school boards, Crown corporations and municipalities from domestic suppliers or countries with which Canada has a free trade agreement that is being honoured. The government is asking grocery stores to do the same, and purchases of U.S. alcohol and VLTs are off the table.
Ms. Smith said Wednesday that Alberta will also enter into free trade and labour mobility agreements with any province willing to do so.
“This economic attack on our country, combined with Mr. Trump’s continued talk of using economic force to facilitate the annexation of our country, has broken trust between our two nations in a profound way. It is a betrayal of a deep and abiding friendship,” Ms. Smith said.
“Albertans will decide our own destiny free of coercion from any government.”
4:34 p.m.
Stocks rebound as markets eye easing of trade tensions
– Globe staff, Reuters
Major North American stock indexes finished higher in choppy trading on Wednesday, as investors cheered the likely easing of trade tensions between the U.S. and major trading partners.
Stocks turned positive after a report said President Donald Trump was considering a one-month delay of auto tariffs on Canada and Mexico. Equities extended gains after a White House announcement confirmed that Trump agreed to delay tariffs on some vehicles.
Earlier, Wall Street had lost ground following mixed economic data and as investors also worried about a trade war.
“We are on the tariff roller coaster,” said Wasif Latif, chief investment officer at Sarmaya Partners in New Jersey. “The economic data, the Fed, and all that stuff seems to have been pushed to the background for now. It’s just a reminder how these policies have an impact in the long run and the markets are reacting to it.”
Opinion: Five numbers to watch to follow the trade war’s impact on your finances and investments
– Rob Carrick
You cannot possibly process every piece of data related to your finances in a trade war, so forget about even trying.
Instead, try taking a periodic look at these five essential numbers. They were picked because they offer a double-dose of investor intelligence. What’s happening in a particular market or sector, and what that says about the broader economy and investing environment.
A banner reading “Buy Canadian” is held aloft by a pair of hockey sticks in front of a house in Winnipeg.Ed White/Reuters
Saskatchewan Premier Scott Moe says the province will stop purchasing and halt the sale of American booze and work to stop buying other U.S. goods.
Moe says government procurement will also focus on prioritizing Canadian suppliers. He says the goal is to greatly lower or completely eliminate U.S. procurement when it comes to capital projects.
Moe says the United States is Saskatchewan’s biggest trading partner and will continue to be once the dust of the trade war settles, but adds that their relationship is changing quickly.
He has said Trump’s tariffs are unnecessary and will lead to steep “self-inflicted” price increases for goods and job losses on both sides of the border.
3:35 p.m.
NHL commissioner says trade war could cause ‘pain’ for league
A woman holds up a Canadian flag as the national anthem is played during pre-game ceremonies at the NHL game between the Ottawa Senators and New Jersey Devils Saturday October 25, 2014 in Ottawa.Adrian Wyld/The Canadian Press
NHL commissioner Gary Bettman says any negative effects on the Canadian dollar caused by the Trump administration’s tariffs could be “painful” for the league.
Speaking Wednesday on CNBC’s “Squawk Box,” Mr. Bettman said the NHL’s seven Canadian clubs perform well and account for 25 per cent of the league’s revenue.
But he said a drop in the Canadian dollar relative to its American counterpart could cause difficulties, as the Canadian teams pay their players in U.S. dollars.
Mr. Bettman, who said he has yet to speak to the Trump administration on the issue, said he has spent a lot of time in Canada over the past 30 years and that Canadians “love Americans.”
He said the current animosity relates to a “policy issue” with people in the two countries caught in the middle and hopes it can be resolved soon.
Canada’s productivity gap with the U.S. could worsen as trade tensions mount
– Chris Wilson-Smith
Amid a flurry of headlines about tariffs, Canada’s labour productivity is perhaps a bit removed from the spotlight.
Still, a report from Statistics Canada this morning highlights why economists have called the country’s productivity gap a crisis – and perhaps one of the economy’s most vital lifelines.
The latest data show that Canada’s labour productivity edged up in the fourth quarter of 2024, marking its first increase in a year. While the 0.8-per-cent growth, supported by interest rate cuts, might provide a glimmer of hope, economists caution that the broader picture remains bleak, particularly compared with the United States.
In a research note to clients, Shelly Kaushik, senior economist at BMO, said Canada’s productivity gap with the U.S. could worsen as trade tensions mount. But improving productivity could be one of Canada’s best tools to protect its economy over the medium and long term, she said, providing a buffer against trade uncertainties and helping drive sustainable growth.
Corporate Canada has been slow to invest in new technologies and has done a poor job of retaining skilled workers or spending on the right tools and training to boost output. U.S. businesses, meanwhile, have ramped up investments in artificial intelligence and other technologies, further widening the productivity gap with Canada.
3:04 p.m.
Canada needs sweeping harmonization of interprovincial trade rules to fight tariffs, business organization says
– Justine Hunter
Canada could move quickly to sweep aside interprovincial trade barriers by expanding the membership of Western Canada’s free trade agreement to other provinces, a national business organization says.
Andrew Wynn-Williams, a vice-president of the Canadian Manufacturers & Exporters, said in an interview Wednesday that Canada needs sweeping harmonization of its interprovincial trade rules to help offset the damage of broad new U.S. tariffs.
“The trick with internal trade barriers is that people always imagine them as, ‘Oh, you know, you can’t ship wine from B.C. to Alberta’ or that kind of thing, But in reality, it’s a lot more complex than that. It’s tons and tons and tons of small regulations and different types of administrative barriers,” he said. “To deal with them one at a time would be like emptying the ocean with a thimble.”
He said one way to fast-track change would be to entice other provinces to join the New West Partnership Trade Agreement. Since 2013, that accord between the governments of B.C., Alberta, Saskatchewan and Manitoba has promised full mutual recognition or reconciliation of each province’s rules affecting trade, investment or labour mobility.
While the partnership hasn’t fully achieved its goals, Mr. Wynn-Williams said it provides an efficient mechanism that could produce swift results now, given the pressures of the U.S.-Canada trade war.
“If we could just get Ontario and Quebec to join the New West Partnership, that would make a big difference right away,” he said.
2:45 p.m.
What questions do you have about tariffs? Share your thoughts
– Globe staff
How will tariffs affect Canadians’ lives? Tell us what you want to know about these new levies, and we’ll do our best to answer. Please submit your questions below or send an email to audience@globeandmail.com with “Tariff Question” in the subject line.
What questions do you have about tariffs?
The tariffs announced by U.S. President Donald Trump have upended decades of free trade in North America, causing chaos on both sides of the border.
Alongside the chaos come many questions about how this will affect Canadians’ lives, and Globe reporters are here to help you navigate those. Perhaps you’re curious about how this might impact the sector you work in, or maybe you’d like to know what this means for your mortgage. Tell us what you want to know about these new levies, and we’ll do our best to answer. Please submit your questions below or send an email to audience@globeandmail.com with “Tariff Question” in the subject line.
2:17 p.m.
Canada won’t budge on retaliatory moves until all U.S. tariffs are withdrawn, Doug Ford says
– Jeff Gray
Ontario Premier Doug Ford says Canada isn’t going to budge on retaliatory moves until all U.S. tariffs are withdrawn, adding that he takes little solace from word of a temporary reprieve for the auto sector.
Mr. Ford, addressing reporters at Queen’s Park shortly after 1 p.m., said he spoke with Prime Minister Justin Trudeau before his Wednesday call with U.S. President Donald Trump but had not yet been briefed on that conversation.
“I spoke to the Prime Minister earlier. We’re on the same page – zero tariffs – and we aren’t going to budge,” Mr. Ford said. “We’re going to buckle down.”
He said Canada should now move toward talks on a new trade deal. He said Americans may have woken up to the potential economic fallout from U.S. tariffs, with markets sinking and warnings of rising prices.
But he said he took little from a reported 30-day reprieve for the auto sector, which may have been the result of a plea from America’s Big Three automakers.
“They put a reprieve for 30 days, but we’re going to stand solid for zero tariffs,” Mr. Ford said.
“I always worry when someone says 30-day reprieve. That gives them a chance to start, you know, lining things up and planning their next move,” he said. “And we all know that what the President says today may change tomorrow.”
2:06 p.m.
How will Canadian businesses respond to U.S. tariffs? Findings from KPMG survey
A forklift operator stacks finished plywood products at Richmond Plywood’s manufacturing facility in Richmond, British Columbia, March 4, 2025.Jennifer Gauthier/Reuters
How will Canadian businesses respond to U.S. tariffs? A KPMG survey of 602 companies, conducted between Feb. 13 and Feb. 28, offers considerable insight.
The survey, published yesterday, found that two-thirds of businesses said they can withstand a trade war that lasts more than a year. However, 30 per cent said they would sustain “significant profit losses,” and 3 per cent said they would go out of business.
Even before the tariffs came into force Tuesday, companies have been adjusting. Half the respondents said they began reducing production and/or laying off employees in anticipation of tariffs. Another quarter said they will start reducing headcounts and production within four to six months if tariffs remain in place.
Other key findings of the survey:
Three-quarters of companies have already launched a “strategic review” of their operations. The same proportion are looking at divestment or acquisition options
62 per cent would consider shifting production to the U.S. A separate survey last month found 48 per cent “plan to shift investments or production to the U.S.”
46 per cent said they have three to five alternative markets other than the U.S.
Half have cancelled business travel to the U.S.
1:49 p.m.
Canadian auto sector given one-month exemption
– Laura Stone
The United States is exempting automakers from tariffs for a month, the White House confirmed Wednesday.
White House Press Secretary Karoline Leavitt read a statement from President Donald Trump confirming the pause.
“We spoke with the big three automakers. We are going to give a one-month exemption on any autos coming through USMCA. Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the President is giving them an exemption for one month so they are not at an economic disadvantage,” Ms. Leavitt said.
She said the three companies Mr. Trump spoke with were Stellantis, Ford and General Motors.
“They requested the call, they made the ask, and the President is happy to do it.”
Jeff Grey, the president of Unifor Local 222 which represents workers at the General Motors plant in Oshawa, Ont., said his members are feeling uneasy as tariffs between the United States and Canada go into effect.
The Globe and Mail
1:30 p.m.
Trump takes to social media following talk with Trudeau
– Laura Stone
In a Wednesday post on Truth Social, U.S. President Donald Trump said Prime Minister Justin Trudeau called him to ask what could be done about tariffs.
The President said many Americans have died from fentanyl from Canada and Mexico – “and nothing has convinced me that it has stopped.”
“He said it’s gotten better, but I said, ‘That’s not good enough,’” Mr. Trump wrote, adding that the call ended in a “somewhat friendly manner!”
Mr. Trump then weighed into Canadian politics.
“He was unable to tell me when the Canadian Election is taking place, which made me curious, like, what’s going on here? I then realized he is trying to use this issue to stay in power. Good luck Justin!”
Mr. Trudeau has announced his resignation, and his replacement as Prime Minister and leader of the Liberal Party will be named Sunday. At a news conference Tuesday, he said it will be up to his successor to determine when his final day in office will be, but it should happen “reasonably quickly.”
In a separate post, Mr. Trump said Mr. Trudeau, whom he referred to as Governor – as he has done in the past when musing about Canada becoming the 51st state – caused the problems the U.S. is experiencing “because of his Weak Broder Policies,” which he claimed have allowed fentanyl and “illegal aliens” to pour into the United States.
“The Policies are responsible for the death of many people!” he wrote.
1:19 p.m.
Trudeau and Trump talk trade and fentanyl
– Steven Chase
Prime Minister Justin Trudeau spoke with U.S. President Donald Trump for about 50 minutes Wednesday, and while no specific agreement came out of the conversation, talks are continuing, a source familiar with the matter said.
The source said that if a deal materializes it may include a reprieve from U.S. tariffs for the auto sector.
The Globe and Mail is not identifying the source because they were not authorized to discuss the matter publicly.
Mr. Trump and Mr. Trudeau were joined on the call by Vice-President JD Vance and U.S. Commerce Secretary Howard Lutnick.
The entire discussion was about trade and fentanyl, the source said, adding that Finance Minister Dominic LeBlanc and Mr. Lutnick have matters to follow up on.
Staff member removes bottles of U.S. alcohol from the shelves of a LCBO store in Toronto on March 4, 2025.Arlyn McAdorey/Reuters
Jack Daniel’s maker Brown Forman’s CEO Lawson Whiting said on Wednesday Canadian provinces taking American liquor off store shelves was “worse than a tariff” and a “disproportionate response” to levies imposed by the Trump administration.
Several Canadian provinces have taken U.S. liquor off store shelves as part of retaliatory measures against President Donald Trump’s tariffs.
“I mean, that’s worse than a tariff, because it’s literally taking your sales away, (and) completely removing our products from the shelves,” Whiting said on a post-earnings call.
Canada on Tuesday also imposed 25-per-cent tariffs on goods imported from the U.S., including wine, spirits, and beer.
Whiting, however, said that Canada accounted for only 1 per cent of their total sales and could withstand the hit.
12:43 p.m.
Doug Ford says he had a ‘good conversation’ with U.S. Commerce Secretary Howard Lutnick
– Jeff Gray
Ontario Premier Doug Ford said he had a “good conversation” with U.S. Commerce Secretary Howard Lutnick on Tuesday.
In a brief comment to reporters before heading into a cabinet meeting Wednesday, the Premier said he would have more to say after Prime Minister Justin Trudeau spoke with U.S. President Donald Trump.
According to two senior government sources, Mr. Lutnick cast the tariffs as part of a negotiation toward a trade deal.
He also urged Mr. Ford to “stand down” on retaliating against the U.S., the sources said, something Mr. Ford rejected.
The Globe and Mail is not identifying the sources as they were not authorized to speak publicly about internal discussions.
Mr. Lutnick also told Fox Business on Tuesday that he had spoken with Canadian and Mexican officials and that Mr. Trump may announce a compromise on the tariffs on Wednesday.
But in an interview with Ottawa talk radio station 580 CFRA Wednesday morning, Mr. Ford rejected the idea of any compromise. “We want zero tariffs. We don’t want half the amount of tariffs.”
He said Canada should maintain “dollar-for-dollar” countertariffs and repeated his threat to cut off Ontario power exports to the U.S. if the dispute continues.
12:32 p.m.
Shoppers will see some food prices rise because of tariffs, but not all at once
An grocery store employee restocks Canadian-made dairy products in Montreal on Tuesday, Feb. 4, 2025.Christinne Muschi/The Canadian Press
Now that Canada and the U.S. are in a trade war, consumers can expect some prices to rise at the grocery store – but not on all products, and not all at once.
Gary Sands of the Federation of Independent Grocers says stores are already getting price increase requests from some of their suppliers.
After U.S. President Donald Trump enacted sweeping tariffs on Canadian goods Tuesday, Canada responded with tariffs of its own on a broad range of U.S. imports.
These include food products like orange juice, peanut butter, alcohol and coffee.
University of Guelph food economy professor Mike Von Massow says once Canada’s second round of retaliatory tariffs comes into play later this month, the effects will likely be more pronounced at the grocery store.
The Canadian government says the second round would include fruits and vegetables, beef, pork and dairy.
12:19 p.m.
Trump held call with GM, Ford CEOs on potential tariff delay
GMC Hummer EVs are seen on an assembly line ahead of a tour by the US president of the General Motors Factory ZERO electric vehicle assembly plant in Detroit, Michigan.MANDEL NGAN/AFP/Getty Images
U.S. President Donald Trump held a call Tuesday with the CEOs of General Motors and Ford and the chair of Stellantis to discuss the potential of delaying tariffs on North American-built vehicles by 30 days, two sources told Reuters.
Automakers have offered to boost U.S. auto investments but want certainty about tariff and environmental policies, the sources added.
GM CEO Mary Barra, Ford CEO Jim Farley along with Ford executive chairman Bill Ford and Stellantis chair John Elkann told part in the call. The automakers have urged Trump to waive 25-per-cent tariffs on Mexico and Canada on vehicles that comply with the 2020 U.S.-Mexico-Canada Agreement’s rules of origin.
12:12 p.m.
Workers and businesses in tariff-hit industries can expect support, employment minister says
Employment and Labour Minister Steven MacKinnon during a press conference in Ottawa on Friday, Dec. 13, 2024.PATRICK DOYLE/The Canadian Press
Employment Minister Steven MacKinnon says the federal government is ready to support workers and businesses affected by the trade war with the U.S. but is holding off on rolling anything out until the situation stabilizes.
“The Government of Canada will want to know exactly what it is the U.S. has on its mind before coming forward with what will be very serious and very significant proposals to protect businesses and workers,” he said Wednesday at a news conference.
Immigration Minister Marc Miller suggested Monday that one million jobs could be at risk in a trade war. Mr. MacKinnon said the government has done modelling on the impact of tariffs on employment but doesn’t want to speculate.
BMO said Tuesday that if tariffs remain in place for one year, Canada is at risk of a moderate recession and the unemployment rate could rise to 8 per cent, up from 6.6 per cent in January.
‘We are Canadian’: Patriotic video celebrates Canada and responds to America’s threats
– Jana G. Pruden
Jeff Douglas, who rose to fame as “Joe” in the iconic Molson Canadian rant commercial, has released a video responding to America’s threats against Canada.
Mr. Douglas said the video was produced by an anonymous collective of Canadian creatives and advertising professionals, all of whom donated their services.
“These are professionals who typically are competitors, coming together, offering what they have, for a common goal,” he said by e-mail.
“It’s been a very humbling thing to witness and be part of and, I think, a good example of what we need to see across the country in the months ahead. No logos, no brands … the client for this one is Canada.”
White House trade counselor Peter Navarro speaks with reporters on Feb. 25, 2025, in Washington.Alex Brandon/The Associated Press
Donald Trump’s trade adviser cautioned Justin Trudeau to tone it down Wednesday and accused the Prime Minister of disrespecting the President as the U.S. launched a trade war against Canada.
Mr. Navarro appeared on CNN to discuss Washington’s decision to slap 25-per-cent tariffs on Canadian and Mexican goods.
He linked the tariffs to fentanyl smuggling, as Mr. Trump has repeatedly done, even though the President has also characterized them as economic policies.
Responding to Mr. Trudeau’s remarks that the tariffs aren’t about drugs, Mr. Navarro accused Canada of allowing Mexican cartels to embed themselves across the country.
“I think Mr. Trudeau, it would be really useful if he just tones stuff down,” he said.
He also criticized the Prime Minister for referring to the President as “Donald” during his press conference Tuesday.
“I watched the conference yesterday with Mr. Trudeau. He’s calling the President dumb. He’s calling him Donald, instead of respectfully the President,” Mr. Navarro said.
11:15 a.m.
Canadian bankers worry retail customers could be hardest hit by tariffs
The Bank of Nova Scotia signage is pictured in the financial district in Toronto on September 8, 2023.Andrew Lahodynskyj/The Canadian Press
Bank of Nova Scotia chief risk officer Phil Thomas says retail banking customers could take the hardest hit if the United States prolongs its trade war with Canada.
At a conference held by Royal Bank of Canada Wednesday, Scotiabank’s head of risk said the lender is scanning its portfolio of customers across personal, commercial and corporate banking for those most impacted by tariffs. He said job losses caused by tariffs will determine whether retail customers are able to absorb trade war shocks.
“What keeps me awake at night will be the Canadian retail consumer,” Mr. Thomas said.
In recent years, Canada’s banks have been setting aside more provisions for credit losses – the funds lenders reserve to cover potential loan defaults – as a buffer against higher interest rates and a slowing economy.
During first quarter earnings that ended Jan. 31, the lenders adjusted their provisions slightly to account for the uncertainty prompted by U.S. President Donald Trump’s tariff threats, but reserves for the year ahead will depend on the duration of the trade war.
“This is where unemployment starts to become the catchword for the industry and for us more broadly,” Mr. Thomas said. “Small businesses: Will they start laying off people because tariffs are impacting their business directly? And mid-market commercial. These will be the clients that we’ll be very active with in terms of what support they need from the bank.”
Ottawa adds measures to guard against ‘predatory’ investments by non-Canadian companies
– Joe Castaldo
The federal government is updating criteria for reviewing foreign investment and will now include measures to guard against “predatory” acquisitions of economically important domestic businesses by non-Canadian companies.
The changes come one day after the United States implemented steep tariffs on Canada, which responded with retaliatory levies of its own. Economists widely expect tariffs to send Canada into a recession.
Innovation Minister François-Philippe Champagne said in a statement Wednesday that the valuations of Canadian companies could fall because of the trade chaos, leaving them vulnerable to “opportunistic or predatory investment behaviour by non-Canadians.”
Guidelines for the Investment Canada Act, which is used to review significant foreign investments for economic benefits and national security implications, will now include the “potential of the investment to undermine Canada’s economic security through the enhanced integration of the Canadian business with the economy of a foreign state,” according to Innovation, Science and Economic Development. “In an increasingly geopolitically fractured world, Canada is facing more frequent threats to its national security through economic means.”
10:45 a.m.
Canada’s premiers strike back against Trump’s tariffs
Ontario Premier Doug Ford holds a press conference regarding the new tariffs that the U.S. has placed on Canada, at Queen’s Park in Toronto on March 4.Nathan Denette/The Canadian Press
Canadian premiers banned U.S. booze from their liquor-store shelves, barred American companies from government contacts and floated cutting off supplies of power, nickel, uranium or potash, calling U.S. President Donald Trump’s tariffs a betrayal of a long-time ally.
Provincial leaders pulled the trigger on retaliation plans many of them had announced weeks ago – while expressing support for Ottawa’s move to push back with staged tariffs of its own.
In addition to moves aimed at striking back at the U.S., Ontario, Manitoba and Quebec are among the provinces that have pledged to bring in tax deferrals, tax cuts or direct aid to businesses expected to be reeling from the blow.
The provinces appeared united in their condemnation of U.S. tariffs. But divisions persisted over whether to use energy as a future bargaining chip, with Saskatchewan’s Premier rejecting calls to impose restrictions on potash and uranium, which some of his counterparts insisted were necessary.
“I think we should hit them right where it hurts,” Nova Scotia Premier Tim Houston said.
Premiers from across Canada have outlined plans to respond to U.S. tariffs. B.C.’s David Eby says food security is a key concern of his, while Wab Kinew of Manitoba, Susan Holt of New Brunswick and François Legault of Quebec say the pain from tariffs will be felt on both sides of the border.
The Canadian Press
10:37 a.m.
Canadians cancel U.S. travel plans amid anger over tariffs
Travellers wheel and carry their luggage through Trudeau airport in Montreal, Friday, Jan. 3, 2025.Graham Hughes/The Canadian Press
Airlines and travel companies are seeing bookings to the United States plummet as Canadians rethink their plans amid anger toward U.S. President Donald Trump as well as a weak loonie.
Travel agency Flight Centre Travel Group Canada says February bookings to American cities dropped 40 per cent from the same month in 2024, while one in five customers cancelled their trips to the U.S. over the past three months.
Air Canada announced last month it would reduce flights by 10 per cent to Florida, Las Vegas and Arizona in March – usually go-to hot spots during spring break season.
WestJet also says there has been a shift in bookings from the U.S. to other sun destinations such as Mexico and the Caribbean.
The loonie, which has hovered around 70 cents US for the past few months, has also given pause to travellers looking to stretch their budget.
U.S. President Donald Trump’s long-threatened tariffs are here, plunging the country into an escalating trade war with China, Canada and Mexico. In response, all three countries announced retaliatory measures.
The Associated Press
10:26 a.m.
Auto stocks slightly recovering this morning after Trump tariffs
– Reuters
Carmakers Ford rose 3.2 per cent, General Motors added 4.8 per cent and Tesla gained 1.8 per cent, after logging sharp declines in the previous session.
In a victory lap address to Congress on Tuesday, U.S. President Donald Trump said that his election win, combined with new tariffs, would allow the auto industry in the U.S. to flourish.
Reuters
10:15 a.m.
Trudeau and Trump expected to talk 11 a.m. ET: source
– Steven Chase
U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau are scheduled to speak late Wednesday morning, the day after the United States imposed 25 per cent tariffs on imports from Canada and Mexico, a source familiar with the matter said.
It’s expected the two men would talk by 11 a.m. ET, the source said.
The Globe and Mail agreed not to name the source, who was not authorized to speak publicly on the matter.
Mr. Trump imposed the tariffs, including lower rates of 10 per cent on energy and critical minerals, after alleging Canada and Mexico did not do enough to stop a flow of fentanyl into the United States. The punitive levies threaten to disrupt $1-trillion in annual two-way trade between Canada and the United States.
Canada responded to Mr. Trump by announcing retaliatory tariffs on $30-billion of U.S. goods, with tariffs on a further $125-billion to follow in several weeks.
9:45 a.m.
U.S. to make Canada, Mexico tariff announcement on Wednesday, Lutnick says
U.S. Commerce Secretary Howard Lutnick walks through Statuary Hall prior to U.S. President Donald Trump’s speech to a joint session of Congress at the U.S. Capitol in Washington, D.C., U.S., March 4, 2025.Brian Snyder/Reuters
U.S. Commerce Secretary Howard Lutnick says President Donald Trump’s administration is expected to announce a new tariff plan on Wednesday, which could offer relief for some sectors such as the auto industry, as the fallout from the trade war with Canada and Mexico continues.
The President is also scheduled to speak with Prime Minister Justin Trudeau on Wednesday, according to U.S. reports, but the Prime Minister’s Office has not yet confirmed.
Mexico’s government may reach out to Canada and other countries about the U.S. imposition of tariffs, the nation’s President said on Wednesday.
President Claudia Sheinbaum said she is tentatively set to have a phone call with Mr. Trump on Thursday morning about the new tariffs on Mexico and Canada.
Appearing on Bloomberg Television on Wednesday, Mr. Lutnick said the President is thinking about easing tariffs on some industries, such as the auto sector.
“The President is listening to the offers from Mexico and Canada. He’s thinking about trying to do something in the middle,” Mr. Lutnick said. “I think early this afternoon or this afternoon, we expect to make an announcement and my thinking is it’s going to be somewhere in the middle.”
He added that if countries have complied with the United States-Mexico-Canada Agreement and include a certain amount of U.S. content in their products, they can avoid tariffs.
He also said officials in Canada are working “really hard” with Homeland Security to address the President’s concerns about the flow of fentanyl into the U.S.
“Remember, this is not a trade war. This is a drug war,” he said.
Mr. Lutnick said that reciprocal tariffs are coming on April 2, adding that next month the “bigger trade picture” will be examined.
7:18 a.m.
Germany rips up its debt brake to revive stagnant economy as Trump’s trade war rages on
Germany’s chancellor-in-waiting and leader of the Christian Democratic Union party (CDU) Friedrich Merz leaves after officials of the German conservative parties and the center-left SPD resumed exploratory talks on forming a coalition at the Chancellery in Berlin, Germany March 5, 2025.Annegret Hilse/Reuters
Donald Trump’s inglorious and savage economic revolution has hit Germany – but in a positive way.
On Tuesday night, Friedrich Merz, the chancellor-in-waiting, struck an extraordinary, even shocking, deal to scrap Germany’s “debt brake,” a hangover from the long era of the Angela Merkel.
She was chancellor of Europe’s biggest economy from 2005 until 2021. One of her signature economic moves was to lock her country into a fiscal straightjacket that put a tight cap on budget deficits in the name spending sobriety; federal borrowing was limited to a mere 0.35 per cent of GDP.
The result was massive under-investment in infrastructure and public assets, from digital networks and railways to roads and weapons. Visitors to Europe’s richest economy were often unpleasantly suprised by the shabby bridges and tunnels.
Along came Mr. Trump, who was highly critical of Germany’s miserly defence spending and launched a global trade war that could crimp German exports of cars, machine tool, pharmaceuticals, chemical and other products to the United States. Mr. Merz, the leader of the conservative CDU/CSU alliance that placed first in last month’s election, responded by striking a deal with the rival Social Democrats to scrap the constitutional debt brake and open the spending spigots, which will go to parliament for approval.
The German and wider European markets cheered the idea of Germany opening its wallet to revive its stagnant economy and bolster is armed forces, allowing the country, perhaps, to deliver fresh weapons to Ukraine. Economists at Deutsche Bank described Mr. Merz’s move as “one of the most historic paradigm shifts in German postwar history,” adding that “the speed at which this is happening and the magnitude of the prospective fiscal expansion is reminiscent of German reunification.”
Germany’s DAX stock index rose almost 3.5 per cent in morning trading. The euro rose against the dollar, and German borrowing costs surged on the prospect of greater government borrowing.
Greater defence spending in itself will not make the German economy more competitive or productive. Such spending has “low fiscal multipliers,” as economist say. But it will deliver a temporary sugar rush. The real benefit will come from infrastructure spending, which will benefit the wider economy over the medium- and long-term.
Watch economists upgrade their GDP forecasts for Germany. Thanks in good part to Mr. Trump, Germany is finally dragging itself out of its economic coma.
7:14 a.m.
Premarket: TSX futures rise as Trump officials consider tariff relief
A person crosses the street with a large Canadian flag at a rally across the street from the Embassy of the United States of America in Ottawa, in response to U.S. tariffs on Canada, on Tuesday, March 4, 2025.Justin Tang/The Globe and Mail
Futures tied to Canada’s main stock index climbed on Wednesday following a challenging two-day decline, amid news of U.S. President Donald Trump’s administration contemplating easing the stringent tariffs on Canadian and Mexican imports.
By 6:32 a.m. ET, futures for March on the S&P/TSX index had risen 0.43 per cent.
The Toronto Stock Exchange’s S&P/TSX composite index tumbled 1.7 per cent by the close on Tuesday, settling at 24,572. This marked its second consecutive day of significant losses and its steepest decline since December 18.
U.S. Commerce Secretary Howard Lutnick said on Tuesday the government was considering easing the 25-per-cent tariffs on Canadian and Mexican imports to products that comply with the trade pact negotiated with the two nations during Trump’s first term.
The Canadian dollar strengthened against its U.S. counterpart.
The day range on the loonie was 69.20 US cents to 69.56 US cents in early trading. The Canadian dollar was down about 0.51 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.67 per cent to 105.03, hitting a three-month low on trade tensions.
The euro rose 0.47 per cent to US$1.0677. The British pound gained 0.25 per cent to US$1.2827.
In bonds, the yield on the U.S. 10-year note was last down at 4.243 per cent ahead of the North American opening bell.
Chinese Premier Li Qiang speaks during the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, Wednesday, March 5, 2025.Andy Wong/The Associated Press
As U.S. President Donald Trump addressed an angrily divided Congress on Tuesday evening, across the world in China, the scene was a marked contrast, with the country’s leaders gathering in Beijing to project calm and unity in the face of an escalating trade war.
Concurrent with Mr. Trump’s address, in which he angrily defended his policy of imposing stringent tariffs against the country’s three largest trading partners – Canada, Mexico and China – Chinese Premier Li Qiang stood before the Great Hall of the People to hail the resilience of the country’s economy in the face of an “increasingly complex and severe external environment.”
“The underlying trend of long-term economic growth has not changed and will not change,” Mr. Li said in opening the annual session of the National People’s Congress, China’s rubber-stamp parliament. “The giant ship of China’s economy will continue to cleave the waves and sail steadily toward the future.”
Ahead of his speech, Beijing unveiled an annual growth target of “around 5 per cent.” This is the same as last year, despite the challenges posed by Mr. Trump’s tariffs and structural issues facing the Chinese economy, including a property bubble, local government debt and a growing demographic challenge.
Chinese state media echoed Mr. Li’s defiance, with a piece in the state-run China Daily saying the country “stays strong in the face of U.S. tariff wars.”
“While Washington’s trade policies strain traditional alliances, Beijing is leveraging its economic initiatives to attract new partners,” author Shan Yuexing wrote. “The global balance of power is shifting, and the United States risks finding itself increasingly isolated in a trade war of its own making.”
U.S. President Donald Trump addresses a joint session of Congress at the U.S. Capitol on March 04, 2025 in Washington, DC.Win McNamee/Reuters
U.S. President Donald Trump took aim at Canada and Mexico in a highly partisan and divisive address to Congress in which he pledged tariffs against America’s allies and promised an economic resurgence for his country in a speech that was at times interrupted by jeers from Democrats.
In a speech lasting longer than 90 minutes that touched on cost-of-living, government waste, border security and social issues, Mr. Trump touted his administration’s record and vowed to bring a “common sense revolution” to the United States.
Mr. Trump, who on Tuesday imposed 25-per-cent tariffs on Canadian and Mexican goods, said the current trade practices are unfair and the U.S. won’t allow it anymore.
“Much has been said over the last three months about Mexico and Canada. But we have very large deficits with both of them,“ Mr. Trump said.
“We pay subsidies to Canada and to Mexico of hundreds of billions of dollars. And the United States will not be doing that any longer.”
Mr. Trump repeated his pledges to reclaim the Panama Canal and told the people of Greenland: “And, if you choose, we welcome you into the United States of America.”
U.S. President Donald Trump and Canada’s Prime Minister Justin Trudeau hold a meeting ahead of the NATO summit in Watford, in London, Britain, December 3, 2019.Kevin Lamarque/Reuters
1:49 p.m.
Canadian auto sector given one-month exemption
– Laura Stone
The United States is exempting automakers from tariffs for a month, the White House confirmed Wednesday.
White House Press Secretary Karoline Leavitt read a statement from President Donald Trump confirming the pause.
“We spoke with the big three automakers. We are going to give a one-month exemption on any autos coming through USMCA. Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the President is giving them an exemption for one month so they are not at an economic disadvantage,” Ms. Leavitt said.
She said the three companies Mr. Trump spoke with were Stellantis, Ford and General Motors.
“They requested the call, they made the ask, and the President is happy to do it.”
1:30 p.m.
Trump takes to social media following talk with Trudeau
– Laura Stone
In a Wednesday post on Truth Social, U.S. President Donald Trump said Prime Minister Justin Trudeau called him to ask what could be done about tariffs.
The President said many Americans have died from fentanyl from Canada and Mexico – “and nothing has convinced me that it has stopped.”
“He said it’s gotten better, but I said, ‘That’s not good enough,’” Mr. Trump wrote, adding that the call ended in a “somewhat friendly manner!”
Mr. Trump then weighed into Canadian politics.
“He was unable to tell me when the Canadian Election is taking place, which made me curious, like, what’s going on here? I then realized he is trying to use this issue to stay in power. Good luck Justin!”
Mr. Trudeau has announced his resignation, and his replacement as Prime Minister and leader of the Liberal Party will be named Sunday. At a news conference Tuesday, he said it will be up to his successor to determine when his final day in office will be, but it should happen “reasonably quickly.”
In a separate post, Mr. Trump said Mr. Trudeau, whom he referred to as Governor – as he has done in the past when musing about Canada becoming the 51st state – caused the problems the U.S. is experiencing “because of his Weak Broder Policies,” which he claimed have allowed fentanyl and “illegal aliens” to pour into the United States.
“The Policies are responsible for the death of many people!” he wrote.
1:19 p.m.
Trudeau and Trump talk trade and fentanyl
– Steven Chase
Prime Minister Justin Trudeau spoke with U.S. President Donald Trump for about 50 minutes Wednesday, and while no specific agreement came out of the conversation, talks are continuing, a source familiar with the matter said.
The source said that if a deal materializes it may include a reprieve from U.S. tariffs for the auto sector.
The Globe and Mail is not identifying the source because they were not authorized to discuss the matter publicly.
Mr. Trump and Mr. Trudeau were joined on the call by Vice-President JD Vance and U.S. Commerce Secretary Howard Lutnick.
The entire discussion was about trade and fentanyl, the source said, adding that Finance Minister Dominic LeBlanc and Mr. Lutnick have matters to follow up on.
12:48 p.m.
Jack Daniel’s maker says Canada pulling U.S. alcohol off stores ‘worse than tariff’
A Jack Daniel’s logo is displayed on a building in Lynchburg, Tennessee, U.S. February 3, 2025.Kevin Wurm/Reuters
Jack Daniel’s maker Brown Forman’s CEO Lawson Whiting said on Wednesday Canadian provinces taking American liquor off store shelves was “worse than a tariff” and a “disproportionate response” to levies imposed by the Trump administration.
Several Canadian provinces have taken U.S. liquor off store shelves as part of retaliatory measures against President Donald Trump’s tariffs.
“I mean, that’s worse than a tariff, because it’s literally taking your sales away, (and) completely removing our products from the shelves,” Whiting said on a post-earnings call.
Canada on Tuesday also imposed 25-per-cent tariffs on goods imported from the U.S., including wine, spirits, and beer.
Whiting, however, said that Canada accounted for only 1 per cent of their total sales and could withstand the hit.
12:43 p.m.
Doug Ford says he had a ‘good conversation’ with U.S. Commerce Secretary Howard Lutnick
– Jeff Gray
Ontario Premier Doug Ford said he had a “good conversation” with U.S. Commerce Secretary Howard Lutnick on Tuesday.
In a brief comment to reporters before heading into a cabinet meeting Wednesday, the Premier said he would have more to say after Prime Minister Justin Trudeau spoke with U.S. President Donald Trump.
According to two senior government sources, Mr. Lutnick cast the tariffs as part of a negotiation toward a trade deal.
He also urged Mr. Ford to “stand down” on retaliating against the U.S., the sources said, something Mr. Ford rejected.
The Globe and Mail is not identifying the sources as they were not authorized to speak publicly about internal discussions.
Mr. Lutnick also told Fox Business on Tuesday that he had spoken with Canadian and Mexican officials and that Mr. Trump may announce a compromise on the tariffs on Wednesday.
But in an interview with Ottawa talk radio station 580 CFRA Wednesday morning, Mr. Ford rejected the idea of any compromise. “We want zero tariffs. We don’t want half the amount of tariffs.”
He said Canada should maintain “dollar-for-dollar” countertariffs and repeated his threat to cut off Ontario power exports to the U.S. if the dispute continues.
12:32 p.m.
Shoppers will see some food prices rise because of tariffs, but not all at once
An grocery store employee restocks Canadian-made dairy products in Montreal on Tuesday, Feb. 4, 2025.Christinne Muschi/The Canadian Press
Now that Canada and the U.S. are in a trade war, consumers can expect some prices to rise at the grocery store — but not on all products, and not all at once.
Gary Sands of the Federation of Independent Grocers says stores are already getting price increase requests from some of their suppliers.
After U.S. President Donald Trump enacted sweeping tariffs on Canadian goods Tuesday, Canada responded with tariffs of its own on a broad range of U.S. imports.
These include food products like orange juice, peanut butter, alcohol and coffee.
University of Guelph food economy professor Mike Von Massow says once Canada’s second round of retaliatory tariffs comes into play later this month, the effects will likely be more pronounced at the grocery store.
The Canadian government says the second round would include fruits and vegetables, beef, pork and dairy.
12:19 p.m.
Trump held call with GM, Ford CEOs on potential tariff delay
GMC Hummer EVs are seen on an assembly line ahead of a tour by the US president of the General Motors Factory ZERO electric vehicle assembly plant in Detroit, Michigan.MANDEL NGAN/AFP/Getty Images
U.S. President Donald Trump held a call Tuesday with the CEOs of General Motors and Ford and the chair of Stellantis to discuss the potential of delaying tariffs on North American-built vehicles by 30 days, two sources told Reuters.
Automakers have offered to boost U.S. auto investments but want certainty about tariff and environmental policies, the sources added.
GM CEO Mary Barra, Ford CEO Jim Farley along with Ford executive chairman Bill Ford and Stellantis chair John Elkann told part in the call. The automakers have urged Trump to waive 25-per-cent tariffs on Mexico and Canada on vehicles that comply with the 2020 U.S.-Mexico-Canada Agreement’s rules of origin.
12:12 p.m.
Workers and businesses in tariff-hit industries can expect support, employment minister says
Employment and Labour Minister Steven MacKinnon during a press conference in Ottawa on Friday, Dec. 13, 2024.PATRICK DOYLE/The Canadian Press
Employment Minister Steven MacKinnon says the federal government is ready to support workers and businesses affected by the trade war with the U.S. but is holding off on rolling anything out until the situation stabilizes.
“The Government of Canada will want to know exactly what it is the U.S. has on its mind before coming forward with what will be very serious and very significant proposals to protect businesses and workers,” he said Wednesday at a news conference.
Immigration Minister Marc Miller suggested Monday that one million jobs could be at risk in a trade war. Mr. MacKinnon said the government has done modelling on the impact of tariffs on employment but doesn’t want to speculate.
BMO said Tuesday that if tariffs remain in place for one year, Canada is at risk of a moderate recession and the unemployment rate could rise to 8 per cent, up from 6.6 per cent in January.
Actor Jeff Douglas, who portrays Joe Canadian in the Molson Canadian beer commercial, stands atop Citadel Hill in Halifax with the Canadian flag on Friday May 26, 2000.The Canadian Press
Jeff Douglas, who rose to fame as “Joe” in the iconic Molson Canadian rant commercial, has released a video responding to America’s threats against Canada.
Mr. Douglas said the video was produced by an anonymous collective of Canadian creatives and advertising professionals, all of whom donated their services.
“These are professionals who typically are competitors, coming together, offering what they have, for a common goal,” he said by e-mail.
“It’s been a very humbling thing to witness and be part of and, I think, a good example of what we need to see across the country in the months ahead. No logos, no brands … the client for this one is Canada.”
White House trade counselor Peter Navarro speaks with reporters on Feb. 25, 2025, in Washington.Alex Brandon/The Associated Press
Donald Trump’s trade adviser cautioned Justin Trudeau to tone it down Wednesday and accused the Prime Minister of disrespecting the President as the U.S. launched a trade war against Canada.
Mr. Navarro appeared on CNN to discuss Washington’s decision to slap 25-per-cent tariffs on Canadian and Mexican goods.
He linked the tariffs to fentanyl smuggling, as Mr. Trump has repeatedly done, even though the President has also characterized them as economic policies.
Responding to Mr. Trudeau’s remarks that the tariffs aren’t about drugs, Mr. Navarro accused Canada of allowing Mexican cartels to embed themselves across the country.
“I think Mr. Trudeau, it would be really useful if he just tones stuff down,” he said.
He also criticized the Prime Minister for referring to the President as “Donald” during his press conference Tuesday.
“I watched the conference yesterday with Mr. Trudeau. He’s calling the President dumb. He’s calling him Donald, instead of respectfully the President,” Mr. Navarro said.
11:15 a.m.
Canadian bankers worry retail customers could be hardest hit by tariffs
The Bank of Nova Scotia signage is pictured in the financial district in Toronto on September 8, 2023.Andrew Lahodynskyj/The Canadian Press
Bank of Nova Scotia chief risk officer Phil Thomas says retail banking customers could take the hardest hit if the United States prolongs its trade war with Canada.
At a conference held by Royal Bank of Canada Wednesday, Scotiabank’s head of risk said the lender is scanning its portfolio of customers across personal, commercial and corporate banking for those most impacted by tariffs. He said job losses caused by tariffs will determine whether retail customers are able to absorb trade war shocks.
“What keeps me awake at night will be the Canadian retail consumer,” Mr. Thomas said.
In recent years, Canada’s banks have been setting aside more provisions for credit losses – the funds lenders reserve to cover potential loan defaults – as a buffer against higher interest rates and a slowing economy.
During first quarter earnings that ended Jan. 31, the lenders adjusted their provisions slightly to account for the uncertainty prompted by U.S. President Donald Trump’s tariff threats, but reserves for the year ahead will depend on the duration of the trade war.
“This is where unemployment starts to become the catchword for the industry and for us more broadly,” Mr. Thomas said. “Small businesses: Will they start laying off people because tariffs are impacting their business directly? And mid-market commercial. These will be the clients that we’ll be very active with in terms of what support they need from the bank.”
Ottawa adds measures to guard against ‘predatory’ investments by non-Canadian companies
– Joe Castaldo
The federal government is updating criteria for reviewing foreign investment and will now include measures to guard against “predatory” acquisitions of economically important domestic businesses by non-Canadian companies.
The changes come one day after the United States implemented steep tariffs on Canada, which responded with retaliatory levies of its own. Economists widely expect tariffs to send Canada into a recession.
Innovation Minister François-Philippe Champagne said in a statement Wednesday that the valuations of Canadian companies could fall because of the trade chaos, leaving them vulnerable to “opportunistic or predatory investment behaviour by non-Canadians.”
Guidelines for the Investment Canada Act, which is used to review significant foreign investments for economic benefits and national security implications, will now include the “potential of the investment to undermine Canada’s economic security through the enhanced integration of the Canadian business with the economy of a foreign state,” according to Innovation, Science and Economic Development. “In an increasingly geopolitically fractured world, Canada is facing more frequent threats to its national security through economic means.”
10:45 a.m.
Canada’s premiers strike back against Trump’s tariffs
Ontario Premier Doug Ford holds a press conference regarding the new tariffs that the U.S. has placed on Canada, at Queen’s Park in Toronto on March 4.Nathan Denette/The Canadian Press
Canadian premiers banned U.S. booze from their liquor-store shelves, barred American companies from government contacts and floated cutting off supplies of power, nickel, uranium or potash, calling U.S. President Donald Trump’s tariffs a betrayal of a long-time ally.
Provincial leaders pulled the trigger on retaliation plans many of them had announced weeks ago – while expressing support for Ottawa’s move to push back with staged tariffs of its own.
In addition to moves aimed at striking back at the U.S., Ontario, Manitoba and Quebec are among the provinces that have pledged to bring in tax deferrals, tax cuts or direct aid to businesses expected to be reeling from the blow.
The provinces appeared united in their condemnation of U.S. tariffs. But divisions persisted over whether to use energy as a future bargaining chip, with Saskatchewan’s Premier rejecting calls to impose restrictions on potash and uranium, which some of his counterparts insisted were necessary.
“I think we should hit them right where it hurts,” Nova Scotia Premier Tim Houston said.
Premiers from across Canada have outlined plans to respond to U.S. tariffs. B.C.’s David Eby says food security is a key concern of his, while Wab Kinew of Manitoba, Susan Holt of New Brunswick and François Legault of Quebec say the pain from tariffs will be felt on both sides of the border.
The Canadian Press
10:37 a.m.
Canadians cancel U.S. travel plans amid anger over tariffs
Travellers wheel and carry their luggage through Trudeau airport in Montreal, Friday, Jan. 3, 2025.Graham Hughes/The Canadian Press
Airlines and travel companies are seeing bookings to the United States plummet as Canadians rethink their plans amid anger toward U.S. President Donald Trump as well as a weak loonie.
Travel agency Flight Centre Travel Group Canada says February bookings to American cities dropped 40 per cent from the same month in 2024, while one in five customers cancelled their trips to the U.S. over the past three months.
Air Canada announced last month it would reduce flights by 10 per cent to Florida, Las Vegas and Arizona in March — usually go-to hot spots during spring break season.
WestJet also says there has been a shift in bookings from the U.S. to other sun destinations such as Mexico and the Caribbean.
The loonie, which has hovered around 70 cents US for the past few months, has also given pause to travellers looking to stretch their budget.
U.S. President Donald Trump’s long-threatened tariffs are here, plunging the country into an escalating trade war with China, Canada and Mexico. In response, all three countries announced retaliatory measures.
The Associated Press
10:26 a.m.
Auto stocks slightly recovering this morning after Trump tariffs
– Reuters
Carmakers Ford rose 3.2 per cent, General Motors added 4.8 per cent and Tesla gained 1.8 per cent, after logging sharp declines in the previous session.
In a victory lap address to Congress on Tuesday, U.S. President Donald Trump said that his election win, combined with new tariffs, would allow the auto industry in the U.S. to flourish.
Reuters
10:15 a.m.
Trudeau and Trump expected to talk 11 a.m. ET: source
– Steven Chase
U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau are scheduled to speak late Wednesday morning, the day after the United States imposed 25 per cent tariffs on imports from Canada and Mexico, a source familiar with the matter said.
It’s expected the two men would talk by 11 a.m. ET, the source said.
The Globe and Mail agreed not to name the source, who was not authorized to speak publicly on the matter.
Mr. Trump imposed the tariffs, including lower rates of 10 per cent on energy and critical minerals, after alleging Canada and Mexico did not do enough to stop a flow of fentanyl into the United States. The punitive levies threaten to disrupt $1-trillion in annual two-way trade between Canada and the United States.
Canada responded to Mr. Trump by announcing retaliatory tariffs on $30-billion of U.S. goods, with tariffs on a further $125-billion to follow in several weeks.
9:45 a.m.
U.S. to make Canada, Mexico tariff announcement on Wednesday, Lutnick says
U.S. Commerce Secretary Howard Lutnick walks through Statuary Hall prior to U.S. President Donald Trump’s speech to a joint session of Congress at the U.S. Capitol in Washington, D.C., U.S., March 4, 2025.Brian Snyder/Reuters
U.S. Commerce Secretary Howard Lutnick says President Donald Trump’s administration is expected to announce a new tariff plan on Wednesday, which could offer relief for some sectors such as the auto industry, as the fallout from the trade war with Canada and Mexico continues.
The President is also scheduled to speak with Prime Minister Justin Trudeau on Wednesday, according to U.S. reports, but the Prime Minister’s Office has not yet confirmed.
Mexico’s government may reach out to Canada and other countries about the U.S. imposition of tariffs, the nation’s President said on Wednesday.
President Claudia Sheinbaum said she is tentatively set to have a phone call with Mr. Trump on Thursday morning about the new tariffs on Mexico and Canada.
Appearing on Bloomberg Television on Wednesday, Mr. Lutnick said the President is thinking about easing tariffs on some industries, such as the auto sector.
“The President is listening to the offers from Mexico and Canada. He’s thinking about trying to do something in the middle,” Mr. Lutnick said. “I think early this afternoon or this afternoon, we expect to make an announcement and my thinking is it’s going to be somewhere in the middle.”
He added that if countries have complied with the United States-Mexico-Canada Agreement and include a certain amount of U.S. content in their products, they can avoid tariffs.
He also said officials in Canada are working “really hard” with Homeland Security to address the President’s concerns about the flow of fentanyl into the U.S.
“Remember, this is not a trade war. This is a drug war,” he said.
Mr. Lutnick said that reciprocal tariffs are coming on April 2, adding that next month the “bigger trade picture” will be examined.
7:18 a.m.
Germany rips up its debt brake to revive stagnant economy as Trump’s trade war rages on
Germany’s chancellor-in-waiting and leader of the Christian Democratic Union party (CDU) Friedrich Merz leaves after officials of the German conservative parties and the center-left SPD resumed exploratory talks on forming a coalition at the Chancellery in Berlin, Germany March 5, 2025.Annegret Hilse/Reuters
Donald Trump’s inglorious and savage economic revolution has hit Germany — but in a positive way.
On Tuesday night, Friedrich Merz, the chancellor-in-waiting, struck an extraordinary, even shocking, deal to scrap Germany’s “debt brake,” a hangover from the long era of the Angela Merkel.
She was chancellor of Europe’s biggest economy from 2005 until 2021. One of her signature economic moves was to lock her country into a fiscal straightjacket that put a tight cap on budget deficits in the name spending sobriety; federal borrowing was limited to a mere 0.35 per cent of GDP.
The result was massive under-investment in infrastructure and public assets, from digital networks and railways to roads and weapons. Visitors to Europe’s richest economy were often unpleasantly suprised by the shabby bridges and tunnels.
Along came Mr. Trump, who was highly critical of Germany’s miserly defence spending and launched a global trade war that could crimp German exports of cars, machine tool, pharmaceuticals, chemical and other products to the United States. Mr. Merz, the leader of the conservative CDU/CSU alliance that placed first in last month’s election, responded by striking a deal with the rival Social Democrats to scrap the constitutional debt brake and open the spending spigots, which will go to parliament for approval.
The German and wider European markets cheered the idea of Germany opening its wallet to revive its stagnant economy and bolster is armed forces, allowing the country, perhaps, to deliver fresh weapons to Ukraine. Economists at Deutsche Bank described Mr. Merz’s move as “one of the most historic paradigm shifts in German postwar history,” adding that “the speed at which this is happening and the magnitude of the prospective fiscal expansion is reminiscent of German reunification.”
Germany’s DAX stock index rose almost 3.5 per cent in morning trading. The euro rose against the dollar, and German borrowing costs surged on the prospect of greater government borrowing.
Greater defence spending in itself will not make the German economy more competitive or productive. Such spending has “low fiscal multipliers,” as economist say. But it will deliver a temporary sugar rush. The real benefit will come from infrastructure spending, which will benefit the wider economy over the medium- and long-term.
Watch economists upgrade their GDP forecasts for Germany. Thanks in good part to Mr. Trump, Germany is finally dragging itself out of its economic coma.
7:14 a.m.
Premarket: TSX futures rise as Trump officials consider tariff relief
A person crosses the street with a large Canadian flag at a rally across the street from the Embassy of the United States of America in Ottawa, in response to U.S. tariffs on Canada, on Tuesday, March 4, 2025.Justin Tang/The Globe and Mail
Futures tied to Canada’s main stock index climbed on Wednesday following a challenging two-day decline, amid news of U.S. President Donald Trump’s administration contemplating easing the stringent tariffs on Canadian and Mexican imports.
By 6:32 a.m. ET, futures for March on the S&P/TSX index had risen 0.43 per cent.
The Toronto Stock Exchange’s S&P/TSX composite index tumbled 1.7 per cent by the close on Tuesday, settling at 24,572. This marked its second consecutive day of significant losses and its steepest decline since December 18.
U.S. Commerce Secretary Howard Lutnick said on Tuesday the government was considering easing the 25-per-cent tariffs on Canadian and Mexican imports to products that comply with the trade pact negotiated with the two nations during Trump’s first term.
The Canadian dollar strengthened against its U.S. counterpart.
The day range on the loonie was 69.20 US cents to 69.56 US cents in early trading. The Canadian dollar was down about 0.51 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.67 per cent to 105.03, hitting a three-month low on trade tensions.
The euro rose 0.47 per cent to US$1.0677. The British pound gained 0.25 per cent to US$1.2827.
In bonds, the yield on the U.S. 10-year note was last down at 4.243 per cent ahead of the North American opening bell.
Chinese Premier Li Qiang speaks during the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, Wednesday, March 5, 2025.Andy Wong/The Associated Press
As U.S. President Donald Trump addressed an angrily divided Congress on Tuesday evening, across the world in China, the scene was a marked contrast, with the country’s leaders gathering in Beijing to project calm and unity in the face of an escalating trade war.
Concurrent with Mr. Trump’s address, in which he angrily defended his policy of imposing stringent tariffs against the country’s three largest trading partners — Canada, Mexico and China — Chinese Premier Li Qiang stood before the Great Hall of the People to hail the resilience of the country’s economy in the face of an “increasingly complex and severe external environment.”
“The underlying trend of long-term economic growth has not changed and will not change,” Mr. Li said in opening the annual session of the National People’s Congress, China’s rubber-stamp parliament. “The giant ship of China’s economy will continue to cleave the waves and sail steadily toward the future.”
Ahead of his speech, Beijing unveiled an annual growth target of “around 5 per cent.” This is the same as last year, despite the challenges posed by Mr. Trump’s tariffs and structural issues facing the Chinese economy, including a property bubble, local government debt and a growing demographic challenge.
Chinese state media echoed Mr. Li’s defiance, with a piece in the state-run China Daily saying the country “stays strong in the face of U.S. tariff wars.”
“While Washington’s trade policies strain traditional alliances, Beijing is leveraging its economic initiatives to attract new partners,” author Shan Yuexing wrote. “The global balance of power is shifting, and the United States risks finding itself increasingly isolated in a trade war of its own making.”
U.S. President Donald Trump addresses a joint session of Congress at the U.S. Capitol on March 04, 2025 in Washington, DC.Win McNamee/Reuters
U.S. President Donald Trump took aim at Canada and Mexico in a highly partisan and divisive address to Congress in which he pledged tariffs against America’s allies and promised an economic resurgence for his country in a speech that was at times interrupted by jeers from Democrats.
In a speech lasting longer than 90 minutes that touched on cost-of-living, government waste, border security and social issues, Mr. Trump touted his administration’s record and vowed to bring a “common sense revolution” to the United States.
Mr. Trump, who on Tuesday imposed 25-per-cent tariffs on Canadian and Mexican goods, said the current trade practices are unfair and the U.S. won’t allow it anymore.
“Much has been said over the last three months about Mexico and Canada. But we have very large deficits with both of them,“ Mr. Trump said.
“We pay subsidies to Canada and to Mexico of hundreds of billions of dollars. And the United States will not be doing that any longer.”
Mr. Trump repeated his pledges to reclaim the Panama Canal and told the people of Greenland: “And, if you choose, we welcome you into the United States of America.”
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Trump Tariff War Live Updates: US President on Tuesday levied 25% tariffs on goods imported from Canada and Mexico, a day after he signed an executive order doubling a tariff on Chinese products to 20%.
Trump Tariff War Live Updates: Analysts expect US’s economic policies to fan inflation pressures
Trump Tariff War Live Updates: The dollar plunged to a three-month low on Wednesday hours after US President Donald Trump imposed fresh tariffs on Canada, Mexico and China. In response, these countries retaliated with their own duties on US imports. Trump’s long-threatened tariffs on three of its key partners citing ineffective border controls, sparked a trade war that hit the stock markets across the globe.…Read More
US President on Tuesday levied 25% tariffs on goods imported from Canada and Mexico, a day after he signed an executive order doubling a tariff on Chinese products to 20%. The administration has said it intends to put a tax on imports from the European Union and collect a 25% tariff on aluminum and steel imports.
Following the tariffs, analysts expect Trump’s economic policies to fan inflation pressures, slow the economy and eat into corporate profits, at a time when multiple reports have suggested a cooling economy.
Trump Tariff War Live Updates: Here are key points
President Donald Trump’s tariffs against Canada and Mexico went into effect Tuesday.
Imports from Canada and Mexico will now be taxed at 25%, with Canadian energy products subject to 10% import duties.
The 10% tariff that Trump placed on Chinese imports in February was doubled to 20%.
Beijing retaliated Tuesday with tariffs of up to 15%, Canada imposed 25% tariffs on C$30 billion worth of US imports while Mexico imposed 25% tariffs in its own retaliatory tariffs on US goods.
China also expanded the number of US companies subject to export controls and other restrictions by about two dozen.
The US shift toward steep tariffs will likely make drugs more expensive and limit access for patients.
European defence and manufacturing stocks also jumped while the euro rose sharply against the dollar. The Paris stock exchange gained 2.1 per cent while Milan was up 2.2 per cent. London advanced 0.5 per cent.
Canada’s primary stock index lost all of its gains. The S&P/TSX Composite index fell 1.7% to 24,572 in Toronto, its lowest close since Jan. 13 and down 0.6% from where it started the year.
Copper prices surged by more than 5% in New York — leaping further above other global benchmarks — as US President Donald Trump suggested imports of the metal could be subject to a 25% tariff.
The US president has already signed an executive order to impose that levy on aluminium and steel from March 12.
Follow all the updates here:
Mar 5, 2025 11:01 PM IST
Donald Trump live updates: Canada won’t scrap tariffs unless US lifts all duties
Prime Minister Justin Trudeau is not open to lifting Canada’s full package of retaliatory tariffs if US President Donald Trump leaves any tariffs on Canada in place, according to a senior Canadian government official.
Trudeau’s government is cool to the idea of a “middle ground” settlement in the trade war floated by US Commerce Secretary Howard Lutnick.
Mar 5, 2025 10:54 PM IST
Donald Trump live updates: US signals possible exemptions in Canada, Mexico tariffs
US Commerce Secretary Howard Lutnick said an announcement on Canada and Mexico tariffs was expected later Wednesday, signaling potential relief for specific sectors such as automobiles, a day after the steep levies took effect.
Trump is listening to “offers” from Canada and Mexico, Lutnick told Bloomberg Television on Wednesday.
Mar 5, 2025 9:46 PM IST
Donald Trump live updates: Justin Trudeau on Canada’s retaliatory tariffs
Canadian Prime Minister Justin Trudeau is not willing to lift Canada’s retaliatory tariffs if Trump leaves any tariffs on Canada, a senior government official told The Associated Press
The official confirmed the stance on condition of anonymity as they were not authorized to speak publicly on the matter.
Mar 5, 2025 9:08 PM IST
Donald Trump live updates: Volvo unveils China-made electric sedan amid tariff tension
Volvo Car AB presented a new flagship electric sedan built in China as the automaker controlled by Zhejiang Geely Holding Group Co. braces for rising trade tensions, Bloomberg reported.
Volvo is unveiling the new car amid an escalating global trade conflict, with US President Donald Trump’s tariffs hurting an automotive industry already struggling with muted demand.
Mar 5, 2025 8:14 PM IST
Trump Tariff War Live Updates: Mexico could seek other trade partners after, says President
Mexico’s government may look for other trade partners besides the US, the nation’s president said on Wednesday, after US President Donald Trump slapped tariffs on the US’ southern neighbour, reported Reuters.
President Claudia Sheinbaum said that Mexico could shift trade alliances “if necessary,” referring to the possible continuation of the tariffs.
Mar 5, 2025 7:32 PM IST
Trump Tariff War Live Updates: US eyes zero duties on car imports as Tesla entry looms, say sources
The United States wants India to eliminate tariffs on car imports under a proposed trade deal between the two nations, but New Delhi is reluctant to immediately bring down such duties to zero even as it considers further cuts, sources told Reuters.
Mar 5, 2025 7:12 PM IST
Trump Tariff War Live Updates: US to make Canada, Mexico tariff announcement on Wednesday
US Commerce Secretary Howard Lutnick said an announcement on tariffs on goods from Mexico and Canada was expected later on Wednesday after he talked with President Donald Trump, who is weighing possible sectors such as automobiles that could see some potential relief.
Mar 5, 2025 7:00 PM IST
Trump Tariff War Live Updates: US President hails tariffs
US President Donald Trump defended his plan to remake the world’s largest economy through the biggest tariff increases in a century, saying it would raise “trillions and trillions” in revenue, reported Bloomberg.
“Tariffs are about making America rich again and making America great again. And it’s happening, and it will happen rather quickly,” he said.
Mar 5, 2025 6:48 PM IST
Trump Tariff War Live Updates: India’s small exporters seek import duty cuts to counter US steel, aluminium tariffs
India’s small engineering goods exporters have urged the government to cut import tariffs on some U.S. goods to try and achieve more favourable trade terms as President Donald Trump prepares to implement new steel and aluminium duties, the head of an industry body said.
Mar 5, 2025 6:41 PM IST
Trump Tariff War Live Updates: US imposes tariffs on key trade partners
US President on Tuesday levied 25% tariffs on goods imported from Canada and Mexico, a day after he signed an executive order doubling a tariff on Chinese products to 20%.
The ConnectedSolutions program supports C&I customers in Massachusetts and Rhode Island by reducing peak demand during the summer months. Fully automated through ETB Controller with Acumen AI, participants receive day-ahead notifications to prepare their energy storage systems (ESS) for demand response events.
Energy Toolbase has expanded its ability to model and deploy grid services in the Northeast. ConnectedSolutions and Clean Peak Standard (CPS) are now available for commercial and industrial (C&I) developers to seamlessly model program revenues and utility bill savings in ETB Developer while maximizing value streams and performance using Energy Toolbase’s energy storage control software, ETB Controller.
Energy Toolbase is the first in the industry to provide a fully integrated solution combining grid services modeling with utility bill savings analysis. ETB Developer and ETB Controller with Acumen AI™ have been refined to address industry challenges and simplify the modeling, enrollment, participation, measurement and verification (M&V), and revenue dispersal for several programs, including ConnectedSolutions and CPS.
The ConnectedSolutions program supports C&I customers in Massachusetts and Rhode Island by reducing peak demand during the summer months. Fully automated through ETB Controller with Acumen AI, participants receive day-ahead notifications to prepare their energy storage systems (ESS) for demand response events. Energy Toolbase has successfully managed this process across multiple sites, delivering significant financial savings over several seasons.
The Clean Peak Standard program in Massachusetts incentivizes renewable energy generation during seasonal peak demand periods through Clean Peak Energy Credits (CPECs). Participants earn credits for producing renewable energy during designated high-demand hours, with credits generated during these hours offering up to 25 times more value. For every 1 MWh of renewable energy generated, one CPEC is awarded, with additional value for energy produced during critical peak hours.
ETB Developer streamlines modeling these programs by forecasting savings, incentives, and credit generation. Once projects are deployed, ETB Controller fine-tunes performance by dispatching energy during scheduled events and maximizing credit generation. Acumen AI co-optimizes demand response participation, utility bill savings, and CPEC generation, helping users achieve the highest possible economic outcomes.
“Energy Toolbase is dedicated to equipping our users with the best tools to optimize complex C&I solar and energy storage projects,” said Nathan Gutzmann, Product Manager of ETB Controller at Energy Toolbase. “Adding ConnectedSolutions and Clean Peak Standard to our platform is another way we can deliver innovative solutions that will enhance project economics and unlock new revenue opportunities for our customers in the Northeast region.”
Learn more about how Energy Toolbase supports these lucrative programs by scheduling a call or signing up for a 14-day free trial of the ETB Developer platform.
About Energy Toolbase
Energy Toolbase is an industry-leading software platform that provides a cohesive suite of project estimating, storage control, and asset monitoring products that enable solar and storage developers to deploy projects more efficiently. Energy Toolbase’s SaaS products are used by over 1,000 distributed energy organizations worldwide. To learn more or request a free trial, visit: https://www.energytoolbase.com.
Energy Toolbase is backed by its parent company, Pason Systems, a leading global provider of data management systems and controls automation software for the energy industry. With a global footprint and 40-year track record, Pason enjoys one of the strongest balance sheets in the industry and trades on the Toronto Stock Exchange.
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