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Pearl Morissette, a Canadian wine, is displayed for purchase in San Francisco, Calif. U.S. President Donald Trump imposed 50% tariffs on most Canadian goods including alcohol that will go into effect on Aug. 19.Heather Diehl/Getty Images
Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and analysis on the biggest headlines, stock tips, personal finance strategies and more.
Trump escalates trade war against Canada with threat to impose 50% tariffs
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New U.S. tariffs target milk, whey and lactose in response to Canada’s supply management system, which limits dairy imports from the U.S. and other countries.Andrej Ivanov/The Globe and Mail
U.S. President Donald Trump escalated his trade war earlier this week after announcing that his administration would impose a 50-per-cent tariff on a wide range of Canadian goods, beginning Aug. 19. He signed three proclamations invoking Section 338 of the Depression-era Tariff Act, which has never previously been used, to issue levies on Canada in retaliation for the country curbing imports of U.S. autos, alcohol and dairy. Here’s a full list of the targeted goods and the Canadian industries set to be most affected.
The Trump administration also said on Thursday it would move forward with another tariff of between 10 to 12.5 per cent on dozens of countries. The tariff, which took effect on Friday, is to punish trading partners for not cracking down on goods made using forced labour. Canada’s forced labour tariff amounts to 10 per cent.
Canada won’t rule out imposing retaliatory tariffs on the United States if the White House moves ahead with the new wave of trade actions, Prime Minister Mark Carney said Thursday. “Everything’s on the table if there’s no agreement,” he said.
Trump threatens tariffs on generic drugs, complicating Canada’s on-shoring efforts
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Shares of Apotex Inc., Canada’s largest drug maker, fell Wednesday after Trump said the U.S. plans to tariff generic drugs made in foreign countries.Sammy Kogan/The Globe and Mail
Mr. Trump is also threatening large tariffs on generic drugs that are not made in the United States. He posted on social media on Tuesday that his administration would impose 100-per-cent tariffs on generic pharmaceuticals starting on Aug. 1, 2028, a figure that would rise to 200 per cent a year later.
It is the latest in a series of measures that the Trump administration has taken to try to boost domestic drug production. In June, the administration announced that seven drug companies would participate in a pilot to get speedier regulatory review for new manufacturing facilities.
A tariff on generic drugs would hit Canada’s industry particularly hard. Canada sent around US$6.75-billion worth of pharmaceuticals to the United States in 2023, of which about US$3-billion was finished drugs, according to a study published in the Journal of the American Medical Association last year. Of the Canadian-made drugs exported to the U.S., 79 per cent were generics.
Brookfield buys Edmonton-based Gregg Distributors for $1.6-billion
The private-equity arm of Brookfield Asset Management Ltd. is paying $1.6-billion to acquire Gregg Distributors LP, a family-owned provider of industrial products to thousands of businesses across Western Canada.
Edmonton-based Gregg – whose catalogue spans a diverse array of products including power tools, hoses, safety equipment and medical supplies – is led by Gary Gregg and the company is controlled by his family, as well as employees who own shares. Brookfield will buy out the Gregg family stake as well as some employee shares to take a controlling stake, though employees will still own part of the business.
The transaction gives Gregg an enterprise value of about $1.6-billion, which includes debt, and is expected to close by the end of the year.
U.S. aiming for interim deals with Canada, Mexico by end of year, top Trump trade official says
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U.S. Trade Representative Jamieson Greer departs following a Senate Finance Committee hearing on Wednesday in Washington.Andrew Harnik/Getty Images
The U.S. is aiming to negotiate interim trade deals with Canada and Mexico by the end of the year, U.S. Trade Representative Jamieson Greer said on Wednesday. Negotiations about changing core parts of the United States-Mexico-Canada Agreement – including rules of origin and labour regulations – could “take a little more time” and include further discussions “with Congress in the following year,” he said.
This is the first time U.S. officials have spelled out a timeline for a potential resolution to the trade dispute. The future of continental trade has been in flux since July 1, when the Trump administration decided not to renew the USMCA for another 16 years. The deal remains in force but has moved into a period of annual reviews until 2036.
The Reddit forum where Canadians anonymously spill their biggest money woes – and brags
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Photo illustration by the GLobe and Mail. Sources: Chad Hipolito/The Globe and Mail, Fred Lum/The Globe and Mail, Nick Iwanyshyn/The Globe and Mail
Reddit’s PersonalFinanceCanada community is one of the last places on the internet to find good money advice. At least, that’s what its devoted followers say.
Every week, the subreddit draws nearly a million visitors who ask questions they might never ask a financial adviser, a colleague or even a friend: Can I afford a house? Am I saving enough for retirement? Should I pay off debt or invest? Why does it feel like everyone else is getting ahead? It has become a go-to destination for Canadians to anonymously ask for financial advice without fear of embarrassment or getting a sales pitch.
The community started in 2012 but has skyrocketed in popularity in recent years as young Canadians feel the whiplash of compounding economic uncertainties. But it’s also a place where financial anxiety, social comparison and misinformation can collide.
Meera Raman spoke to four Canadians about why they use r/PersonalFinanceCanada, and dug into how the platform helps and hurts our views of money.
The global tourism industry is facing a backlash in many European cities. Consider, for instance, the recent decision of officials in the northern Italian town of Varenna to impose fines of up to €200 ($320) for doing what?
a. Putting up signs in English
b. Dressing inappropriately
c. Taking selfies in church
d. Public drunkenness
b. Visitors now face fines for going bare-chested or wearing swimwear outside of beach areas, piers and boat decks. The new rules are designed to deter tourists from entering the town’s streets, bars and restaurants without covering up. “Our residents’ quality of life cannot be sacrificed on the altar of mass tourism,” the town’s mayor said.
Get the rest of the questions from the weekly business and investing news quiz , and prepare for the week ahead with The Globe’s investing calendar.