Federal Government & Trump & trade: 1)New tariffs raise concerns, but bank leaders say Canadian economy remains resilient; 2)Canada is retaliating with tariffs on specific U.S. goods. Here’s what it covers. 3)(Update) Ottawa to hit U.S. back with tariffs on steel, aluminum, smartphones and golf clubs; 4)(Update) Canada will return to negotiating table when America has ‘the right attitude’: Carney; 4)(Update) Carney says U.S. wants to wipe out Canadian industries or make them subsidiaries; 5) (Update) Ottawa spending $4.7B on new made-in-Canada Via Rail passenger cars
1)New tariffs raise concerns, but bank leaders say Canadian economy remains resilient
Courtesy Barrie360.com and Canadian Press
By Staff, August 28, 2026
Canada’s largest banks say the country’s economy is showing resilience despite a renewed escalation in trade tensions with the United States.
While executives acknowledged the uncertainty created by the latest round of tariffs, most described the situation as manageable and said key economic fundamentals remain strong.
Their comments came during third-quarter earnings calls this week, as lenders outlined how they are preparing for potential risks tied to the ongoing dispute.
Bank leaders point to economic strength
Royal Bank of Canada CEO Dave McKay said most Canadian exports continue to avoid tariffs despite the latest trade measures.
“While Canada and the U.S. have yet to come to a longer-term solution, we note the average effective tariff rate remains low at approximately six per cent, with over 80 per cent of exports remaining duty-free,” McKay said during his company’s earnings call.
Executives at Scotiabank also described the current trade tensions as manageable.
“The fundamentals in Canada are pretty good, if you look at the job growth numbers, if you look at the fiscal capacity on the back of oil prices, and if you look at some of the activity that’s starting because of the prime minister’s agenda, you actually have a backdrop that’s pretty good,” Scotia chief executive Scott Thomson said on the bank’s third-quarter earnings call on Tuesday.
Trade dispute escalates
The latest round of tensions between Canada and the United States intensified after U.S. President Donald Trump imposed 50 per cent tariffs on approximately $28 billion worth of Canadian products last weekend.
Ottawa responded by introducing dollar-for-dollar tariffs on a range of American goods.
The growing trade conflict has added pressure on businesses and consumers, prompting banks to examine how prolonged uncertainty could affect lending and economic growth.
CIBC building reserves for tariff-related risks
CIBC said it continues to prepare for a variety of outcomes as trade and geopolitical tensions affect the broader economy.
Frank Guse, the bank’s chief risk officer, said the lender’s credit performance remained resilient during the quarter.
“We have built additional reserves for tariff-related risks through expert credit judgment overlays since the beginning of fiscal ‘25 and continue to build our allowance this quarter,” Guse said.
“Our most sensitive business lending exposures to the tariff impacts represent less than one per cent of the bank’s total loan portfolio. We’ve also run a variety of stress testing on the portfolios to ensure we remain well prepared for a range of outcomes.”
Optimism around Ottawa’s economic agenda
Several bank executives also expressed support for Prime Minister Mark Carney’s economic priorities, including efforts to accelerate major infrastructure and national-interest projects, diversify trade relationships and strengthen Canada’s defence capabilities.
National Bank chief executive Laurent Ferreira said uncertainty continues to weigh on business investment, but he sees encouraging signs.
“While business confidence and investment are difficult in the current context, I am encouraged by the way governments and business leaders are mobilizing around Canada’s economic priorities,” Ferreira told analysts on a third-quarter conference call Wednesday.
CIBC chief executive Harry Culham said the focus on economic resilience could create significant opportunities.
”Canada’s renewed focus on sovereignty and economic resiliency is creating one of the most significant capital mobilization efforts and opportunities our country has seen in decades. The implementation of Canada’s defence industrial strategy represents a substantial opportunity for our commercial clients,” Culham said.
Investors react positively
Heading into earnings season, analysts had raised concerns about elevated valuations after Canadian bank stocks posted strong gains earlier this year.
Despite those concerns, early reactions to the latest quarterly results appeared positive, suggesting investors remain confident in the sector’s ability to navigate the evolving trade environment.
with files from The Canadian Press
2)Canada is retaliating with tariffs on specific U.S. goods. Here’s what it covers.
Courtesy Barrie360.com Canadian Press
By Sarah Ritchie, August 27, 2026
The trade war between Canada and the United States entered a new chapter on Tuesday, with the Canadian government’s announcement of retaliatory tariff measures.
Canada is striking back with tariffs that the federal government says are targeted at sectors that are most affected by the Trump administration’s tariffs.
Here’s a look at the new levies that are set to come into effect on Sept. 8:
DAIRY
A 50 per cent tariff is being applied to a variety of American dairy products.
This includes milk and cream, including concentrated and sweetened varieties and powders. It also applies to whey and several milk and whey protein products.
A 25 per cent tariff applies to fresh cheese and curd, including grated, powdered and processed varieties. The list specifies types of cheese: Camembert, brie, blue cheese, cheddar, mozzarella, Swiss, Gruyère, Havarti and Parmesan, to name a few.
Under the Canada-U.S.-Mexico Agreement on trade, imports of U.S. dairy products are tariff-free until specific quotas are reached. Imports over the quotas are subject to tariff rates of upwards of 200 per cent.
These new 50 per cent tariffs will apply to imports both below and above the quota rate, according to the Finance Department.
SEAFOOD
Canada initially announced plans to impose a 25 per cent tariff on a wide range of U.S. seafood.
It covered imports of many kinds of live, fresh, preserved and frozen seafood: salmon, halibut, cod, haddock, tilapia, lobster, crabs, shrimps and prawns, oysters and mollusks, swordfish, mackerel, and a variety of smaller fish such as herring, capelin, anchovies and sardines.
On Aug. 26, Ottawa reversed course on the planned seafood tariffs and removed them from the list of goods, citing feedback from the fishing and processing sectors.
FORESTRY AND WOOD
Canada will target U.S. wood products with 25 per cent tariffs. This includes softwood like pine, fir and spruce that has been sawn or sliced thicker than six millimetres.
Plywood and veneered panels made from a variety of different softwoods and hardwoods will be hit with a 50 per cent levy.
Tariffs of either 25 or 50 per cent will apply to products like toilet paper, facial tissue, napkins and similar sanitary products (the rate will depend on specific import sizes).
A 50 per cent tariff will apply to most types of paper and paperboard, envelopes, and corrugated boxes and cases, with a lower 25 per cent levy for some imports of kraft paper and bleached paper products under a certain weight.
Wooden furniture for household use is subject to a 50 per cent tariff, except for kitchen furniture items which are at 25 per cent.
On Aug. 26, Ottawa added a 50 per cent tariff on imports of wood charcoal.
STEEL, ALUMINUM AND COPPER
A variety of steel and aluminum products are being hit with a 50 per cent tariff, raising the rate from the current 25 per cent.
It includes steel rods, bars and sheets, along with prefabricated items like bridges, towers, scaffolding and door and window frames.
Aluminum products such as wires, bars, rods and foil are all subject to the 50 per cent tariff rate.
As of Aug. 26, Ottawa added a 50 per cent tariff to various sizes of copper wire.
Canada had imposed a 25 per cent tariff on American steel and aluminum products in March 2025 in retaliation for U.S. President Donald Trump’s tariffs on Canadian steel and aluminum. Trump raised the tariff on steel to 50 per cent in June.
Trump’s latest threat, posted on Truth Social on Monday, was to raise tariffs to 50 per cent on Canadian steel, aluminum and vehicles as of Jan. 1, 2027.
COSMETICS, CLOTHING AND TEXTILES
Some beauty products and makeup will be subject to 50 per cent tariffs.
This includes perfumes and eau de toilettes, sunscreen and suntan products, lip and eye makeup, manicure and pedicure preparations, and hair products.
Tariffs of 50 per cent are being applied to a long list of clothing items that range from men’s suits and overcoats to T-shirts and dresses, track suits and ski suits.
The tariff would also apply to hazardous material suits and protective clothing.
A 25 per cent levy applies to handwoven rugs, tiles and carpets made of wool, animal hair and a range of other textile materials.
OTHER PRODUCTS
A 50 per cent tariff is set to begin in September on smartphones.
The same rate will apply to golf clubs and equipment, video game consoles, chandeliers and light fixtures, exercise equipment and fishing rods.
American natural honey will be subject to a 50 per cent tariff, as is molasses.
Tariffs of 50 per cent will apply to plastic wall and ceiling coverings made with vinyl chloride.
Plastics, including bags, packaging, tableware and kitchenware, are subject to 50 per cent tariffs.
Most air conditioners are subject to 15 per cent tariffs.
A 25 per cent tariff will kick in on appliances including stoves and ranges, refrigerators and freezers, laundry machines and small appliances including rice cookers, bread makers, grills and cooking plates.
Tariffs of 15 or 25 per cent will be applied to tower cranes, jacks and hoists, forklift trucks and lawn mowers.
Rail locomotives, train parts and railway maintenance vehicles are being hit with 25 per cent tariffs.
A 50 per cent tariff will apply on motorcycles. Trailers and semi-trailers will be subject to 25 per cent tariffs.
A 15 per cent tariff will apply to moulds for metal, rubber and plastics.
3)(Update) Ottawa to hit U.S. back with tariffs on steel, aluminum, smartphones and golf clubs
Courtesy Barrie360 and Canadian Press
By Nick Murray, August 25, 2026
The government will also impose 50 per cent tariffs — beginning on Sept. 8 — on smartphones, golf clubs, video game consoles, fishing rods, and clothing and apparel, among others.
It will levy a 25 per cent tariff on appliances, agricultural machinery, dairy products, seafood, and certain steel and aluminum derivatives products.
A 15 per cent tariff is being tacked on a small list of items including hand tools, air conditioners and forklifts.
Finance Minister François-Philippe Champagne said the U.S. levies have “real consequences” for Canadian companies and consumers.
“Canada must respond and today we are — in a proportionate, targeted and strategic way,” he said.
Champagne was among a number of federal cabinet ministers who presented the government’s response at a news conference at an Ottawa roofing manufacturer on Tuesday.
Before the announcement, government officials briefed reporters on the plan and stressed Canada was not targeting any new products beyond ones already hit by U.S. President Donald Trump.
Officials could not provide any figures on how much revenue Canada is expecting to generate from these new tariffs, but said it wouldn’t be more than the $7.5 billion in aid Ottawa also announced on Tuesday.
The aid package is meant to help impacted Canadian businesses impacted by the trade war with the United States. Among the measures are new loan programs for businesses and more flexibility to apply for employment insurance.
Candace Laing, president of the Canadian Chamber of Commerce, said while she welcomed the aid package she is worried about businesses being able to repay the loans.
“We see that the intention of loans is helpful, but they can also be a monkey on the back when they come due,” Laing said in a statement.
“As this rolls out, we understand there will be improvements along the way, as we have seen from past iterations of government-led crisis management.”
Ottawa is matching the dollar amount of the U.S. tariffs, but the list does not include all of the same items targeted by President Donald Trump — like hockey sticks and Canadian alcohol.
Officials said Canada selected products from the Canadian industries most impacted by the U.S. tariffs, to protect their market share.
“Economic sovereignty means the capacity to produce, invest and grow in Canada,” Industry Minister Mélanie Joly said.
She said the government has already spoken with Canadian retailers about ensuring Canadian products on their shelves are clearly identified and said Canadians should buy domestic products.
“Building at home is not a Plan B, it is a Plan A,” she said.
The White House has not yet responded to a request for comment about the retaliatory duties.
Brooke Rollins, Trump’s agriculture secretary, told reporters at the White House that “with regards to Canada, the president has been very clear for the last year and a half that the way they treat our dairy farmers in America is just not … going to continue any longer.”
When asked about Canada’s retaliatory measures she said there’s no doubt it causes concern among ranchers and farmers because there’s a lot of “unknown out there.” But she added that Trump is a master negotiator and he always prioritizes farmers.
While the tariffs on aluminum are a direct response to the measures the U.S. took on Canada, the move is likely to resonate with Trump.
Bloomberg reported on Monday that while Trump was on a call endorsing a Republican candidate for governor in Oklahoma, Trump said the U.S. “desperately needs” aluminum, which he said they almost entirely get from Canada.
4)(Update) Canada will return to negotiating table when America has ‘the right attitude’: Carney
Courtesy Barrie360.com and Canadian Press
By Nick Murray, August 24, 2026
Prime Minister Mark Carney speaks about Canada’s response to new U.S. tariffs during a news conference on Parliament Hill in Ottawa on Saturday, Aug. 22, 2026. THE CANADIAN PRESS/Patrick Doyle
Canada will go back to the negotiating table on a trade deal once the United States changes its attitude, Prime Minister Mark Carney said on Monday.
Carney held a news conference in Lévis, Que., where he announced an $11-billion contract to build six new icebreakers for the Canadian Coast Guard, emphasizing they would be built with Canadian steel.
The event comes three days after Carney suspended trade talks with the United States, after accusing the U.S. of trying to introduce last-minute measures which could have restricted Canada’s ability to do deals with other countries and protect its culture.
“When the Americans go to the negotiation table first, with the right attitude toward our industries and a true partnership, of course we’ll come to the negotiating table,” Carney told reporters.
“An attitude at the negotiation table that Canada is a subsidiary of the United States, that Canadian industry is going to be disadvantaged relative to American industry, that we are going to set up terms so that over time Canadian industry is going to face constant headwinds, that’s not something we’re going to accept.
“And that’s before you get to constraints on our ability to do what the rest of the world wants, which is to sign trade deals with Canada. And that’s before the fundamental issues on culture.”
President Donald Trump escalated his trade war with Canada earlier Monday, this time posting a threat on social media to hike tariffs on all vehicles, auto parts and steel from Canada to 50 per cent on Jan. 1. He made a later post threatening Canadian energy flowing through the United States.
Trump took to Truth Social to lash out at Canada three days after trade talks broke down in Washington and Canada accused the U.S. of negotiating in bad faith. As a result, new 50 per cent tariffs took effect Saturday on a range of Canadian goods, including honey, hockey sticks, flower bulbs and a long list of alcoholic beverages.
The new threat of tariffs for Jan. 1 would build on existing tariffs on the auto and steel sector, and are separate from the tariffs applied on Saturday.
In his post Monday, Trump accused Canada — without presenting evidence — as being “among the worst nations in the world to deal with.”
“Build in the U.S. and there are ZERO TARIFFS. Canada will be treated like a State no longer!” Trump posted.
“Canada has been ripping off the United States of America for years. Their ridiculously high tariffs on our Farmers and farm products has made life impossible for these great American Patriots.”
The United States Department of Agriculture says the Canada-U.S.-Mexico Agreement, known as CUSMA, provides for “tariff- and quota-free trade for almost all agricultural products traded between the United States and Canada, while offering broader market opportunities for U.S. exports to Canada of dairy, poultry and egg products.”
It notes those provisions were also in the North American Free Trade Agreement, which CUSMA replaced.
“They feel entitled, and yet, WE DON’T NEED CANADA, THEY NEED US!” Trump posted.
Canadian exports to the United States represented 72 per cent of all exports in 2025, down four percentage points from the year before.
In the first six months of 2026, that number fell further to 68 per cent, while non-U.S. exports rose as Canada moved to diversify its trade away from its largest trading partner south of the border.
Later Monday, Trump took to Truth Social again this time threatening Canadian energy, and returning to calling Carney “governor.”
“Remember, much of the Electricity, Oil, and Gas that Canada gets is transported through the U.S.A. Someone should get these clowns to ‘fall in line’ or, the consequences for Canada will be far WORSE!” Trump posted.
Canada has a number of oil and gas lines which flow from Western Canada into Minnesota and Wisconsin, to serve markets in southern Ontario and Quebec, including Enbridge’s Canadian main line.
4)(Update) Carney says U.S. wants to wipe out Canadian industries or make them subsidiaries
Courtesy Barrie360.com and Canadian Press
By David Baxter and Catherine Morrison, September 1, 2026
U.S. negotiators were pushing in trade talks last month for concessions from Canada that would have caused key sectors like the automotive industry to either become U.S. subsidiaries or be “wiped out” entirely, Prime Minister Mark Carney said Tuesday.
Until late last month, Canada and the U.S. were negotiating a deal to address trade irritants on both sides of the border. Just ahead of a U.S.-imposed deadline of Aug. 22, Carney suspended those talks and summoned his negotiating team home.
“The attitude of the United States in these discussions, and subsequently, has been one that core Canadian industries either would be subsidiaries effectively of the United States industries, or would put in place terms where those industries would be gradually wound down in Canada and wiped out,” Carney said in a scrum with reporters outside his office building.
“Of course, we’re not going to accept those terms.”
Carney added there were “mutually beneficial” elements of a deal in place before the talks broke down last month.
The prime minister said an “accumulation of issues, each of them serious enough,” prevented Canada from signing a deal, including the effects of proposed concessions on the French language and culture and restrictions on Canada’s ability to trade freely with other nations.
Carney said Canada is willing to get back to the table when the Americans are ready to have a “serious” discussion.
“When the Americans stop doing memes, stop throwing shade, stop trying to be tough and start being serious about having those discussions, we can have those discussions,” he said.
“It’s not constructive but that’s their democracy.”
Since the negotiations collapsed, U.S. President Donald Trump and members of his cabinet have taken to news shows and social media to repeatedly attack Canada.
Trump signed an executive order to rename Lake Ontario as Lake America on U.S. maps, and the president and his cabinet secretaries posted AI images and memes disparaging Canada.
Carney is expected to discuss developments in trade talks with labour groups in Ottawa on Tuesday. A source with knowledge of the meeting, who wasn’t authorized to speak publicly, told The Canadian Press it’s scheduled for 2 p.m. Eastern.
The source said officials from unions representing affected industries, largely in the manufacturing sectors, were invited to the meeting.
The United Steelworkers union issued a statement confirming the attendance of Marty Warren, their national director.
“Canada was right to hold the line rather than accept a bad deal and right to respond to these unjustified tariffs with counter-tariffs,” Warren said in a media statement.
“But workers did not start this trade war and should not pay the price. With new counter-tariffs taking effect Sept. 8, keeping workers working and ensuring those affected have the supports they need must be the priority.”
The steelworkers are asking the government to introduce improvements to employment insurance, a new program to help keep affected workers keep their jobs and enhanced buy-Canadian policies, among other measures.
Unifor, Canada’s largest private sector union, held a rally on Parliament Hill in late August to urge the government to protect Canadian jobs from U.S. trade pressure.
On Monday, Carney spoke about the friction with the U.S. with a group of business leaders from companies such as RBC, Bombardier, OpenText and Hydro-Québec.
Canada’s counter-tariffs on nearly $28 billion worth of U.S. products are scheduled to begin on Sept. 8. The Canadian tariffs will range from 15 to 50 per cent and target a wide range of goods, including dairy products, steel, copper and some beauty products.
The tariffs are in response to the 50 per cent duty Trump placed on $28 billion in Canadian goods, ranging from hockey sticks to honey.
The U.S. levies were in part a response to the decision by all Canadian provinces, apart from Alberta and Saskatchewan, to refuse to stock U.S. products on liquor store shelves due to American tariffs on steel, aluminum and autos.
Trump has threatened to increase Canadian automotive tariffs to 50 per cent from 25 per cent in the new year in response to Canada’s latest retaliatory tariffs.
— With files from Catherine Morrison
5) (Update) Ottawa spending $4.7B on new made-in-Canada Via Rail passenger cars
News | Canada | Business
Courtesy Barrie360.com and Canadian Press
By Catherine Morrison, Sept. 3, 2026.
Prime Minister Mark Carney announced a $4.7 billion contract to build 313 new passenger cars for Via Rail on Thursday
Carney made the announcement at the Alstom plant in Thunder Bay, Ont., where the cars will be built.
“Our rail cars on our long-distance and remote routes are more than 70 years old. They were built when the NHL had six teams. Goalies wouldn’t wear masks. The Leafs would win the (Stanley) Cup,” Carney said.
“Those old cars have served our country well, but they’re long overdue for retirement. It’s time to build new ones, to build them here at home.”
Carney emphasized the fact that the new cars are being built in Canada.
“For the first time in four decades, those cars will be produced and assembled and maintained in our country. Cars that used to be built in the United States will be built right here in Thunder Bay at Alstom, by the best workers in the world,” Carney said.
Transport Minister Steven MacKinnon said it’s the single largest investment in Via Rail’s history and the project will lead to 700 new jobs.
“This is a truly Canadian project. Canadian supply chains, workers, and it’s a renewed investment in that passenger rail service that connects us all,” MacKinnon told The Canadian Press following the announcement.
He said the first new car should be delivered in 2031.
In July, the government announced plans to spend $1.6 billion to replace 45 of Via Rail’s aging locomotives and another $357 million to build a new assembly plant and maintenance facility.
Those new trains are also expected to be delivered in 2031.
— With files from Nick Murray in Ottawa.