AGP Executive Report

Canada–Ukraine Defence Talks: Ukrainian President Volodymyr Zelenskyy arrived in Calgary for meetings with Prime Minister Mark Carney, focusing on protecting Ukraine’s skies for winter and deepening defence, economic and energy cooperation. Markets: Global stocks slid, with the S&P/TSX down about 0.6% as oil pushed higher and investors priced in more risk. U.S. Trade War Hits Canadian Firms: Washington moved to ban or restrict key Canadian imports—especially alcohol, dairy and motorcycles—while Canada’s counter-tariffs and procurement exclusions keep escalating costs and uncertainty for cross-border supply chains. Banking & AI: Big bank CEOs are touting AI’s productivity gains, while the Bank of Canada held its policy rate at 2.25% as inflation risks and trade impacts loom. Immigration Backlog: Citizenship certificate applications are now facing nearly 3-year delays, with processing times jumping after recent policy changes. Tech & Payments: Tetra Digital and Berkeley Payment Solutions partnered to expand Canadian-dollar stablecoin settlement for 500+ Canadian clients. Energy & Industry: Enbridge agreed to buy Tallgrass’s crude oil business for $2.55B, and Enhance Energy broke ground on Alberta’s Origins carbon capture hub. Business Support: Southern Ontario businesses can apply for expanded federal tariff relief, including up to $3M in non-repayable funding. Fintech/Capital: Carney’s Canada Investment Summit is drawing international interest, including expected Indian participation. Innovation & Defence Exports: Canada is taking a bigger role at Poland’s MSPO defence fair, signaling a push to win European contracts.

U.S.-Canada Trade War Escalates: President Trump signed new proclamations banning Canadian dairy (including whey) and broad alcohol categories plus motorcycles, with the bans and added 50% tariffs set to start Sept. 29, after Canada’s retaliatory levies on about $20B of U.S. goods took effect. Canadian Retaliation & Sector Hits: Canada’s counter-tariffs range from 15% to 50% across dairy, steel, aluminum and farm equipment, while U.S. actions target items like cheese, whey, beer/wine/spirits and winter-relevant goods. Investor & Market Mood: Economists and market watchers say the near-term hit to growth may be limited, but the bigger risk is a longer standoff that raises uncertainty for Canadian firms and could pressure stocks if bond-market stress spreads. Regional Impact in Canada: B.C. businesses can apply for up to $3M in federal tariff relief via PacifiCan’s Regional Tariff Response Initiative, while Ontario firms report mixed reactions—especially in spirits. U.S. Politics & Border States: The dispute is becoming a midterm issue in battleground states, with analysts warning of consumer price pressure and business fallout. Business Moves Amid Turmoil: South Pacific Metals launched a best-efforts marketed equity offering up to C$15M, and Canada’s Ocean Supercluster backed an MSX-resistant oyster seed project with $1.1M to protect shellfish aquaculture. Immigration Policy Update: Ottawa expanded authorization for some foreign workers to study without a separate study permit, effective Sept. 4, 2026 through Dec. 31, 2027. Research Talent Shift: An American epidemiologist left the U.S. for Montreal, citing grant withdrawals and shrinking academic freedom under Trump-era climate-related policies.

US-Canada Trade War: The Trump administration escalated its tariff fight with Canada by banning a wide range of Canadian imports—especially dairy (including whey), most alcohol, and motorcycles—effective Sept. 29, while also expanding duties on other goods and moving to exclude Canadian products from major U.S. government procurement lists. Canadian Retaliation: Ottawa’s counter-tariffs on about $20B of U.S. goods took effect earlier this week, with Mark Carney arguing Canada can “pivot and prosper” but warning the shift will come with a cost. Procurement Pressure: Trump directed the GSA to remove Canadian-origin products from federal contract schedules unless “full and fair reciprocity” is restored, adding a new pressure point beyond consumer pricing. Business Fallout: Reports highlight cross-border supply-chain strain and mounting uncertainty for manufacturers and retailers on both sides. Alberta Secession Vote: A Business Council of Alberta push urges voters to stay in Canada in the Oct. 19 referendum, warning separation would create job and economic risk. Investment Climate: CPP Investments Insights Institute says global funds rank Canada low on investibility ahead of Carney’s investment summit, citing fragmented rules and policy reversals. Energy & Markets: Oil benchmarks rose as US-Iran hostilities flared, adding to inflation and risk concerns.

Canada-U.S. Tariff War Hits Home: Canada’s retaliatory duties on about $20B of U.S. goods took effect Tuesday, with Ottawa saying it’s responding dollar-for-dollar as talks stall—while U.S. officials and lawmakers warn the fight is raising costs for consumers and squeezing key sectors like dairy, paper, and manufacturing. Regional Business Fallout: Michigan border-linked manufacturers and suppliers face margin pressure as products cross the line multiple times and tariffs stack; in Nova Scotia, the premier says firms are bracing and government support is ready. Market Mood: The S&P/TSX composite slid nearly 400 points Tuesday as tech weakness dragged broader sentiment, with the Canadian dollar edging higher. Corporate Moves & Growth: Elevra Lithium advanced its North American Lithium brownfield expansion pre-feasibility work in Québec; Northern Technologies named new CEO and leadership; and Subway Canada launched a value “Fresh For Less” menu aimed at the “lunch squeeze.” Other Canada Business Notes: Quebec rolled out “buy local” measures to protect jobs amid the trade war, while the CFL launched a new official mobile app and Air Transat added another nonstop to Istanbul.

Trade War Escalation: Canada’s retaliatory tariffs kicked in Tuesday on about C$27.6B (US$20B) of U.S. imports, with duties of 15%, 25% and 50% hitting items like steel and aluminum, cheese and other dairy, appliances, electronics, furniture and agricultural equipment—after Ottawa suspended talks and matched Washington “dollar-for-dollar.” Aerospace Flashpoint: Hours before the tariff start, Donald Trump threatened to block Bombardier aircraft sales in the U.S. unless the Montreal-based maker builds in America; Bombardier pushed back, and a Kansas Republican senator publicly defended Bombardier’s Wichita footprint. Consumer Impact Watch: Economists and trade groups warn the new duties will flow into higher prices for everyday goods, while Ottawa also adjusted its tariff list—dropping some seafood after industry pushback. Business Finance: Amazon is tapping the sterling bond market for the first time, adding to a 2026 borrowing spree that has topped US$80B across multiple currencies. Policy & People: Food Allergy Canada is urging nationwide rules requiring schools to stock epinephrine devices, pointing to Alberta’s 2020 law as the model.

U.S.-Canada Trade War Escalation: President Donald Trump says Bombardier can’t sell jets in the U.S. unless it starts manufacturing in America, repeating the “build here or else” message and claiming the company’s revenue is heavily U.S.-linked. Retaliation Countdown: Canada’s counter-tariffs of 15% to 50% on about $20B (roughly $28B in U.S. goods cited) are set to hit Tuesday after Trump’s 50% duties earlier this year, with economists warning of multi-billion-dollar costs for Canadians. Quebec Politics: Premier Christine Fréchette flags the tariff fight as a campaign issue and warns another U.S. response could follow, while Ottawa’s details on adjustments remain limited. Broader Business Impact: The tariff clash is already spilling into everyday prices, including hockey gear, and into cross-border logistics where customs brokers say the rules keep shifting. Other Signals: Separate from trade, CARTAC highlights AI’s growing role in public financial management in the Caribbean, while a Quebec award-winning interpretive trail project adds a local community win.

Canada-U.S. Trade War: Trade watchers warn Canada should brace for “pain” as negotiations stay stalled and U.S. countertariffs are set to hit Tuesday, with an American response almost inevitable. Currency & Politics: Donald Trump again called Canada’s dollar “unacceptable” amid the tariff fight, while Mark Carney said Ottawa is ready to strike a deal if Washington is. Jobs & Costs: New labour data coverage points to job losses in August as public-sector cuts deepen, adding pressure to already stressed household budgets. Data Centres & Local Power: Ottawa’s new framework for responsible data-centre development is meeting community pushback, with Alberta activists arguing residents can still stop hyperscale projects. Payments & Fintech: Dext named Nicole Bello as Chief Revenue Officer as it expands payments in Canada; PayTic also pushed into Saudi Arabia with AI-powered payment operations. Corporate Finance: Teva announced plans to issue senior notes to fund redemptions and general corporate needs. Security & Fraud: Ukraine dismantled a crypto “drainer” ring accused of stealing up to $1M a month across 20+ countries.

Canada-U.S. Trade Tensions: President Donald Trump again called the Canadian dollar “unacceptable” and said the “imbalance” will no longer continue, as Ottawa prepares retaliatory countertariffs tied to the latest tariff escalation. Countertariffs Impact: Canada’s next round of duties is set to hit about $28B of U.S. goods, with knock-on pressure expected for cross-border freight and key U.S. swing-state industries. Tourism Fallout: U.S. tourism groups are trying to win Canadians back, but the trade war and political friction are making the pitch feel “a wasted effort,” with Labor Day expected to bring fewer visitors. B.C. Reservists: British Columbia aligned reservists’ job-protected training leave with national standards, expanding peace-of-mind for those balancing civilian work and service. Cost-of-Living Stress: A TELUS Health report finds rising living costs are the top financial stressor for Canadian workers, with anxiety spilling into productivity. Identity Theft Probe: The FBI opened an investigation after a dark-web service allegedly sold scans of 153M stolen U.S. and Canadian driver’s licences. Local Community: Greater Victoria’s Thanksgiving food drive returns Sept. 19, with door-to-door collection and partner grocery drop-offs.

Canada–U.S. trade war: A new Nanos/CTV poll finds 80% of Canadians back Ottawa’s dollar-for-dollar counter-tariffs and 85% support walking away from a U.S. deal, with 74% saying the U.S. isn’t a trustworthy ally—sentiment tied closely to Trump’s tariff push. Markets & rates: Investors are weighing Fed uncertainty after Christopher Waller signalled possible rate stability in September, while U.S. job growth and services activity keep the macro picture mixed. Business impact at home: A federal $11.6M package backs 10 Saskatoon-area projects to help firms absorb tariff-driven costs via automation, equipment and new markets. Infrastructure debate: An opinion piece argues Canada’s infrastructure costs are 2–5x higher than peers, scaring off private capital and dragging down returns. Consumer & retail: Toronto retailers say tariffs are boosting demand for Canadian-made goods, while Unifor welcomed CRTC steps to improve discoverability of Canadian content on streaming platforms. Public safety: Storm-related outages in Huron and Perth prompted reminders on food and water safety for households and businesses.

Canada-U.S. Tariffs: Ottawa and Washington remain locked in a tariff fight, with Trump suspending some 50% duties after claiming a “deal” while other measures still loom—keeping costs and uncertainty high for Canadian exporters and small businesses. Trade Policy & Business Support: The federal government announced $11.6M for 10 Saskatoon-area projects to help firms respond to U.S. tariffs, including automation and production upgrades at Drake Meat Processors and Doepker Industries. Antitrust Tensions: The U.S. DOJ antitrust division reportedly ordered a pause in cooperation with Canada, but the department says it was a misunderstanding tied to rescheduling, not a full freeze. Agriculture Pressure: Canadian farmers and agri-food players are bracing for tariff fallout, with uncertainty flagged as the biggest geopolitical issue; dairy and other supply-managed sectors remain especially sensitive. Immigration & Labour: IRCC issued 3,500 Express Entry invitations for healthcare and social services with a 475 CRS cutoff, while a C.D. Howe Institute council urged more predictable immigration targets for 2027–2029. Aviation & Expansion: Air Canada is adding new nonstop routes and frequencies, including a new Toronto–London Heathrow “daytripper” service starting June 2027. Housing Finance: CMHC reported higher Q2 net income ($465M) as mortgage-backed securities activity stayed strong. Health Care: The Canadian Medical Association urged Ottawa to challenge Alberta’s health-care rules it says could expand private clinics and weaken the public system. Tech & Courts: OpenAI faces new lawsuits in Canada tied to a mass shooting, alleging the company knew about concerning chats and failed to act.

Canada-U.S. Tariff Countdown: Ottawa says retaliatory duties on more than $27.6B of U.S. imports are set to start Tuesday, with rates from 15% to 50% across sectors like autos inputs, steel and aluminum—while Washington signals no near-term talks. Sovereignty Flashpoint: The trade fight is spilling into identity politics, with Trump pushing “Lake America” and Carney firing back to “stop doing memes” and “start being serious.” Labour Market Jolt: StatsCan reports Canada shed about 42,000 jobs in August; unemployment stayed at 6.4%, adding to uncertainty for export-linked industries. Business Impact on the Ground: Canadian honey producers warn U.S. tariffs could flood the domestic market and pressure prices; Manitoba brewers question province-led trade missions as liquor-markup barriers persist. Markets & Finance: Canadian bonds look “well-behaved” despite global yield spikes; stocks slid after labour data. Crypto Watch: Zcash surged past $1,000 as a spot ETF and regulatory clarity boosted privacy-coin momentum. Travel Demand Shift: Skyscanner data points to a 78% jump in Canadian flight searches to Palma in September, tied partly to U.S. travel boycotts.

Canada-U.S. Trade Tensions: Loblaw says it’s reinstating a “T” label for tariff-affected U.S.-sourced products and will keep pushing more Canadian sourcing to limit shelf-price pressure. Rates & Mortgages: Farm Credit Canada warns higher U.S. bond yields tied to inflation and debt risk could lift long-term borrowing costs in Canada, with knock-on effects for fixed mortgage rates and business financing. Labour Market Watch: Statistics Canada reports Canada lost about 41,700 jobs in August and the unemployment rate held at 6.4%, with analysts pointing to trade-exposed sectors as a key risk as counter-tariffs near. Tariffs Hit Consumers: Ottawa extended the federal fuel-tax suspension to Jan. 31, 2027 to soften pump costs, but counter-tariffs due Sept. 8 are expected to add upward pressure to grocery bills. Regional Business Support: Ottawa announced $11.6M for eight Saskatoon firms to help them respond to tariffs, improve productivity, and diversify markets. Market Pulse: Gold rebounded after a sharp selloff tied to a stronger-than-expected U.S. jobs report, as investors brace for next week’s inflation data. Rail Manufacturing Boost: Carney unveiled a $4.7B VIA Rail passenger-car deal, with work split between Alstom facilities in Thunder Bay and La Pocatière. Corporate Moves: Mulvihill ETFs declared monthly distributions, while Star Bulk advanced with an Euronext Athens parallel listing and equity offering plans.

Banking & Currency: The Bank of Canada unveiled the final design of the new vertical $20 bill featuring King Charles III, with circulation planned for late February 2027 and added security features. Trade War Watch: A new poll finds most Canadians back walking away from U.S. talks and imposing retaliatory tariffs, but economist Trevor Tombe warns the hit to consumers could total about $4 billion, especially for lower-income households. Trade Data: Canada’s merchandise trade surplus narrowed to $769 million in July as exports fell 2.3%—a sign the tariff shock is starting to show. Jobs & Economy: Statistics Canada is set to release the August labour force survey; economists expect 15,000 jobs added and unemployment steady at 6.4%. Health Labour Market: Desjardins says hiring in Alberta and Ontario’s health systems has been propping up national job growth, raising questions about whether the broader economy is keeping pace. Immigration & Mobility: India has resumed accepting employment visa applications from Canadians in Canada, but only via a pre-approval process with in-person submission and mandatory biometrics. Business & Compliance: A Vancouver police officer and youth charity founder, Kalwinder “Kal” Dosanjh, was charged with fraud, theft and breach of trust after an undercover investigation.

Canada-U.S. Tariff Shock to Small Business: A CFIB survey says 18% of small exporters and 11% of importers hit by the trade war fear they’d stop being financially viable if it drags on for three months, with many firms demanding tariff revenue be used to protect the hardest-hit operators. Rail Manufacturing Push: Prime Minister Mark Carney announced a $4.7B VIA Rail investment to bring passenger car building back to Canada, with Alstom set to manufacture 313 cars in Thunder Bay and La Pocatière—framed as a major “Buy Canadian” win for jobs and supply chains. More Tariff Support for Firms: Minister Rechie Valdez outlined a $7.5B package of new and enhanced measures for workers and businesses affected by U.S. tariffs, including liquidity help via regional development agencies. Infrastructure for Clean Power: Canada broke ground on the North Coast Transmission Line in B.C., targeting cleaner electricity, major job creation, and emissions cuts. Currency Update: The Bank of Canada unveiled the final design for the new $20 bill featuring King Charles, with added security features. Market/Policy Watch: CIRO scheduled a settlement hearing for Arthur Silber, while CIRO also issued a trading halt for Maximus Metals (MM) pending news. Trade War Reality Check: Fact Focus debunked Trump’s claim that U.S. banks can’t operate in Canada, noting 15 U.S.-based banks already operate there.

Canada-U.S. Trade War: Prime Minister Mark Carney says U.S. negotiators sought terms that would have left core Canadian industries “subsidiaries” or “wound down,” prompting Canada to suspend talks and prepare retaliatory tariffs starting Sept. 8. Manufacturing & Jobs: Carney is set to announce a “historic investment” in Canadian manufacturing in Thunder Bay as unions and industry warn against rushing back to a deal that isn’t sustainable. Living Standards Gap: A Fraser Institute study says Canada’s per-person GDP gap with the U.S. has more than doubled since 2014, reaching over $23,000. Tariff Spillovers: A Canadian paper cup and bowl maker says demand is rising as foodservice firms switch to Canadian-made takeout packaging amid tariffs. Energy & Power: Algoma Steel says it’s sustaining steel production under interim power arrangements while working to restore full capacity at its Lake Superior Power facility. Central Bank Resilience: The Dutch central bank moved 86 tonnes of gold from the U.S. and Canada to London, citing “increasing geopolitical unrest” and faster crisis deployability. Policy Watch: Canada published guidance on foreign worker categories exempt from work permits, but entry still depends on meeting specific conditions.

Trade & Tariffs: The Bank of Canada held its policy rate at 2.25% for a seventh straight decision, warning that renewed U.S. tariffs and Middle East-driven oil risks are pushing inflation uncertainty higher. Canada is preparing retaliatory tariffs starting Sept. 8, with targeted pressure expected on sectors like autos and agriculture. Fuel Affordability: Finance Minister François-Philippe Champagne extended the federal fuel excise tax pause to Jan. 31, 2027 (with a partial return later in 2027), a move welcomed by consumers but criticized by the Canadian Energy Marketers Association for adding costs through the supply chain. Markets & Currency: The Canadian dollar rebounded from a near three-week low as investors refocused on inflation risks even as the BoC stayed on hold. Business Moves: Sonoro Gold promoted senior leaders in exploration and Mexico; KPMG Canada earned ISO 42001 AI governance certification; Kempower signed a framework deal with DP World to roll out EV charging across Canadian ports. Consumer & Finance Sentiment: A B.C. survey found 80% want financial institutions to advocate for consumers’ financial well-being amid cost-of-living stress. Crypto & Investing: Coinbase launched regulated crypto derivative contracts for eligible Canadians, adding Bitcoin/Ether/Solana perpetuals and dated futures plus other commodity and index products.