‘Canadians expect us to take the time necessary' to reach a U.S. trade deal: LeBlanc
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Winnipeg Free Press
14 minutes ago
- Winnipeg Free Press
The clock is ticking on tariff negotiations
Opinion It's T minus one. As in, tariffs minus one. Or Trump minus one. Or maybe even TACO minus one. Only time — precious little time — will tell. ADRIAN WYLD / THE CANADIAN PRESS FILES Prime Minister Mark Carney On Aug. 1, the Trump administration has said its self-imposed range of tariffs on myriad foreign countries — including Canada — will come into effect. (Unless it turns out to be TACO minus one — U.S. President Donald Trump has backtracked so many times on announced tariffs that he's earned the nickname 'TACO,' an acronym for 'Trump Always Chickens Out.') For Canada, that would mean a 35 per cent tariff on products not detailed in the USMCA trade deal, as well as the continuation of tariffs on aluminum, steel and automobiles, and a new copper tariff that also would come into effect on Friday. Prime Minister Mark Carney has said the negotiations between Canada and the U.S. are in an 'intense phase.' Meanwhile, the Opposition Conservatives have complained that Canada is being left behind as others reach deals with the U.S. But at least two of those deals seem to be running into confusion and contrary claims — especially because they aren't on paper yet. Trump claimed that the government of Japan bought its way into lower tariffs — going from 25 per cent to 15 per cent — by agreeing to invest US$550 billion in the U.S., an investment that Trump says would see the U.S. government get 90 per cent of the profits. Japan says it made no such offer, that if anything, the suggestions was for 'up to' US$550 billion with no set amount, and that profits from any Japanese investment would be paid on a proportional basis, based on how much each party invested. Japanese officials have also said there is no written agreement, and that there would not be one based on Trump's terms. Meanwhile, a widely heralded deal with the European Union is also hitting the shoals of Trump exaggeration: numbers on the purchase of energy by EU member states have been questioned by the EU and it now appears that all EU members will vote on a prospective deal, while Trump characterized it as a historic complete package. The EU and the U.S. also have conflicting impressions about tariffs on pharmaceuticals, tariffs on steel and aluminum, investment in U.S. companies by the EU, and purchases of U.S. weapons. For example, the U.S. version is that the EU will buy U.S. weapons, while the EU says absolutely no such commitment was made — or could be made, as military procurement is determined by individual member countries. The U.S. also claims that the EU has promised to make a range of regulatory changes to benefit U.S. exports of food and agricultural products, along with changes to financial and tax barriers on digital industries. The EU says that's a hard no — 'We're not moving on our regulations. We're not moving on our rules. We're not moving on the system that we built up over many decades that our citizens trust,' Olaf Gill, the EU Commission's spokesperson for trade said. 'That will not form part of this agreement with the U.S.' Weekday Evenings Today's must-read stories and a roundup of the day's headlines, delivered every evening. So it's all clear as mud. And what happens next for Canada? We'll find out, perhaps, on Friday. But more than anything else, move slowly and deliberately and in a calculated way, don't get rushed into a bad deal, and keep in mind that any deal is open to President Trump's penchant for exaggeration and fabrication. And for his unmatched ability to fail to live up to a signed commitment. And that's for the short term. The long term? Find new global customers. Ones that can be counted on to make an honestly negotiated deal and stick to it.
Globe and Mail
4 hours ago
- Globe and Mail
SoFi Technologies, Inc. Announces Pricing of Public Offering of Common Stock
SoFi Technologies, Inc. (NASDAQ: SOFI) ('SoFi' or the 'Company') today announced that it has priced its previously announced underwritten public offering of 71,942,450 shares of its common stock at a price of $20.85 per share, for total gross proceeds of approximately $1.5 billion, before deducting underwriting discounts and commissions and offering expenses payable by the company. In addition, SoFi has granted the underwriters a 30-day option to purchase up to an additional 10,791,367 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on July 31, 2025, subject to customary closing conditions. All of the shares of common stock in the offering will be sold by SoFi. SoFi intends to use the net proceeds from the offering for general corporate purposes, including working capital and other business opportunities. Goldman Sachs & Co. LLC, Citigroup and Mizuho Securities USA LLC will act as the underwriters in the offering. An automatic shelf registration statement on Form S-3 (Registration No. 333-289046) (including a base prospectus) became effective upon filing with the Securities and Exchange Commission ('SEC') on July 29, 2025. The offering is being made only by means of a preliminary prospectus supplement and a final prospectus supplement (together, the 'prospectus supplement') and an accompanying base prospectus. Before investing, prospective investors should read the preliminary prospectus supplement, the accompanying base prospectus and the documents incorporated by reference therein for more complete information about the Company and the offering. You may get these documents, including the prospectus supplement, for free by visiting EDGAR on the SEC website at Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, Telephone: (866) 471-2526 or via email: prospectus-ny@ Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); Mizuho c/o Mizuho Securities USA LLC at 1271 Avenue of the Americas, New York, New York 10020 ( US-ECM@ Attention: Equity Capital Markets. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About SoFi SoFi Technologies (NASDAQ: SOFI) is a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. Over 11.7 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi's technology platform Galileo to build and manage innovative financial solutions across 160.0 million global accounts. ©2025 SoFi Technologies, Inc. All rights reserved. SOFI-F Forward-Looking Statements This press release includes forward-looking statements. Forward-looking statements represent SoFi's current expectations regarding future events, including the proposed offering of shares of common stock, and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting SoFi will be those that it has anticipated. Among those risks and uncertainties are market conditions and competition, including market interest rates, SoFi's ability to satisfy evolving member and technology platform client preferences or to keep pace with market trends, and risks relating to SoFi's business, including those described in periodic reports that SoFi files from time to time with the Securities and Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release, and SoFi does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
CBC
6 hours ago
- CBC
In Winnipeg, U.S. ambassador to Canada issues warning not to overlook cross-border ties
The U.S. ambassador to Canada warned businesspeople and political leaders inside a Winnipeg auditorium Tuesday not to "bet against America" as group of demonstrators outside the venue protested his presence in the Manitoba capital. Days before a deadline to assemble a cross-border trade deal, U.S. ambassador Pete Hoekstra suggested Canada does not want to run the risk of missing out on economic opportunities provided by its neighbour to the south as it seeks to diversify its export markets. "Right now, I wouldn't bet against America. I wouldn't bet against Canada, either," Hoekstra said during an address to approximately 200 people at a Winnipeg Chamber of Commerce gathering at the Winnipeg Art Gallery-Qaumajuq's soft-seat theatre. The ambassador then issued a subtle warning in the form of a dry joke. "I know that the EU and Japan just really want to buy the cars that you make in Ontario," Hoekstra said. "I think there are certain things that absolutely Canada is positioned to open up global markets and you should take advantage of those, absolutely," he continued. "There are other markets where you're tied so closely to the U.S. that that may be a confining factor for you." Hoekstra, who was appointed an ambassador to Canada four months ago by U.S. President Donald Trump, made his comments while senior Canadian and U.S. trade officials are attempting to complete a trade deal in advance of an Aug. 1 deadline. Trump has suggested Canada could end up with tariffs instead of a trade deal. Earlier this month, he told Prime Minister Mark Carney the U.S. may apply a 35 per cent tariff on Canadian goods that don't comply with the Canada-U.S.-Mexico Agreement, or CUSMA, up from 25 per cent right now. Separately, Canadian steel and aluminum face a 50 per cent tariff that the U.S. has imposed on all countries, while the U.S. tariff on Canadian energy and potash is set at 10 per cent. Trump has also slapped a 25 per cent tariff on non-U.S. content of automobile imports and threatened to impose levies on pharmaceuticals, lumber and copper. Despite these existing and potential tariffs, Hoekstra told his Winnipeg audience that the fabric trying the Canada and U.S. together remains strong, even as it has changed. "Let that fabric stretch, let it take a slightly different shape, but don't do anything to break it," he implored, referring to the cross-border relationship. "There's no reason why it can't continue to be the envy of the world." During a question-and-answer session with Winnipeg Chamber of Commerce president Loren Remillard, Hoekstra declined to reveal the status of existing trade negotiations between Canada and the U.S. "I'm not sitting in the room and if I were, I probably wouldn't be answering that question," he said. The ambassador also deflected a question about the pending CUSMA renegotiations. Winnipeg South Liberal MP Ben Carr, who chairs the House of Commons industry committee, said he was not surprised by the absence of candour from the U.S. ambassador about trade negotiations. "These things have to take place, as they should, between our senior officials who have a deep understanding about what's going on," Carr said following the speech. A senior executive with a major Winnipeg manufacturer said the ambassador was more candid during a meeting with about 20 business leaders and politicians prior to the speech. Winpak vice-president Randy Zasitko, whose packaging company exports about 80 per cent of its products to the United States, said Canada may end up with a trade deal similar one signed recently with European Union — and one the U.S. contends it has reached with Japan. "From his perspective, he says there is no reason why when you look at the agreements that have been achieved at the 10 and 15 per cent [tariff rate], there's no reason Canada can't be even lower than that," Zasitko said. "Now, he didn't promise that by any means." Despite the U.S. tariffs and the renegotiations of North American trade agreements, Hoekstra said a continent-wide free trade zone remains a possibility. He said the Trump administration sees no connection between the application of tariffs and rising U.S. inflation. He also praised administration policies such as increased border enforcement and insisted the president means what he says. "If you want to know where Donald Trump is going, listen to him," Hoekstra said. Outside the art gallery, several dozen protesters held up signs decrying U.S. support for the Israeli war on Gaza, U.S. efforts to isolate Cuba, U.S. policies limiting transgender rights and the U.S. insistence on increased military spending by NATO members, among other issues. "We just want to let him know that he's not welcome here," said Sarah Borbridge, a member of Peace Alliance Winnipeg, referring to the U.S. ambassador. "We don't want representatives of U.S imperialism and we also see the U.S. as descending into fascism." U.S. trade policy was also a focus for the demonstration. One sign read "tariff this, sphincter face." With protesters gathered outside, U.S. ambassador to Canada Pete Hoekstra spoke to an audience at Winnipeg Art Gallery-Qaumajuq on Tuesday. Despite ongoing trade tensions, the ambassador advised Canada not to turn its back on its neighbour to the south.
