US Trade Updates Leave Investors Waiting Yet Tips TSX Up
Market Numbers (Futures)
TSX : Up ( 0.20%) 26,910.83TSXV: Up (1.26%) 733.37DOW: Up (0.11%) 44,861.00NASDAQ: Down (0.10%) 22,679.75
FTSE: Down (0.003%) 8,785.09
In the Headlines:
Netflix reportedly in talks with Spotify to expand into live TV, eyeing a deeper push into real-time content.
And Trump's revived tax cut plan lands in U.S. House, exposing deep Republican divisions over the bill.
Currencies Update: (Futures)
The Canadian dollar is up 0.05% to $0.7334 U.S., gaining over a ¼ % on the Euro by 0.29% to $0.6242 and Bitcoin picks up 0.76% to 146,330.97
Commodities: (Futures)
Natural Gas: Up (1.29%), 3.46WTI: Up (1.17%), 66.21Gold: Up (0.26%), 3,347.89
Copper: Up (0.22%) 6.24
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Edmonton Journal
3 hours ago
- Edmonton Journal
Trump signs tax-and-spending cut bill at White House ceremony, calls it 'biggest victory yet'
This advertisement has not loaded yet, but your article continues below. It represents a major political victory for the president whose second term was marked until now by executive rather than legislative action U.S. President Donald Trump speaks on the South Lawn of the White House in Washington, DC on July 4, 2025. Photo by BRENDAN SMIALOWSKI/AFP via Getty Images U.S. President Donald Trump signed his US$3.4 trillion budget bill into law Friday, enshrining an extension of tax cuts, temporary new breaks for tipped workers and funding to crack down on illegal immigration. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by David Staples, Keith Gerein and others, Oilers news from Cult of Hockey, Ask EJ Anything features, the Noon News Roundup and Under the Dome newsletters. Unlimited online access to Edmonton Journal and 15 news sites with one account. Edmonton Journal ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by David Staples, Keith Gerein and others, Oilers news from Cult of Hockey, Ask EJ Anything features, the Noon News Roundup and Under the Dome newsletters. Unlimited online access to Edmonton Journal and 15 news sites with one account. Edmonton Journal ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The package encompasses a suite of priorities Trump campaigned on in 2024 — and its enactment at a White House ceremony represents a major political victory for the president whose second term was marked until now by executive rather than legislative action. The legislative milestone reinforces Trump's grip on the Republican Party, whose Capitol Hill leaders muscled the bill through the House and Senate this week. To reach his July 4 target date, Trump worked the phones and summoned some lawmakers to the White House in a pressure campaign to win over key holdouts. Get the latest headlines, breaking news and columns. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again 'It's really promises made, promises kept,' Trump said before signing the measure at an outdoor ceremony preceded by an Air Force flyover. After citing what he said were his efforts to restore American strength on the world stage, he called the bill 'the biggest victory yet.' Republican legislative leaders overcame narrow margins, unified opposition from congressional Democrats and objections by fiscal conservatives and moderates to pass the bill before Trump's deadline, which coincided with the Independence Day holiday. Yet the legislative success comes with political risks for the president and Republicans with consequences that could rumble for years. The fiscal package imposes steep cuts and new administrative procedures on nutrition assistance and health programs that provide a safety net for working and unemployed Americans. The nonpartisan Congressional Budget Office estimates the changes will push some 11.8 million Americans off the Medicaid health insurance program. Others have warned that reduced hospital payments could shut down rural medical facilities. The cuts have helped sour the public on Trump's plan, with polls showing it's unpopular. Some Senate Republicans have warned the party could face a backlash at the ballot box. Democrats have vowed to wield the bill against Republicans in the buildup to next year's midterm elections. This advertisement has not loaded yet. This advertisement has not loaded yet, but your article continues below. Trump and his supporters cast the measure as fuel for an economic renaissance, shrugging off nonpartisan projections that the package will drive up the national debt. 'Our country is going to be a rocketship economically,' Trump said, while dismissing polls that suggest the measure is unpopular. Administration officials say the policy shift is just one piece of the president's economic plan — with tariff revenue, regulatory repeals and increased U.S. energy production also set to bolster growth. Much of the new law's expense comes in the form of tax cuts — including an extension of the breaks enacted during Trump's first term as well as new ones for tips, certain car loans and overtime work. The measure contains expanded tax breaks for seniors and parents, and raises a state and local tax deduction to US$40,000 for the next five years from the existing US$10,000 limit. That increase was highly sought after by House Republicans from high-tax states such as New York, New Jersey and California. The package's US$4.5 trillion in tax cuts were partly offset by spending reductions, including cutting off incentives for renewable power and electric vehicles that had prompted companies to invest in new factories, wind farms and solar arrays nationwide. Nearly US$1 trillion would be cut from Medicaid by imposing a new work requirement for able-bodied adults without children, imposing co-payments and limiting federal reimbursements to states. Food-aid work requirements would expand and states with error-prone systems would be penalized. Trump's bill also delivers hundreds of billions in new military funding and allows increased spending on immigration enforcement. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here.
Vancouver Sun
3 hours ago
- Vancouver Sun
Trump signs tax-and-spending cut bill at White House ceremony, calls it 'biggest victory yet'
U.S. President Donald Trump signed his US$3.4 trillion budget bill into law Friday, enshrining an extension of tax cuts, temporary new breaks for tipped workers and funding to crack down on illegal immigration. The package encompasses a suite of priorities Trump campaigned on in 2024 — and its enactment at a White House ceremony represents a major political victory for the president whose second term was marked until now by executive rather than legislative action. The legislative milestone reinforces Trump's grip on the Republican Party, whose Capitol Hill leaders muscled the bill through the House and Senate this week. To reach his July 4 target date, Trump worked the phones and summoned some lawmakers to the White House in a pressure campaign to win over key holdouts. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'It's really promises made, promises kept,' Trump said before signing the measure at an outdoor ceremony preceded by an Air Force flyover. After citing what he said were his efforts to restore American strength on the world stage, he called the bill 'the biggest victory yet.' Republican legislative leaders overcame narrow margins, unified opposition from congressional Democrats and objections by fiscal conservatives and moderates to pass the bill before Trump's deadline, which coincided with the Independence Day holiday. Yet the legislative success comes with political risks for the president and Republicans with consequences that could rumble for years. The fiscal package imposes steep cuts and new administrative procedures on nutrition assistance and health programs that provide a safety net for working and unemployed Americans. The nonpartisan Congressional Budget Office estimates the changes will push some 11.8 million Americans off the Medicaid health insurance program. Others have warned that reduced hospital payments could shut down rural medical facilities. The cuts have helped sour the public on Trump's plan, with polls showing it's unpopular. Some Senate Republicans have warned the party could face a backlash at the ballot box. Democrats have vowed to wield the bill against Republicans in the buildup to next year's midterm elections. Trump and his supporters cast the measure as fuel for an economic renaissance, shrugging off nonpartisan projections that the package will drive up the national debt. 'Our country is going to be a rocketship economically,' Trump said, while dismissing polls that suggest the measure is unpopular. Administration officials say the policy shift is just one piece of the president's economic plan — with tariff revenue, regulatory repeals and increased U.S. energy production also set to bolster growth. Much of the new law's expense comes in the form of tax cuts — including an extension of the breaks enacted during Trump's first term as well as new ones for tips, certain car loans and overtime work. The measure contains expanded tax breaks for seniors and parents, and raises a state and local tax deduction to US$40,000 for the next five years from the existing US$10,000 limit. That increase was highly sought after by House Republicans from high-tax states such as New York, New Jersey and California. The package's US$4.5 trillion in tax cuts were partly offset by spending reductions, including cutting off incentives for renewable power and electric vehicles that had prompted companies to invest in new factories, wind farms and solar arrays nationwide. Nearly US$1 trillion would be cut from Medicaid by imposing a new work requirement for able-bodied adults without children, imposing co-payments and limiting federal reimbursements to states. Food-aid work requirements would expand and states with error-prone systems would be penalized. Trump's bill also delivers hundreds of billions in new military funding and allows increased spending on immigration enforcement. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Canada News.Net
4 hours ago
- Canada News.Net
Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject
The government of Premier Francois Legault is promising to "carefully examine" a proposal for a new gas liquefaction plant and terminal in the Saguenay-Lac St. Jean region that would be just as big as the GNL-Quebec megaproject the province rejected in 2021 after years of opposition, Le Devoir revealed in an exclusive dispatch Friday. The proposal by Marinvest Energy Canada, a subsidiary of Bergen, Norway-based Marinvest Energy, would also require a new pipeline through several hundred kilometres of wilderness to connect the plant with TC Energy's Canada-wide gas network, just as GNL-Quebec intended, Le Devoir writes. The gas would be produced by primarily by hydraulic fracturing, or fracking, a methane-intensive process that is prohibited in Quebec. After squashing the previous LNG proposal, Quebec became the world's first jurisdiction to ban oil and gas exploration in 2022. "We believe there is a strong business case for an LNG [liquefied natural gas] project in Quebec aimed at exporting Canadian natural gas to international markets, particularly in Europe," Greg Cano, one of three Marinvest Energy Canada directors and the only one not based in Norway, told Le Devoir in an email. "We believe Quebec can play a key role in diversifying export options for Canadian natural gas, particularly at a time when relying solely on the U.S. market presents increasing challenges." That optimism runs counter to an analysis released just six weeks ago by Investors for Paris Compliance (IPC), which pointed to an expected 40% increase in global LNG production between 2024 and 2028 to argue that there's no business case for a new terminal in Quebec. European LNG demand was down 18% between 2022 and 2024, and the group said Canadian exporters would also have trouble competing in Asian markets, The Canadian Press reported at the time. "Investing in infrastructure that will be very expensive and likely won't be profitable will weaken our economy rather than strengthen it," economist and IPC senior advisor Renaud Gignac told the news agency. IPC warned that inflation could drive the cost of the $18-billion GNL-Quebec project above $33 billion, making it impossible to complete without taxpayer subsidies. "These are considerable investments that mobilize public capital and labour as well," Gignac said. "When you direct resources to this type of project, you make choices, and we believe there are options that could be more profitable in the long term, for both public and private investors." One of Marinvest's identified lobbying targets, Hydro-Quebec, has been going all-in on those other options, with a planned $185-billion investment in renewable energy, energy efficiency, and new transmission over the next decade. Cano also tried to position LNG as "carbon-free" energy, even though methane is a climate super-pollutant with about 84 times the warming potential of carbon dioxide over the crucial 20-year span when humanity will be scrambling to get climate change under control. The Legault rejected the notion that gas is carbon-free in its response to the GNL-Quebec bid, "emphasizing in particular that the project that was to be built in Saguenay risked 'disadvantaging the energy transition' in the countries that would purchase this liquefied natural gas," Le Devoir says. A provincial spokesperson told the paper it was too soon to say whether the project would be eligible for subsidies, and the office of Natural Resources Minister Tim Hodgson wouldn't say whether it would qualify as one of the "nation-building" projects the Carney government is looking for. But "the current context is disrupting several aspects of our economy," a spokesperson for provincial Economy and Energy Minister Christine Frechette told Le Devoir in a statement. "We have always said that if new projects are presented, we are ready to examine them carefully. That is what we will do with this one." The spokesperson added that "social acceptability remains an essential condition for any project, and there will have to be benefits for Quebec." In a release, Greenpeace Canada urged the Carney government to exclude the Marinvest proposal from its list of nation-building projects, while calling on Quebec to "close the door on new fossil fuel transportation and export projects so that it can focus on renewable energy." "We should be building offshore wind farms, not floating fossil fuel plants", said Greenpeace Senior Energy Strategist Keith Stewart. "There is no way that a fossil fuel project with so little consultation and such a weak business case should be on Mark Carney's list of projects that can bypass environmental laws." Marinvest has hired two lobbyists to carry its message to the provincial government, Le Devoir reports, and two in Ottawa, Greenpeace says.
