Carney concedes U.S. trade deal may not happen before Aug. 1 deadline
The source said Trump also expressed wanting North American energy dominance that could be achieved with Canada's natural resources but complained that there is too much opposition in Canada to pipelines by those who 'prefer windmills and green energy scams.'
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Border security was reportedly another sticking point from the U.S. perspective — more specifically fears around China using Canada 'as a platform to gain entry and influence in North America' beyond fentanyl, said the source.
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Trump had originally pointed to the flow of fentanyl coming into the U.S. to impose 25 per cent tariffs on non-CUSMA compliant goods, but the idea that Canada is a large exporter of the deadly drugs to its southern border has been debunked by several analysts.
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Trump has already struck deals with the United Kingdom, Indonesia, Vietnam and the Philippines, and more recently, with Japan and the European Union, which all include a relatively lower level of tariffs in exchange for several economic concessions.
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Fen Osler Hampson, a professor of international affairs at Carleton University and co-chair of its expert group on Canada-U.S. relations, said Canada could benefit from taking its time in negotiating with its largest trading partner while Trump strikes more deal.
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That way, he said, Canadian negotiators will be able to compare and contrast the bilateral trade deals Trump is making with other countries to get a lower tariff rate, and get more information about the pressure points they could use to strike the best deal possible.
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'It's what I call the last-mover advantage,' said Hampson, referring to a well-known business tactic which consists of the advantage a company has when it is the last to enter a market because it can learn from others' mistakes and improve on what already exists.
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On Wednesday, Carney said Trump's revealed approach is to have a baseline tariff in certain strategic sectors to the U.S. economy, such as aluminum, steel, automobiles, pharmaceuticals, semiconductors, lumber and more, with 'very few relative exceptions.'
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Hampson said the longer negotiations go on, the more pain American consumers will feel. Right now, they have been mostly shielded from its effects given that companies have either been stockpiling products or making up for the tariff loss in their profit margins.
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Globe and Mail
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- Globe and Mail
Bitfarms Announces Partnership with T5 Data Centers to Advance HPC/AI Development at Panther Creek Campus
TORONTO, Ontario and NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF) (the 'Company'), a global energy and compute infrastructure company, today announced its partnership with T5 Data Centers, LLC ('T5') to advance HPC/AI development at its Panther Creek campus in Pennsylvania. T5 Data Centers is an established leader in data center design, construction and operations, providing a full range of data center services from development and construction to facility management and operation. They offer customizable, scalable solutions for both enterprise and hyperscale clients, ensuring reliable high-performance computing environments. This strategic engagement will focus on comprehensive pre-construction design planning and development approval processes to advance this significant digital infrastructure investment. Leveraging deep expertise in providing construction services and ground-up development, T5 will provide critical guidance and coordination throughout the planning phase. The goal is to ensure this state-of-the-art facility is purpose-built to meet the demands of high-performance computing and artificial intelligence applications, while supporting Pennsylvania's emergence as a hub for next-generation data center development. CEO Ben Gagnon stated 'We are thrilled to announce our partnership with T5 Data Centers. With the seven major U.S. hyperscalers as their customers, T5 brings unparalleled industry expertise and is a proven leader in data center Construction, Development, and Operations. This collaboration validates the significant HPC/AI opportunity at our flagship Panther Creek campus in Pennsylvania, where strong political tailwinds following the recent White House commitment to $90 billion of AI investments intersect our 1 GW pipeline in Pennsylvania, positioning Bitfarms at the forefront of the rapidly growing AI infrastructure market in the state. We are excited to leverage T5's expertise to capitalize on this opportunity, driving development and delivering long-term value for our shareholders." Tom Mertz, President and COO of T5 Services added 'We're excited to be selected as a strategic construction partner for Bitfarms as they expand into HPC/AI data center development. Their Panther Creek, Pennsylvania property is well-positioned for building an advanced AI data center campus, and we look forward to supporting this next phase of their growth." About Bitfarms Ltd. Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently operates 15 data centers situated in four countries, which currently mine Bitcoin: the United States, Canada, Argentina and Paraguay. To learn more about Bitfarms' events, developments, and online communities: Forward-Looking Statements This news release contains certain 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the partnership with T5 Data Centers, LLC to advance HPC/AI development at the Company's Panther Creek campus in Pennsylvania, the North American energy and compute infrastructure strategy, opportunities relating to the Company's HPC/AI strategy, the Company's ability to drive greater shareholder value, growth opportunities and prospects for the Company, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'prospects', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: the risk that the anticipated benefits of the partnership with T5 Data Centers, LLC and/or the ability to advance HPC/AI development at the Company's Panther Creek campus in Pennsylvania fail to materialize in a timely manner and on an economic basis or at all; an inability to apply the Company's data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; 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the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms' ability to utilize an at-the-market offering program ( 'ATM Program') and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an 'emerging growth company'; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms' filings on (which are also available on the website of the U.S. Securities and Exchange Commission (the ' SEC") at including the Company's annual information form for the year ended December 31, 2024, management's discussion & analysis for the year-ended December 31, 2024 and the management's discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
CTV News
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- CTV News
Marriott cuts 2025 revenue forecast on soft travel demand
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CTV News
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Trump threatens to ‘substantially' raise tariffs on Indian goods as it continues to buy Russian oil
Oil tanker trucks are pictured outside an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India, on April 4, 2025. (Dhiraj Singh/Bloomberg/Getty Images via CNN Newsource) U.S. President Donald Trump said on Monday that he will 'substantially' raise tariffs on India because it's still buying Russian oil. 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,' the president posted on his social media network, Truth Social. 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' But India pushed back, saying it is being unfairly targeted by the United States and European Union for importing oil from Russia. Tariffs are taxes directly paid by importers, though countries exporting goods could indirectly get harmed, as higher prices tend to drive demand down, leading countries to buy more from other countries with lower tariffs or to increase domestic production. Last week, Trump threatened a minimum 25 per cent tariff on goods coming from India, set to take effect at the end of this week. Indian goods are currently subject to a 10 per cent minimum rate. Trump did not specify what new tariff rate goods from India could be charged if it continues to purchase Russian oil. The Indian Ministry of External Affairs said the country began importing from Russia because traditional supplies were diverted to Europe after the start of Russia's war on Ukraine. 'India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by (the) global market situation,' a statement posted on social media from the ministry's spokesperson Randhir Jaiswal read. India said both the U.S. and the EU were also 'indulging in trade with Russia.' 'In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' the statement said. The Kremlin has also denounced the U.S. plan to raise tariffs on Indian imports. 'We hear many statements that are in fact threats, attempts to force countries to stop their trade relations with Russia,' Kremlin spokesman Dmitry Peskov told reporters Tuesday. 'We do not consider such statements legal. We believe that sovereign countries should have – and do have – the right to choose their own trading partners.' Trump's tariff threat comes as he's upped the pressure on Russia's Vladimir Putin to reach a ceasefire with Ukraine within days, shortening his prior deadline. By Elisabeth Buchwald, Michael Rios, CNN Anna Chernova contributed reporting.
