Carney aims to prioritize 'unity' during premiers' meeting, says Ontario Chamber of Commerce
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CBC
an hour ago
- CBC
The U.S. economy is thriving in spite of tariffs. Will it last?
By just about every indicator, the U.S. economy is holding up remarkably well. When Donald Trump launched his global trade war, economists and markets said his tariff policy would slow the economy, drive up prices and dramatically reduce global trade. And yet, stocks are at all-time highs, the country's employment is strong, its economy is expanding and the expected surge in inflation hasn't materialized. Canada's economy has shown surprising resilience, as well, with consumer spending starting to pick up last month and unemployment declining. Economists told CBC News it's unclear whether the tariffs' impact was overestimated, or if further pain lies ahead. But they say resilience in both countries is fragile, and could be quickly upended if the trade war worsens or expands. A lack of retaliation BMO's chief economist Douglas Porter says two key factors are driving the recent U.S. resilience. "Other nations have not really been retaliating against the U.S., so their own exports are not facing that much pressure. And on the flip side, the U.S. consumer has been pretty heavily sheltered so far from this," said Porter. In the meantime, American businesses have not passed on the costs of tariffs. General Motors, for example, released earnings last week that said Trump's tariff policies drove down profits by 35 per cent in the second quarter. The automaker said tariffs on cars and parts led to a $1.1-billion US loss in its quarterly earnings. But still, it has not increased prices. Royce Mendes, managing director at Desjardins Capital Markets, says that's becoming a trend among affected American companies. "Some companies may choose to just eat the tariff increase in costs rather than draw the ire of President Trump," said Mendes. GM stock fell on the news, but has since rebounded, paring losses and climbing almost all the way back to where it was before it published its earnings. Financial markets have had some pretty volatile sessions, including steep sell-offs when tariffs are announced, and big rallies when exemptions are made. But stock markets in both Canada and the U.S. are at or near record highs — which investors believe is a sign that the resilience we're seeing will last. A stockpile of products The question, though, is whether the impact of the tariffs has simply been delayed. When the levies were first announced last spring, businesses around the world scrambled to get product out the door and into the United States. That has led to a huge stockpile of products — and it means American importers have not yet had to bear the worst of the tariffs. WATCH | The future of Canada-U.S. free trade: Is Canada-US free trade dead? | About That 4 days ago North American free trade is teetering on the edge of uncertainty as U.S. President Donald Trump's tariffs continue to complicate how goods come and go. Andrew Chang explores signs that free trade — as we've come to know it — is on its way out, and challenges that may lie ahead in renegotiating the Canada-U.S.-Mexico Agreement (CUSMA). Images provided by Getty Images, The Canadian Press and Reuters. "There was a lot of front-running and that may be one of the big reasons why we haven't seen much impact yet," said BMO's Porter. "There's probably some pain to come, but I don't think it's going to be as bad as many economists were fretting about earlier this year, at least for the U.S." Canada's economy has shown resilience, too But both economists point to the fact that Canada's economy has also fared better than almost anyone had expected. Economic growth shrank in April, but only by 0.1 per cent. Statistics Canada says another 0.1 per cent decline is likely for May. (Those numbers will be confirmed on Thursday.) The unemployment rate has actually begun to decline since peaking in May at seven per cent. And last week's retail sales figures showed consumer spending had started to pick up again in June. "We've been pointing to this broader resilience in consumer spending," said Claire Fan, a senior economist with RBC. She says consumer sentiment plunged in the spring, at the height of the uncertainty. But since then, RBC crunched U.S. customs data and found exemptions for CUSMA-compliant products have dragged the average effective tariff rate all the way down to as low as 2.3 per cent. "It's a reflection of President Trump's overall strategy of coming out very aggressive early on, but then walking things back. I mean, the tariffs have not been as punitive for Canada as initially believed — nowhere close to it," said Mendes of Desjardins. Sector-specific pain However, real damage has been done in sectors like auto, steel, aluminum and lumber. The concern now is that the carve-outs Canada has secured for CUSMA-compliant products won't last. "Unless a trade deal is reached to significantly reduce U.S.-Canada tariffs by Aug. 1, when new U.S. tariffs are set to come into effect, we expect job losses and higher prices from tariffs to squeeze disposable income and cause households to tighten their purse strings," wrote Michael Davenport, senior economist at Oxford Economics in a note to clients. WATCH | Negotiations continue between Canada and the U.S.: Canada-U.S. Trade Minister Dominic LeBlanc, speaking to reporters in Washington, D.C., said Canada will only accept a deal when there is one in the best interest of workers and the Canadian economy on the table. On the one hand, some in the Trump administration will look at the U.S. economy's relative resilience as a reason to double down and push harder for more and more punitive tariffs. But escalation wouldn't just be bad for the Canadian economy. Right now, most businesses and consumers on both sides of the border have been sheltered from the worst impacts of the tariffs. That shelter depends on a fine and tricky balance of importers eating some costs, exporters dropping some prices and countries limiting retaliatory measures. Upending that balance further comes with risks on both sides of the dispute.
CBC
an hour ago
- CBC
Crombie vows to fight on in face of Ont. Liberal leadership challenge
Bonnie Crombie says she will spend the summer pitching a message of unity to Ontario Liberal Party faithful, as she fights to fend off a bid to remove her as leader in September. Crombie faces a mandatory leadership review at the party's annual general meeting and, under the organization's constitution, needs over 50 per cent support to stay on. But a group of Liberals has emerged calling for new leadership, a sentiment echoed by the candidate who finished second in the 2023 race she won. Crombie said she has spent the last few months touring the province, speaking with riding association presidents, candidates and party members. She wants to stay on as leader and intends to fight, she said in an interview with CBC News. "Certainly, the membership thought I was the right person in December of 2023," she said of her victory. "I think they still believe so today and I'm here to rebuild trust and to revitalize our party." Crombie won the Liberal leadership in a closer than expected third ballot vote at a party convention a year and a half ago. She edged out federal MP and former cabinet minister Nathaniel Erksine-Smith with 53 per cent of delegate points to his 47 per cent. But much has changed since her victory. WATCH | Crombie reacts to Ontario election loss: Crombie reacts to Ontario election loss 5 months ago Party members raise questions after 3rd place finish in seat count Doug Ford's Progressive Conservatives called a snap election earlier this year and won a third-straight majority government. Crombie's Liberals came second in the popular vote, winning nearly 30 per cent support. That translated to winning 14 seats and helped the party secure official party status — along with millions in resources — for the first time since 2018. But the Liberals remain the third place party in the legislature despite their improved vote share. Crombie failed to win her own seat in Mississauga where she once served as mayor, leaving her outside of the house and its debate. "Obviously, we wanted to win and we didn't," she said. "And I will say to you that that's very humbling." The results have given rise to criticism from some within the party. A group dubbed the New Leaf Liberals says Crombie's team was caught flat-footed by the snap vote, despite Ford musing about calling the election since last summer. As a result, it didn't have candidates in place fast enough to run competitive campaigns in many ridings. The group also says Crombie's team didn't pivot away from its health-care-themed platform when it became clear the election was focused on Trump, tariffs and the economy. Despite the Liberal Party constitution rules, Nathaniel Arfin, one of the group's founders, said the threshold should be higher for Crombie to stay on. In the group's view, she needs a minimum 66 per cent vote in the review to remain leader. "We are strictly calling for the current leadership to recognize that they have failed us and that it's time for us to move forward with change so that we can build a stronger Ontario Liberal Party," he said. And while Arfin said he has worked for Nate Erskine-Smith in the past, the group is not affiliated with the federal MP or other possible candidates. Erksine-Smith calls for change at the top of Ontario Liberal Party Erksine-Smith also said he is not affiliated with the group and has not decided if he will run if Crombie is forced out. "This isn't about me, it's about what's best for the party," he said in an interview with CBC News. He agreed a two-thirds majority of voting party members should be required if Crombie wants to stay on. "If you can't secure 66 per cent of your members, I mean, good luck in a general election," he said. Erskine-Smith said he's concerned that the registration fees for the event, as well as the cost to travel and attend the meeting in Toronto, will discourage many Liberals. He issued an open letter earlier this month calling on delegates to dump Crombie. "A new leadership race would attract talent, it would attract contributions, it would attract public attention, and that's exactly what we need if we're going to renew this party in a serious way," he said. Crombie said she has heard the criticisms from the group and from other members of the party as she toured the province this summer. She's making changes to address those, including opening candidate nominations in January 2026 for the next provincial election, providing more support to rural and northern ridings, and holding more policy conventions. "Many of the requests that this new organization has made, we have responded to," she said. "And if they want reform and change, I want them to know that I want it too." Crombie also said she thinks there are members of the party stoking discontent for their own gain. "There are people who have put their own ambitions ahead of the party," she said. "I think that's what we're seeing here." Despite some opposition, Crombie continues to have support. The Ontario Liberal Party executive endorsed Crombie's continued leadership after the election. And since Erskine-Smith published his open letter, most of the party caucus and former premier Kathleen Wynne have signalled their support for Crombie on social media. Former Ontario Liberal cabinet minister John Milloy said Erskine-Smith's showing in the 2023 race was impressive. However, the fact that he didn't run for the provincial Liberals in the last election, opting instead to run again federally, may lead some members to question his commitment to the Ontario party, he said. "Nate Erskine-Smith is trying to position himself as the heir apparent," Milloy said. "He's got a long way to go with that." "I don't think (the party has) the luxury of having some knock them down, drag them out, internal battle that goes on for years," added Milloy, who is now the director of the Centre for Public Ethics at Martin Luther University College. Crombie has good reason to be worried about the challenge, said McMaster University political science professor Peter Graefe. Winning the review vote by a healthy margin is essential and that could mean capturing as much 75 per cent. The in-fighting among the Liberals is a symptom of larger problems with the party still struggling to find its identity after a brutal 2018 loss, Graefe said. "The political base of parties is often very impatient and expect magic from leaders, when really they're the ones who have to make the magic happen through organization," he said. The Ontario Liberal Annual General meeting takes place from Sept. 12 to 14.
Globe and Mail
an hour ago
- Globe and Mail
Hyper Bit Advances Funds for Purchase of an Additional Ten ElphaPex DG1+ Crypto Miners
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2025) - HYPER BIT TECHNOLOGIES LTD. (CSE: HYPE) (OTCID: HYPAF) (FSE: N7S0) (the "Company" or "Hyper Bit") announces it has advanced funds to DogeCoin Mining Technologies Corp. (" DogeCoin Mining") for the purchase of an additional ten (10) ElphaPex DG1+ miners for the mining of Dogecoin ("DOGE") and Litecoin ("LTC") bringing the total number of DG1+ miners purchased to date to twenty (20). These miners will be installed and professionally managed at the third party owned, 11 MW renewable energy powered facility in Quebec, Canada. The Company has secured preferential pricing of USD $5,400 per unit for a total purchase of USD $108,000 for the twenty mining units. To view an enhanced version of this graphic, please visit: Mr. Dallas La Porta, President, CEO and Director of Hyper Bit Technologies Ltd., stated:"We have now forwarded the necessary funds to complete our initial DG1+ Miner purchase order of twenty units and look forward to the installation of these mining rigs at the purpose built and professionally managed,11 MW renewable energy powered facility in Quebec, Canada. These high efficiency ASIC mining rigs will be deployed and optimized to commence Dogecoin and Litecoin mining operations." About Hyper Bit Technologies Ltd. Hyper Bit Technologies Ltd. is a forward-thinking, diversified technology company specializing in the acquisition, development, and strategic deployment of crypto mining operations and blockchain-based innovations. As global interest in digital assets accelerates-driven by the rise of blockchain, decentralized finance (DeFi), and increasing institutional and retail adoption-Hyper Bit is committed to unlocking value across the crypto ecosystem while delivering growth for our stakeholders. Hyper Bit Technologies Ltd. is a member of the Blockchain Association of Canada and the American Blockchain & Cryptocurrency Association. Stay informed on our latest developments by subscribing to Company updates at and follow us across our social media channels: TikTok, Instagram, and LinkedIn. Hyper Bit Technologies Ltd. is publicly listed in Canada (CSE: HYPE), the USA (OTCID: HYPAF) and in Europe (FSE: N7S0). ON BEHALF OF THE BOARD Dallas La Porta, President, CEO and Director FOR FURTHER INFORMATION, PLEASE CONTACT: Telephone: 1-604-602-4935 Facsimile: 1-604-602-4936 e-mail: team@ FORWARD-LOOKING STATEMENTS: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release includes statements related to the Proposed Transaction and related matters. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No investment is without risk. Crypto currencies are particularly volatile and therefore particularly risky. Companies that are developing technologies and investing in crypto mining can potentially be adversely affected by its inherent volatility. Readers are cautioned to always consult an investment advisor to determine if an opportunity is right for you. Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
