Carney, Trump expected to talk in coming days after Canada hit with new tariffs
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Toronto Sun
13 minutes ago
- Toronto Sun
Canada's economy is showing 'resilience' against U.S. tariffs. Why?
SHAPIRO: Railing against cleavage is the sign of a bored country Hilary Weston, fashion model and former Ontario Lieutenant Governor, dead at 83 SEX FILES: How saliva became the latest sexy taboo Popular `80s actor Loni Anderson of the hit TV series 'WKRP in Cincinnati' has died Canada's economy is showing 'resilience' against U.S. tariffs. Why? Photo by Rob Gurdebeke / THE CANADIAN PRESS Article content OTTAWA — 'Some resilience' — those were the two words Bank of Canada governor Tiff Macklem used last week to describe how the Canadian economy is holding up under the weight of U.S. tariffs. Advertisement 2 Story continues below This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. 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 Don't have an account? Create Account or Sign in without password View more offers Article content Just a few days later, U.S. President Donald Trump added 35 per cent tariffs on Canadian goods to a running tally that includes hefty duties on steel, aluminum, automobiles and, more recently, semi-finished copper. Article content tap here to see other videos from our team. Try refreshing your browser, or Canada's economy is showing 'resilience' against U.S. tariffs. Why? Back to video tap here to see other videos from our team. Try refreshing your browser, or Play Video Article content With tariffs piling up over the past few months, economists say Canada's economy is starting to show cracks — but few signs of collapse. TD Bank economist Marc Ercolao conceded it's a 'bit of surprise' to see the economy holding up against a massive disruption from Canada's largest trading partner. 'Many months ago, ourselves — as well as other economic forecasters — had an outlook for a much weaker Canadian economy. Obviously, that isn't manifesting now,' he said in an interview. 'We are avoiding the worst-case scenario.' Advertisement 3 Story continues below This advertisement has not loaded yet, but your article continues below. Article content On Thursday, Statistics Canada gave a glimpse at how the economy wrapped up the second quarter of the year when many of those tariffs came into full effect. While the agency sees a couple of small contractions in real gross domestic product by industry in April and May, its flash estimates show the economy rebounding somewhat in June. If those early readings pan out, StatCan said that would be good enough for flat growth overall on the quarter. Some of those results are distorted by volatility _ businesses rushing to get ahead of tariffs boosted activity in the first quarter, and that's giving way to weakness in the second quarter, for example. It's still hard to pinpoint exact impacts tied to tariffs, Ercolao said, but a broad trend is emerging. Your Midday Sun Your noon-hour look at what's happening in Toronto and beyond. There was an error, please provide a valid email address. Sign Up By signing up you consent to receive the above newsletter from Postmedia Network Inc. Thanks for signing up! A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Your Midday Sun will soon be in your inbox. Please try again Article content Advertisement 4 Story continues below This advertisement has not loaded yet, but your article continues below. Article content 'What we can say over the last six months or so is that economic activity is somewhat flatlining,' he said. tap here to see other videos from our team. Try refreshing your browser, or Play Video Services sectors are holding up relatively well, but Ercolao said export-heavy industries such as manufacturing and transportation are bearing the brunt of the impact. In an attempt to shore up some of that weakness, the federal government has announced various programs to support tariff-affected workers and broader plans to accelerate defence and infrastructure spending. Macklem noted during his press conference Wednesday that business and consumer confidence are still low, but have improved according to the central bank's recent surveys. And while some trade-exposed sectors have faced job losses and the unemployment has generally trended upward to nearly seven per cent, employers elsewhere in the economy continue to expand their payrolls. Advertisement 5 Story continues below This advertisement has not loaded yet, but your article continues below. Article content 'Consumption is still growing,' Macklem said. 'It's growing modestly. It's certainly being restrained by the uncertainty caused by tariffs. But it is growing and we expect that to continue through the third and fourth quarters.' Last week the Bank of Canada kept its policy interest rate unchanged at 2.75 per cent in a third consecutive decision. If the central bank were panicked about the Canadian economy's ability to withstand U.S. tariffs, Ercolao argued it would likely have lowered that rate. The past week's GDP readings were good enough for BMO to raise its outlook for the third quarter into positive territory. Forecasters at the bank now expect Canada will avoid a technical recession this year. BMO chief economist Doug Porter said in a note to clients Friday that Ottawa's personal tax cut at the start of the month and robust demand for domestic travel amid the trade war will boost the economy this quarter, as will 'the less-dire sentiment' around economic forecasts. Advertisement 6 Story continues below This advertisement has not loaded yet, but your article continues below. Article content Some other forecasters continue to pencil a tariff-induced recession into their outlooks. In the Bank of Canada's monetary policy report released alongside the rate decision, it outlined one scenario for the economy assuming the tariff situation remains largely status quo. Canada avoids a recession in that outcome. Growth in 2025 and 2026 remains overall positive, but half a percentage point lower than it would've been without the weight of tariffs. Macklem told reporters that the Bank of Canada would expect the economy to keep growing even with today's tariffs in place, 'but it'll be on a permanently lower path.' 'Unfortunately, the sad reality is that tariffs mean the economy is going to work less efficiently,' he said. Advertisement 7 Story continues below This advertisement has not loaded yet, but your article continues below. Article content Porter said in his note that the actual impact of Trump's new 35 per cent tariff on Canada's economy could be less than headline figure suggests. Because of a carve-out for Canadian exports that are compliant with CUSMA, BMO sees the effective U.S. tariff rate at roughly seven per cent under the new duties, less than a percentage point higher than where it stood before Friday. But with CUSMA up for renegotiation in 2026, Porter said that 35 per cent tariff rate could loom as a 'cudgel' over negotiations — taking full effect if the trade agreement expires without a new deal in place. The Bank of Canada published a separate 'escalation' scenario this week that would see the United States remove Canada's CUSMA exemption as it ramps up global tariffs. Advertisement 8 Story continues below This advertisement has not loaded yet, but your article continues below. Article content Share this article in your social network Read Next
Globe and Mail
24 minutes ago
- Globe and Mail
D-Wave Introduces New Developer Tools to Advance Quantum AI Exploration and Innovation
D-Wave Quantum Inc. (NYSE: QBTS) ('D-Wave'), a leader in quantum computing systems, software, and services, announced today that it has released a collection of offerings to help developers explore and advance quantum artificial intelligence (AI) and machine learning (ML) innovation, including an open-source quantum AI toolkit and a demo. Available now for download, the quantum AI toolkit enables developers to seamlessly integrate quantum computers into modern ML architectures. The demo illustrates how developers can leverage this toolkit to experiment with using D-Wave™ quantum processors to generate simple images, reflecting what D-Wave believes is a pivotal step in the development of quantum AI capabilities. By releasing this new set of tools, D-Wave aims to help organizations accelerate the use of annealing quantum computers in a growing set of AI applications. The quantum AI toolkit, part of D-Wave's Ocean™ software suite, provides direct integration between D-Wave's quantum computers and PyTorch, a production-grade ML framework widely used to build and train deep learning models. The toolkit includes a PyTorch neural network module for using a quantum computer to build and train ML models known as a restricted Boltzmann machine (RBM). Used to learn patterns and connections from complex data sets, RBMs are employed for generative AI tasks such as image recognition and drug discovery. Training RBMs with large datasets can be a computationally complex and time-consuming task that could be well-suited for a quantum computer. By integrating with PyTorch, D-Wave's new toolkit aims to make it easy for developers to experiment with quantum computing to address computational challenges in training AI models. 'With this new toolkit and demo, D-Wave is enabling developers to build architectures that integrate our annealing quantum processors into a growing set of ML models,' said Dr. Trevor Lanting, chief development officer at D-Wave. 'Customers are increasingly asking us for ways to facilitate the exploration of quantum and AI, recognizing the collaborative potential of these two complementary technologies.' Turning Quantum AI Potential into Real-World Value D-Wave continues to advance its quantum AI product roadmap, delivering new solutions to customers while expanding development efforts. The company is working with a growing number of customers on exploratory quantum AI projects including: Japan Tobacco Inc.: D-Wave has completed a joint proof-of-concept project with the pharmaceutical division of Japan Tobacco Inc. (JT) that used D-Wave's quantum computing technology and AI in the drug discovery process. The quantum proof-of-concept outperformed classical methods for AI model training in drug discovery. Jülich Supercomputing Centre at Forschungszentrum Jülich: Researchers used D-Wave's quantum technology to develop a ML tool that predicts protein-DNA binding with greater accuracy than traditional methods using classical computers. The team integrated quantum computing with support vector machines to achieve improved results in various metrics, significantly enhancing classification performance. TRIUMF: Canada's particle accelerator center and its partner institutions recently published a paper in npj Quantum Information showing significant speedups using D-Wave's quantum computers over classical approaches for simulating high-energy particle-calorimeter interactions—potentially leading to major efficiencies where the AI model is used to create synthetic data. Organizations looking to explore the integration of quantum computing into AI workloads can apply to the Leap Quantum LaunchPad™ program. Kevin Chern, Senior Benchmarking Researcher at D-Wave, will showcase the toolkit and demo during his presentation titled 'An Introduction to Quantum Annealers in Optimization and Machine Learning,' at The AI Research Summit at Ai4 2025, on August 13, 2025 from 11:05 a.m. to 11:25 a.m. PT. About D-Wave Quantum Inc. D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world's first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our quantum computers — the world's largest — feature QPUs with sub-second response times and can be deployed on-premises or accessed through our quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our quantum systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we're shaping the quantum-driven industrial and societal advancements of tomorrow: Forward-Looking Statements Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading 'Risk Factors' discussed under the caption 'Item 1A. Risk Factors' in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption 'Item 1A. Risk Factors' in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
CBC
44 minutes ago
- CBC
Cumberland House women to travel Sask. spreading awareness of disruption of northern river delta
A group of Indigenous women from from Cumberland House Cree Nation in Saskatchewan say they want to raise awareness of the harmful effects of dams on the Saskatchewan River delta. For generations, the people of Cumberland House Cree Nation, located about 350 kilometres northeast of Saskatoon, have depended on the Saskatchewan River delta, the largest freshwater river delta in North America, stretching 9,700 square kilometres from northeast Saskatchewan into western Manitoba. In June, lawyers for the First Nation in northeastern Saskatchewan filed a statement of claim in Saskatoon Court of King's Bench, alleging the government has failed to uphold its treaty obligations. It names the government of Saskatchewan as the defendant. Now, a group of women calling themselves the Indigenous Saskatchewan Women's Environmental Water Advocacy Keepers Water Movement, or the Iskwewak Movement for short, are planning to travel the province sharing their knowledge of what has happened to the water system. Veronica Favel, one of the water advocates, said the delta is very important for northern people, who use the waterways to get from place to place. "Currently the waters are quite low and the river system is very hard to navigate," she said. She said in some places you come across sandbars, mud bars and rocks more often now because of low waters, which are also impacting land resources and wilderness camps. "It's very hard to navigate through that because of what's going on. It's actually dangerous to be out there if you don't know the waterways." Favel said there needs to be better management of water, because soon there will be no river delta. "We've been saying this for years," she said. "We've had elders that knew prior to this the existence of the dam. They knew that this was gonna have a huge impact, huge destruction. We've had research studies done on the Sask. River delta, which is our homeland, and we know what it's done to not only the environment, but to the animals that feed off it." Denise McKenzie, another water advocate in the Iskwewak movement, said water is essential to everyone for survival. "Water is life, to us it is sacred, and without clean, healthy water, we're done for," she said. McKenzie said the goal is to spread awareness to people all across Saskatchewan. "The way things are going now, we're not going to have a Saskatchewan River delta, especially after they put in the Gardiner Dam's $4-billion project plans they have for the irrigation project. That will be the final blow to the Saskatchewan river." McKenzie was referring to a massive, three-stage irrigation infrastructure plan Premier Scott Moe announced in 2020. Experts have said that a Saskatchewan government-funded report analyzing the costs and benefits of the project showed it is a risky venture that offers, at best, modest gains. The advocates' journey is set to begin on Aug. 4. They plan to drive from the E.B. Campbell dam in northern Saskatchewan, to Danielson Provincial Park, to Rotary Park in Saskatoon, then finally to Wascana Park in Regina. They say they will be doing ceremonies all along the way and speaking about the harmful effects the dams have on the waterway system. "Water is life. Without water nothing lives, and we see the devastation of what is happening," McKenzie said. "We know we have to do something about it. We need these much needed changes, we need to the protection." She said the Cumberland Lake used to be 30 miles (almost 50 kilometres) in length, and 30 to 40 feet deep. Since the establishment of the E.B. Campbell dam in the 1960s, the lake has drastically shrunk, she said. "Today it is less than two miles across, and it's only two feet of water with the rest sludge down below. You can't even go on a nice canoe trip across the lake," she said. Favel said this change is impacting her community's culture and way of life. "We as Indigenous people, we've always lived here and we've always been in connection with the land and what comes with the land.," she said. "We know that without the land or water our culture is going to die. It's a huge part of it. We're connected with all of that, we're the ones that experience it. We live with it, and we have children, grandchildren that are going to live here forever. So we need to do something about it, and that's this is our duty as protectors of water."
