Latest news with #DawnDesjardins
Yahoo
7 hours ago
- Business
- Yahoo
Posthaste: Canada is in for a rough couple of quarters, say economists
Canada's economy will contract in the second and third quarter and the unemployment rate will spike to 7.3 per cent, says a new forecast from Deloitte Canada out today. Gross domestic product will shrink by 1.7 per cent in the second quarter and 1 per cent in the third, before regaining its footing in the final quarter, said the economic team led by chief economist Dawn Desjardins. 'In the near term, we expect uncertainty about the future relationship with our largest trading partner to delay business investment and weigh on hiring which, in turn, will keep consumers sidelined,' said Desjardins. 'A modest recession is likely to occur this year.' In May there were 15,000 fewer people employed than in January as employment growth has stalled, said the report. Manufacturing, hit by tariffs on steel, aluminum, softwood lumber and finished vehicles, has seen the biggest losses but the impact is spreading to other industries. Transportation and warehousing and business services have all recently reduced their workforces. 'Unfortunately, these tough labour market conditions are expected to persist throughout the summer and early fall with modest job losses pushing the unemployment rate up to 7.3 per cent in the third quarter,' said Desjardins. The uncertainty of U.S. President Donald Trump's tariff war has put a damper on housing investment and household spending that not even lower interest rates has been able to lift. Real per capita consumer spending is about the same as it was heading into the pandemic, meaning that there has been no increase in real per person spending for the last five years, said the report. Real per person investment in housing is even worse, at 15 per cent below pre-pandemic levels. Yet the outlook gets brighter in the second half of the year. With trade negotiations continuing with the United States, and the federal government ramping up investment, Deloitte sees the economy growing by 1.1 per cent this year even with the recession, and 1.6 per cent in 2026. The forecast also identifies several 'upside risks' emerging amid the uncertainty of the trade war. The Buy Canadian movement and increase in domestic travel will help cushion the tariff blow. Government efforts to reduce interprovincial trade barriers and fast track investment should improve Canada's long-term economic prospects. Deloitte estimates that fully removing these barriers could create more than 100,000 jobs. 'Perhaps one of the biggest challenges facing the economy is not losing sight of this momentum should the tariff situation improve,' said the report. to get Posthaste delivered straight to your inflation readings that the Bank of Canada looks at ticked down in May, but they will have to go further to convince the central bank to make another cut, say economists. Canada's inflation rate came in at 1.7 per cent in May, the same as the month before, but two core measures decelerated to three per cent, down from 3.1 per cent in April. That is still likely too high for the bank's comfort, said Douglas Porter, chief economist at BMO Capital Markets, adding that the odds of a July cut dropped on this 'so-so' data. 'The BoC will likely need to see much more improvement before it's convinced that underlying inflation is headed back to 2 per cent,' he said. Luckily, there is one more CPI reading in July before the bank's next decision on July 30. Today's Data: United States new home sales, building permits Earnings: Novagold Resources Inc., Alimentation Couche-Tard Inc., General Mills Inc. Western Canada holds potential to become a 'critical minerals processing behemoth,' expert says Canada's auto industry at 'hinge moment' between survival and slow death, says former executive Number of Americans travelling to Canada continues to decline The world is getting wealthier, with the ranks of those with US$1 million or more continuing to expand, according UBS Group AG's wealth report. How do Canadians stack up? Find out more here Last week, we published a feature on the death of the summer job as student unemployment reaches crisis levels. We want to hear directly from Canadians aged 15-24 about their summer job search. Send us your story, in 50-100 words, and we'll publish the best submissions in an upcoming edition of the Financial Post. You can submit your story by email to fp_economy@ under the subject heading 'Summer job stories.' Please include your name, your age, the city and province where you reside, and a phone number to reach you. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ 5 Canadian cities where you can make less and still buy a home Ready for summer travel? Your checklist may have some holes Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Toronto Sun
7 hours ago
- Business
- Toronto Sun
Trade clarity to help Canada's economy rebound after modest recession: Deloitte
Published Jun 25, 2025 • 4 minute read Steel workers work at the ArcelorMittal Dofasco steel plant in Hamilton, Ont., on Wednesday, March 12, 2025. Photo by Nathan Denette / THE CANADIAN PRESS OTTAWA — Some economists are putting an increasingly optimistic slant on Canada's tariff dispute with the United States, arguing the economy should be able to avoid 'worst-case' scenarios from the trade war. 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 That doesn't mean the Canadian economy gets off scot-free — a new forecast published by Deloitte Canada on Wednesday calls for a modest recession to hit in the second and third quarters of the year as uncertainty and weakness caused by tariffs start to bite. 'We do think the economy really is going to be considerably slower,' said Dawn Desjardins, chief economist at Deloitte Canada. After a surprisingly strong first quarter that saw many businesses rush their orders to get ahead of looming tariffs, Canadian exports were already showing signs of a steep decline in April. Weakness in the manufacturing side of the labour market is expected to broaden in the months ahead, Deloitte Canada said. The unemployment rate is forecast to rise to 7.3 per cent by the fall from May's level of seven per cent. This advertisement has not loaded yet, but your article continues below. But Desjardins said this downturn could be much worse if Canada hadn't secured tariff exemptions for CUSMA-compliant exports in early negotiations with the United States. U.S. President Donald Trump's move to double steel and aluminum tariffs to 50 per cent earlier this month means those sectors are still set to take steeper hits, she said, particularly if Canada levies more reciprocal tariffs at the end of a 30-day negotiation deadline in July. Deloitte said parts of eastern and Central Canada, as well as British Columbia, will see subdued growth this year from the tariff dispute while the prairie provinces and Newfoundland and Labrador will see their output rise, thanks largely to energy exports. Overall, Desjardins said the status quo — if maintained _ does not mark the 'worst-case outcome' for Canada's economy that some might have feared a few months ago when tariff talks were ramping up. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Deloitte expects that, even with two negative quarters, Canada will post real GDP growth of 1.1 per cent this year. That would accelerate to 1.6 per cent in 2026 — not headline shattering growth by any means, but better than a protracted downturn. Unemployment would also drop back below seven per cent early next year, the report said. Deloitte is not the only one bringing a bit of optimism to the forecast. RBC published a report June 13 that also focuses on Canada's upside risks — economist shorthand for ways things might turn out for the better — amid what it called a 'gloomy' outlook on the trade war to date. 'While Canada's economic path forward remains challenging, it appears considerably less treacherous than it did just a few months ago — a narrative that has yet to permeate the Canadian psyche,' the RBC report read. This advertisement has not loaded yet, but your article continues below. Consumer and business confidence has taken a hit as Canadians wait for an outcome from trade negotiations with the United States, but RBC noted the hard data so far shows households are still spending despite the uncertainty. Desjardins also believes that once businesses get a bit more clarity on the trade front — talks so far appear productive, she said — they will also have the confidence to pick up investment again. She projects that will set up an economic recovery starting in the second half of the year, fuelled in part by a pair of additional quarter-point rate cuts from the Bank of Canada in the coming months. RBC, on the other hand, believes the economy is showing enough life that it doesn't need any support from additional rate cuts this year. This advertisement has not loaded yet, but your article continues below. That could change if cracks start to form in the economy, but RBC's assistant chief economist Nathan Janzen said he expects the central bank will remain on hold given 'resilience' in the economy. 'There is still room for the Bank of Canada to respond with more monetary policy support if the economy needs it,' he said. Both RBC and Deloitte point to recent steps taken by the federal government as girding Canada's economy from a steeper economic downturn. The House of Commons passed Bill C-5 at the end of last week, a sweeping set of legislation that aims to reduce interprovincial trade barriers and speed up major project development. Desjardins said the bill helps address long-standing reputational issues that Canadian industry is slow-moving and gets mired in red tape before getting shovels into the ground. This advertisement has not loaded yet, but your article continues below. While economists have long been banging the drum to draw attention to Canada's weak business investment levels and flagging productivity, she said the 'jolt' of the trade war has finally 'brought this to the top of this agenda.' 'This signals to business that Canada is now ready to move to a stronger playing field,' she said. RBC agreed that 'action on interprovincial trade barriers could pay long-run dividends helping to support investment and productivity growth.' Uncertainty about the U.S. market in the global trade upheaval also offers an opportunity for resource-rich Canada to support growing worldwide demand for critical minerals necessary to power artificial intelligence and defence products, RBC said. This advertisement has not loaded yet, but your article continues below. Desjardins said it could be years before today's steps to knock down interprovincial trade barriers and build out national infrastructure pay dividends. It takes time to reorient supply chains, and manufacturing industries in some provinces will still take a hit during the adjustment. But she argued that the signal is nearly as important as the outcome when it comes to giving businesses the confidence they need to invest. Adopting this 'One Canadian Economy' framework, as Ottawa has dubbed it, 'is not a magic wand that changes the landscape,' Desjardins said. 'It is building more resilience in the economy and more room for growth.' Read More Sunshine Girls Toronto Blue Jays Sunshine Girls Columnists Toronto & GTA
Globe and Mail
8 hours ago
- Business
- Globe and Mail
Trade clarity to help Canada's economy rebound after modest recession, Deloitte forecasts
Some economists are putting an increasingly optimistic slant on Canada's tariff dispute with the United States, arguing the economy should be able to avoid 'worst-case' scenarios from the trade war. That doesn't mean the Canadian economy gets off scot-free – a new forecast published by Deloitte Canada on Wednesday calls for a modest recession to hit in the second and third quarters of the year as uncertainty and weakness caused by tariffs start to bite. 'We do think the economy really is going to be considerably slower,' said Dawn Desjardins, chief economist at Deloitte Canada. After a surprisingly strong first quarter that saw many businesses rush their orders to get ahead of looming tariffs, Canadian exports were already showing signs of a steep decline in April. Weakness in the manufacturing side of the labour market is expected to broaden in the months ahead, Deloitte Canada said. The unemployment rate is forecast to rise to 7.3 per cent by the fall from May's level of seven per cent. But Desjardins said this downturn could be much worse if Canada hadn't secured tariff exemptions for CUSMA-compliant exports in early negotiations with the United States. Inflation holds steady at 1.7% as underlying price pressures ease U.S. President Donald Trump's move to double steel and aluminum tariffs to 50 per cent earlier this month means those sectors are still set to take steeper hits, she said, particularly if Canada levies more reciprocal tariffs at the end of a 30-day negotiation deadline in July. Deloitte said parts of eastern and Central Canada, as well as British Columbia, will see subdued growth this year from the tariff dispute while the prairie provinces and Newfoundland and Labrador will see their output rise, thanks largely to energy exports. Overall, Desjardins said the status quo – if maintained – does not mark the 'worst-case outcome' for Canada's economy that some might have feared a few months ago when tariff talks were ramping up. Deloitte expects that, even with two negative quarters, Canada will post real GDP growth of 1.1 per cent this year. That would accelerate to 1.6 per cent in 2026 – not headline shattering growth by any means, but better than a protracted downturn. Unemployment would also drop back below seven per cent early next year, the report said. Deloitte is not the only one bringing a bit of optimism to the forecast. RBC published a report June 13 that also focuses on Canada's upside risks – economist shorthand for ways things might turn out for the better – amid what it called a 'gloomy' outlook on the trade war to date. 'While Canada's economic path forward remains challenging, it appears considerably less treacherous than it did just a few months ago – a narrative that has yet to permeate the Canadian psyche,' the RBC report read. Canada to limit foreign steel imports to help producers hit by U.S. tariffs Consumer and business confidence has taken a hit as Canadians wait for an outcome from trade negotiations with the United States, but RBC noted the hard data so far shows households are still spending despite the uncertainty. Desjardins also believes that once businesses get a bit more clarity on the trade front – talks so far appear productive, she said – they will also have the confidence to pick up investment again. She projects that will set up an economic recovery starting in the second half of the year, fuelled in part by a pair of additional quarter-point rate cuts from the Bank of Canada in the coming months. RBC, on the other hand, believes the economy is showing enough life that it doesn't need any support from additional rate cuts this year. That could change if cracks start to form in the economy, but RBC's assistant chief economist Nathan Janzen said he expects the central bank will remain on hold given 'resilience' in the economy. 'There is still room for the Bank of Canada to respond with more monetary policy support if the economy needs it,' he said. Both RBC and Deloitte point to recent steps taken by the federal government as girding Canada's economy from a steeper economic downturn. Canada, U.S. exchanging potential terms on economic and security deal The House of Commons passed Bill C-5 at the end of last week, a sweeping set of legislation that aims to reduce interprovincial trade barriers and speed up major project development. Desjardins said the bill helps address long-standing reputational issues that Canadian industry is slow-moving and gets mired in red tape before getting shovels into the ground. While economists have long been banging the drum to draw attention to Canada's weak business investment levels and flagging productivity, she said the 'jolt' of the trade war has finally 'brought this to the top of this agenda.' 'This signals to business that Canada is now ready to move to a stronger playing field,' she said. RBC agreed that 'action on interprovincial trade barriers could pay long-run dividends helping to support investment and productivity growth.' Uncertainty about the U.S. market in the global trade upheaval also offers an opportunity for resource-rich Canada to support growing worldwide demand for critical minerals necessary to power artificial intelligence and defence products, RBC said. Desjardins said it could be years before today's steps to knock down interprovincial trade barriers and build out national infrastructure pay dividends. It takes time to reorient supply chains, and manufacturing industries in some provinces will still take a hit during the adjustment. But she argued that the signal is nearly as important as the outcome when it comes to giving businesses the confidence they need to invest. Adopting this 'One Canadian Economy' framework, as Ottawa has dubbed it, 'is not a magic wand that changes the landscape,' Desjardins said. 'It is building more resilience in the economy and more room for growth.'
CTV News
9 hours ago
- Business
- CTV News
Trade clarity to help Canada's economy rebound after modest recession: Deloitte
Deloitte Canada expects the Canadian economy will hit a recession in 2025, but may avoid the worst-case outcome. Steel workers work at the ArcelorMittal Dofasco steel plant in Hamilton, Ont., on Wednesday, March 12, 2025. THE CANADIAN PRESS/Nathan Denette OTTAWA — Some economists are putting an increasingly optimistic slant on Canada's tariff dispute with the United States, arguing the economy should be able to avoid 'worst-case' scenarios from the trade war. That doesn't mean the Canadian economy gets off scot-free — a new forecast published by Deloitte Canada on Wednesday calls for a modest recession to hit in the second and third quarters of the year as uncertainty and weakness caused by tariffs start to bite. 'We do think the economy really is going to be considerably slower,' said Dawn Desjardins, chief economist at Deloitte Canada. After a surprisingly strong first quarter that saw many businesses rush their orders to get ahead of looming tariffs, Canadian exports were already showing signs of a steep decline in April. Weakness in the manufacturing side of the labour market is expected to broaden in the months ahead, Deloitte Canada said. The unemployment rate is forecast to rise to 7.3 per cent by the fall from May's level of seven per cent. But Desjardins said this downturn could be much worse if Canada hadn't secured tariff exemptions for CUSMA-compliant exports in early negotiations with the United States. U.S. President Donald Trump's move to double steel and aluminum tariffs to 50 per cent earlier this month means those sectors are still set to take steeper hits, she said, particularly if Canada levies more reciprocal tariffs at the end of a 30-day negotiation deadline in July. Deloitte said parts of eastern and Central Canada, as well as British Columbia, will see subdued growth this year from the tariff dispute while the prairie provinces and Newfoundland and Labrador will see their output rise, thanks largely to energy exports. Overall, Desjardins said the status quo — if maintained — does not mark the 'worst-case outcome' for Canada's economy that some might have feared a few months ago when tariff talks were ramping up. Deloitte expects that, even with two negative quarters, Canada will post real GDP growth of 1.1 per cent this year. That would accelerate to 1.6 per cent in 2026 — not headline shattering growth by any means, but better than a protracted downturn. Unemployment would also drop back below seven per cent early next year, the report said. Deloitte is not the only one bringing a bit of optimism to the forecast. RBC published a report June 13 that also focuses on Canada's upside risks — economist shorthand for ways things might turn out for the better — amid what it called a 'gloomy' outlook on the trade war to date. 'While Canada's economic path forward remains challenging, it appears considerably less treacherous than it did just a few months ago — a narrative that has yet to permeate the Canadian psyche,' the RBC report read. Consumer and business confidence has taken a hit as Canadians wait for an outcome from trade negotiations with the United States, but RBC noted the hard data so far shows households are still spending despite the uncertainty. Desjardins also believes that once businesses get a bit more clarity on the trade front — talks so far appear productive, she said — they will also have the confidence to pick up investment again. She projects that will set up an economic recovery starting in the second half of the year, fuelled in part by a pair of additional quarter-point rate cuts from the Bank of Canada in the coming months. RBC, on the other hand, believes the economy is showing enough life that it doesn't need any support from additional rate cuts this year. That could change if cracks start to form in the economy, but RBC's assistant chief economist Nathan Janzen said he expects the central bank will remain on hold given 'resilience' in the economy. 'There is still room for the Bank of Canada to respond with more monetary policy support if the economy needs it,' he said. Both RBC and Deloitte point to recent steps taken by the federal government as girding Canada's economy from a steeper economic downturn. The House of Commons passed Bill C-5 at the end of last week, a sweeping set of legislation that aims to reduce interprovincial trade barriers and speed up major project development. Desjardins said the bill helps address long-standing reputational issues that Canadian industry is slow-moving and gets mired in red tape before getting shovels into the ground. While economists have long been banging the drum to draw attention to Canada's weak business investment levels and flagging productivity, she said the 'jolt' of the trade war has finally 'brought this to the top of this agenda.' 'This signals to business that Canada is now ready to move to a stronger playing field,' she said. RBC agreed that 'action on interprovincial trade barriers could pay long-run dividends helping to support investment and productivity growth.' Uncertainty about the U.S. market in the global trade upheaval also offers an opportunity for resource-rich Canada to support growing worldwide demand for critical minerals necessary to power artificial intelligence and defence products, RBC said. Desjardins said it could be years before today's steps to knock down interprovincial trade barriers and build out national infrastructure pay dividends. It takes time to reorient supply chains, and manufacturing industries in some provinces will still take a hit during the adjustment. But she argued that the signal is nearly as important as the outcome when it comes to giving businesses the confidence they need to invest. Adopting this 'One Canadian Economy' framework, as Ottawa has dubbed it, 'is not a magic wand that changes the landscape,' Desjardins said. 'It is building more resilience in the economy and more room for growth.' This report by The Canadian Press was first published June 25, 2025. Craig Lord, The Canadian Press
Winnipeg Free Press
9 hours ago
- Business
- Winnipeg Free Press
Trade clarity to help Canada's economy rebound after modest recession: Deloitte
OTTAWA – Some economists are putting an increasingly optimistic slant on Canada's tariff dispute with the United States, arguing the economy should be able to avoid 'worst-case' scenarios from the trade war. That doesn't mean the Canadian economy gets off scot-free — a new forecast published by Deloitte Canada on Wednesday calls for a modest recession to hit in the second and third quarters of the year as uncertainty and weakness caused by tariffs start to bite. 'We do think the economy really is going to be considerably slower,' said Dawn Desjardins, chief economist at Deloitte Canada. After a surprisingly strong first quarter that saw many businesses rush their orders to get ahead of looming tariffs, Canadian exports were already showing signs of a steep decline in April. Weakness in the manufacturing side of the labour market is expected to broaden in the months ahead, Deloitte Canada said. The unemployment rate is forecast to rise to 7.3 per cent by the fall from May's level of seven per cent. But Desjardins said this downturn could be much worse if Canada hadn't secured tariff exemptions for CUSMA-compliant exports in early negotiations with the United States. U.S. President Donald Trump's move to double steel and aluminum tariffs to 50 per cent earlier this month means those sectors are still set to take steeper hits, she said, particularly if Canada levies more reciprocal tariffs at the end of a 30-day negotiation deadline in July. Deloitte said parts of eastern and Central Canada, as well as British Columbia, will see subdued growth this year from the tariff dispute while the prairie provinces and Newfoundland and Labrador will see their output rise, thanks largely to energy exports. Overall, Desjardins said the status quo — if maintained — does not mark the 'worst-case outcome' for Canada's economy that some might have feared a few months ago when tariff talks were ramping up. Deloitte expects that, even with two negative quarters, Canada will post real GDP growth of 1.1 per cent this year. That would accelerate to 1.6 per cent in 2026 — not headline shattering growth by any means, but better than a protracted downturn. Unemployment would also drop back below seven per cent early next year, the report said. Deloitte is not the only one bringing a bit of optimism to the forecast. RBC published a report June 13 that also focuses on Canada's upside risks — economist shorthand for ways things might turn out for the better — amid what it called a 'gloomy' outlook on the trade war to date. 'While Canada's economic path forward remains challenging, it appears considerably less treacherous than it did just a few months ago — a narrative that has yet to permeate the Canadian psyche,' the RBC report read. Consumer and business confidence has taken a hit as Canadians wait for an outcome from trade negotiations with the United States, but RBC noted the hard data so far shows households are still spending despite the uncertainty. Desjardins also believes that once businesses get a bit more clarity on the trade front — talks so far appear productive, she said — they will also have the confidence to pick up investment again. She projects that will set up an economic recovery starting in the second half of the year, fuelled in part by a pair of additional quarter-point rate cuts from the Bank of Canada in the coming months. RBC, on the other hand, believes the economy is showing enough life that it doesn't need any support from additional rate cuts this year. That could change if cracks start to form in the economy, but RBC's assistant chief economist Nathan Janzen said he expects the central bank will remain on hold given 'resilience' in the economy. 'There is still room for the Bank of Canada to respond with more monetary policy support if the economy needs it,' he said. Both RBC and Deloitte point to recent steps taken by the federal government as girding Canada's economy from a steeper economic downturn. The House of Commons passed Bill C-5 at the end of last week, a sweeping set of legislation that aims to reduce interprovincial trade barriers and speed up major project development. Desjardins said the bill helps address long-standing reputational issues that Canadian industry is slow-moving and gets mired in red tape before getting shovels into the ground. While economists have long been banging the drum to draw attention to Canada's weak business investment levels and flagging productivity, she said the 'jolt' of the trade war has finally 'brought this to the top of this agenda.' 'This signals to business that Canada is now ready to move to a stronger playing field,' she said. RBC agreed that 'action on interprovincial trade barriers could pay long-run dividends helping to support investment and productivity growth.' Uncertainty about the U.S. market in the global trade upheaval also offers an opportunity for resource-rich Canada to support growing worldwide demand for critical minerals necessary to power artificial intelligence and defence products, RBC said. Monday Mornings The latest local business news and a lookahead to the coming week. Desjardins said it could be years before today's steps to knock down interprovincial trade barriers and build out national infrastructure pay dividends. It takes time to reorient supply chains, and manufacturing industries in some provinces will still take a hit during the adjustment. But she argued that the signal is nearly as important as the outcome when it comes to giving businesses the confidence they need to invest. Adopting this 'One Canadian Economy' framework, as Ottawa has dubbed it, 'is not a magic wand that changes the landscape,' Desjardins said. 'It is building more resilience in the economy and more room for growth.' This report by The Canadian Press was first published June 25, 2025.
