Latest news with #tradetensions
CTV News
7 hours ago
- Business
- CTV News
‘May not make it through the end of summer': Canada's duty-free shops struggling amid drop in cross-border travel
A sign for a duty free store at the Canada/U.S. border crossing in Saint-Bernard-de-Lacolle, Que., on Thursday, April 10, 2025. THE CANADIAN PRESS/Graham Hughes A duty-free shop at a New Brunswick border crossing is shutting down after more than three decades in business, with its owner warning that more closures could follow as Canada's trade tensions with the United States continue to strain cross-border traffic. John Slipp, owner of the Woodstock Duty Free Shop in Belleville, N.B., says he plans to close his store within the next six weeks, citing plummeting sales, a drop in Canadian travellers, and the lack of federal support. 'Canadians are not traveling across the border in anywhere near the numbers they normally would be,' Slipp said in an interview with CTV News Channel on Saturday. 'At the end of last year, we were down 20 per cent from 2019, still climbing out of the COVID hole. Now, we're talking 50, 55 to 60 per cent down versus 2019, which is the benchmark.' While American visitors are welcome, Slipp says his business is heavily dependent on Canadian travellers. 'Canadians are eligible and qualified to shop in a Canadian land border duty-free shop. They are the foundation of our business,' he said. 'And when you remove the tourism season in the summer months, we rely on those Canadians, who are no longer crossing the border.' The Frontier Duty Free Association, which represents 32 duty free stores across Canada, says many of its members have seen revenue drop between 60 and 80 per cent due to a slowdown in cross-border traffic and tourism. In June, the association joined 15 border-town mayors in calling for financial support from Ottawa and the alignment of tax and export rules to match American duty free policies. Slipp says he's spent the past year trying to manage with fewer resources and searching for government help. 'We certainly have been spending less money and trying to manage in a way that would allow us to extend life, if you would, and working with our trade association... to try to get government assistance,' he said, noting that his shop was closed for a year and a half during the pandemic and received some support at the time, under an emergency order, but that assistance has not been renewed. 'We've been asking for the ability to close temporarily and reopen,' he said. 'And for those of us that lease our land from the federal government, we've been looking for assistance, like rent deferral, which they did during the pandemic, but so far, there's been nothing on that front either.' Slipp says unless conditions improve quickly, more shops like his are at risk. 'Unless there is some miracle in the near future, it appears that my business, and I think probably another half a dozen Canadian land border duty-free shops, will not make it to the end of the year,' he said. 'Some of us may not make it through the end of the summer.' With closures looming, he's urging both the federal government and Canadian travellers to take action before it's too late. 'For many Canadians I'm sure they have appreciated the opportunity to receive the service and the tax-free goods, currency exchange, and the opportunity to spend their Canadian money in Canada,' he said. 'You're about to lose that not just at the Woodstock-Houlton border crossing, but at a number of border crossings across the country.' That's why, he says, the time to act is now. 'I would urge Canadians, if you are going to be crossing that border, keep your money in Canada. Spend it at a local Canadian duty free shop (and) help these businesses gain more life.'
Yahoo
8 hours ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slide as tariff concerns mount ahead of key inflation data
US stock futures pulled back on Monday as Wall Street braced for a turbulent week, with renewed trade tensions and a wave of second-quarter earnings set to test investor sentiment. Futures tied to the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) dropped 0.5%. Dow Jones Industrial Average futures (YM=F) also fell around 0.5%, or over 200 points, setting stocks up to add to Friday's losses. The moves follow President Donald Trump's announcement on Saturday that the US will impose 30% tariffs on goods from the European Union and Mexico starting August 1. The new duties raise the stakes for global trade relations and add to existing inflationary pressures. Officials from the EU and Mexico have signaled a willingness to continue negotiations in hopes of securing a reduced rate. Sunday night's declines come on the heels of a losing week for stocks, even as indexes remain near record highs. All three major US indexes ended three-week winning streaks on Friday. Read more: The latest on Trump's tariffs The timing adds to market uncertainty, with June CPI inflation data scheduled for release this week. Investors are looking for signs of how earlier rounds of tariffs are impacting prices across the US economy, with eyes watching the Federal Reserve as a decision on rate cuts is expected in just over two weeks. Tensions between the White House and the Fed continue to bubble, adding a layer of uncertainty onto the economic landscape. National Economic Council Director Kevin Hassett said Sunday to ABC News that President Trump could remove Fed Chair Jerome Powell "if there's cause." Meanwhile, earnings season kicks into swing this week, with all the major US banks due to report results starting on Tuesday. Investors are showing interest in IPO and M&A markets, while Wells Fargo (WFC) reports after being freed from decade of stringent regulatory restrictions. Results from Netflix (NFLX) on Thursday will kick off earnings from big US tech names, with ASML (ASML) and Taiwan Semiconductor Manufacturing (TSM) set to offer key updates on the AI-related chip boom. PepsiCo (PEP), United Airlines (UAL), and American Express (AXP) are among the other notable companies due to release their quarterly results. Bloomberg reports: Read more here. Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity. Bloomberg reports: Read more here. Bloomberg reports: Read more here. Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity. Bloomberg reports: Read more here.
Yahoo
8 hours ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slide as tariff concerns mount ahead of earnings season
US stock futures pulled back on Monday as Wall Street braced for a turbulent week, with renewed trade tensions and a wave of second-quarter earnings set to test investor sentiment. Futures tied to the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) dropped 0.5%. Dow Jones Industrial Average futures (YM=F) also fell around 0.5% as the major gauges pointed to a slide further from Friday's losses. The moves follow President Donald Trump's announcement on Saturday that the US will impose 30% tariffs on goods from the European Union and Mexico starting August 1. The new duties raise the stakes for global trade relations and add to existing inflationary pressures. Officials from the EU and Mexico have signaled a willingness to continue negotiations in hopes of securing a reduced rate. Sunday night's declines come on the heels of a losing week for stocks, even as indexes remain near record highs. All three major US indexes ended three-week winning streaks on Friday. Read more: The latest on Trump's tariffs The timing adds to market uncertainty, with June CPI inflation data scheduled for release this week. Investors are looking for signs of how earlier rounds of tariffs are impacting prices across the US economy, with eyes watching the Federal Reserve as a decision on rate cuts is expected in just over two weeks. Tensions between the White House and the Fed continue to bubble, adding a layer of uncertainty onto the economic landscape. National Economic Council Director Kevin Hassett said Sunday to ABC News that President Trump could remove Fed Chair Jerome Powell "if there's cause." Meanwhile, earnings season kicks into swing this week, with all the major US banks due to report results starting on Tuesday. Investors are showing interest in IPO and M&A markets, while Wells Fargo (WFC) reports after being freed from decade of stringent regulatory restrictions. Results from Netflix (NFLX) on Thursday will kick off earnings from big US tech names, with ASML (ASML) and Taiwan Semiconductor Manufacturing (TSM) set to offer key updates on the AI-related chip boom. PepsiCo (PEP), United Airlines (UAL), and American Express (AXP) are among the other notable companies due to release their quarterly results. Bloomberg reports: Read more here. Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity. Bloomberg reports: Read more here. Bloomberg reports: Read more here. Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity. Bloomberg reports: Read more here. 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
Yahoo
16 hours ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slip as tariff concerns mount ahead of earnings season
US stock futures fell Sunday evening as Wall Street braces for a turbulent week, with renewed trade tensions and a wave of second-quarter earnings set to test investor sentiment. Futures tied to the S&P 500 (ES=F) slid 0.4%, while Nasdaq 100 (NQ=F) futures dropped 0.4%. Dow Jones Industrial Average (YM=F) futures also fell around 0.4%. The moves follow President Donald Trump's announcement Saturday that the US will impose 30% tariffs on goods from the European Union and Mexico starting August 1. The new duties raise the stakes for global trade relations and add to existing inflationary pressures. Officials from the EU and Mexico have signaled a willingness to continue negotiations in hopes of securing a reduced rate. Sunday night's declines come on the heels of a losing week for stocks, even as indexes remain near record highs. All three major indexes ended three-week winning streaks. Read more: The latest on Trump's tariffs The timing adds to market uncertainty, with CPI data scheduled for release this week. Investors are looking for signs of how earlier rounds of tariffs are impacting prices across the US economy, with eyes watching the Federal Reserve as a decision on rate cuts is expected in just over two weeks. Tensions between the White House and the Fed continue to bubble, adding a layer of uncertainty onto the economic landscape. National Economic Council Director Kevin Hassett said Sunday to ABC News that President Trump could remove Fed Chair Jerome Powell "if there's cause." Meanwhile, earnings season kicks into swing this week with all the major US banks due to report results. Investors are showing interest in IPO and M&A markets, while Wells Fargo (WFC) reports after being freed from decade of stringent regulatory restrictions. Results from Netflix (NFLX) will kick off earnings from big US tech firms, with ASML (ASML) and Taiwan Semiconductor Manufacturing (TSM) set to offer key updates on the AI-related chip boom. PepsiCo (PEP), United Airlines (UAL), and American Express (AXP) are among the other notable firms set to release their quarterly results.
Yahoo
3 days ago
- Business
- Yahoo
Why Owens & Minor (OMI) Shares Are Sliding Today
Shares of medical supply and logistics company Owens & Minor (NYSE:OMI) fell 3% in the afternoon session after the U.S. administration announced a sharp escalation in trade tensions by threatening new tariffs on Canada. The wider market sentiment turned negative after the White House announced plans to impose a 35% tariff on Canadian imports, sparking renewed fears of a trade war. This news prompted a sell-off across major U.S. indexes, including the S&P 500 and the Dow Jones Industrial Average, as investors grew concerned about the potential economic impact of escalating protectionist policies. The healthcare sector is especially vulnerable to such tensions due to its deeply integrated supply chains with Canada for pharmaceuticals and medical devices, meaning increased costs and potential disruptions. Additionally, ongoing U.S. policy headwinds aimed at lowering drug prices and specific corporate challenges, like those faced by UnitedHealth Group, further compounded the sector's decline. As a result, the Health Care SPDR ETF (XLV) fell 1.0%, underperforming even as major indices pared some losses. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Owens & Minor? Access our full analysis report here, it's free. Owens & Minor's shares are extremely volatile and have had 44 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. Owens & Minor is down 37.3% since the beginning of the year, and at $8.06 per share, it is trading 51.1% below its 52-week high of $16.48 from July 2024. Investors who bought $1,000 worth of Owens & Minor's shares 5 years ago would now be looking at an investment worth $1,095. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
