Shipping containers are seen at the port of Oakland, as trade tensions escalate over U.S. tariffs, in Oakland, Calif., on March 6.Carlos Barria/Reuters
Trump partly waives 25% tariffs on Canada, Mexico until April 2
After a long week that saw the beginnings of a continental trade war, U.S. President Donald Trump granted Canada and Mexico a partial reprieve from punishing 25-per-cent tariffs until April 2. Mr. Trump signed an executive order on Thursday temporarily removing tariffs that he imposed only two days earlier. The order applies to goods from Canada that are compliant with the United States–Mexico–Canada Agreement (USMCA), which covers a significant portion of Canadian exports to the U.S. The order also lowers the tariff on potash, which is used in fertilizer, from 25 per cent to 10 per cent. Mr. Trump also said he still plans to push ahead with 25-per-cent tariffs on steel and aluminum, scheduled to take effect on March 12. It is the latest shift in a constantly changing trade policy that has left Canadian businesses, Ottawa and the provinces unsure of what comes next, Steven Chase, Mark Rendell and Bill Curry report.
Pierre Poilievre’s disdain for big business is creating an uneasy relationship with corporate Canada
Pierre Poilievre has an unconventional, fraught, at times even hostile relationship with the business leaders who make up Canada’s corporate power centre, James Bradshaw and Andrew Willis report. The Conservative leader has shown a distinct lack of interest in, and respect for, the finance crowd – and openly challenges the clubby relationship that existed between CEOs and previous Conservative leaders. Another factor that could spell trouble is Mark Carney, if he becomes Liberal leader, and his close Bay Street ties. The Globe and Mail interviewed nearly 30 senior people in business and political roles about Mr. Poilievre’s uneasy relationship with corporate Canada and what he would mean for Canadian business. Here’s what they had to say.
Canada’s Conservative Party leader Pierre Poilievre waves to supporters during a ‘Canada First’ rally in Ottawa on Feb. 15.DAVE CHAN/AFP/Getty Images
Decoder: European stocks are the hot trade of 2025
U.S. stocks, which had been trading at lofty valuations, have been dinged in recent weeks by tepid economic data and fears of an AI bubble. It got even more stark for traders this week with the chaotic U.S. policy landscape and Mr. Trump’s shifting tariffs policy. The mood is brighter across the Atlantic, Matt Lundy reports, where benchmark indexes in Germany and France are up 17.6 per cent and 11.1 per cent, respectively, in 2025. German equities, in particular, are rallying this week due to the country’s decision to ease government debt limits. Take a closer look at the numbers in this week’s Decoder.
Couche-Tard executives to visit Tokyo to speak on US$47-billion bid for Seven & i
Canada’s Alimentation Couche-Tard is keeping up its pursuit of Seven & i Holdings Co. despite some recent obstacles. The company said on Friday its top executives will visit Tokyo to speak with media about its $47-billion bid to buy 7-Eleven convenience store operator. Seven & i Holdings, however, has consistently tried to fend off the foreign takeover bid. This week alone, the Japanese company appointed its first foreign chief executive, sold its superstore unit, announced plans for a major share buyback and said it would list its North American convenience stores in an initial public offering by the end of 2026. Nevertheless, Couche-Tard has said it is in exploratory talks with third parties about selling U.S. stores to help it gain regulatory approval should it reach a deal with Seven & i.
A pedestrian walks past Japan’s Seven & i’s 7-Eleven convenience store in Tokyo on Aug. 19, 2024.Kim Kyung-Hoon/Reuters
The big guide to Canadian shopping
President Donald Trump’s ongoing trade war has led many Canadian consumers to ‘Buy Canadian’ as much as possible. It has inspired consumers to rethink how they shop, and many are ready to fight back against tariffs with their dollar. To aid this effort, The Globe and Mail has created a directory of domestic brands to replace our biggest American imports. This is an incomplete, but expanding, list we plan to update over time. Happy Canadian shopping!
Illustration by Nada Hayek
Donald Trump says his tariff war is about making Americans rich again. So how will his tariffs affect the average American family, according to the Yale University Budget Lab?
a. Tariffs will give them an extra US$1,600 in disposable income
b. Tariffs won’t have any material effect on their disposable income
c. Tariffs will cost them about US$160 a year in disposable income
d. Tariffs will cost them about US$1,600 a year in disposable income
d. Tariffs will cost them about US$1,600 a year in disposable income. If Mr. Trump were to go ahead with all the tariffs he imposed early this week on Canada, Mexico and China, U.S. inflation would increase a full percentage point, economic growth would fall by half a percentage point and the average U.S. household would lose about US$1,600 in disposable income, according to the Yale analysts. All of which underlines a key point: This is the silliest trade war on record.
Get the rest of the questions from the weekly business and investing news quiz here, and prepare for the week ahead with The Globe’s investing calendar.
