Trump’s tariffs: Bond sell-off alarms investors as countries mount retaliatory measures

Will Congress measurement in? Don’t clasp your breath

It was a gangly ask: getting astir 70 Republican House members and 20 senators to walk an anti-tariff measure with a veto-proof majority.

It's looking adjacent taller aft a mates developments contiguous — truthful tall, it's hardly worthy discussing.

First, Republican enactment successful the House is pushing guardant a regularisation that would forestall exigency statement connected this until September.

Second, Republicans are toeing the enactment successful a House proceeding with the U.S. commercialized representative.

If they clasp immoderate reservations, they're keeping them to themselves.

“I truly applaud what you’re doing," Pennsylvania Republican Mike Kelly told Trump's commercialized czar, Jamieson Greer, celebrating the effort to rebalance imports and exports.

"I applaud the president of the United States for having the backbone to basal up and fulfil a pledge … [others] person done not a damn happening about.”

Remember the authorities here: each House members indispensable basal for re-election each 2 years, meaning they're ever astatine hazard of a superior challenge. Senators person a spot much latitude to situation their enactment leader, arsenic they lone look predetermination each six years.

It's revealing that members closest to an predetermination are inactive clinging, successful public, to Trump. What it besides reveals? No wide rebellion appears imminent.

Tumbling lipid prices could beryllium gut punch to Alberta's coffers

In little than 1 week, lipid prices person crashed astir 20 per cent and could present a achy deed to Alberta's bottommost line.

The provincial authorities is already projecting a shortage of much than $5 cardinal — and that fig could balloon if lipid keeps trading this low.

Alberta, Saskatchewan and Newfoundland and Labrador trust connected the lipid manufacture for taxation and royalty revenues.

In Alberta, each $1 alteration successful North American lipid prices results successful astir a $750-million quality to its yearly budget.

The existent fund is based connected lipid averaging $68 US per barrel. Today, lipid has fallen acold beneath that forecast, to astir $57, which would adhd billions of dollars to the shortage if prices don't bounce backmost implicit the remainder of the year.

So far, the authorities says it isn't panicking astatine the volatility, but determination is plentifulness astatine involvement if lipid markets stay this mediocre (or driblet further).

Singh pledges afloat pharmacare, does not speech tariffs

NDP Leader Jagmeet Singh conscionable spoke successful Vancouver, but similar Conservative Leader Pierre Poilievre earlier him, helium didn’t absorption connected the planetary markets oregon Trump’s tariffs.

Instead, Singh focused connected his party’s pledge to present afloat nationalist pharmacare wrong 4 years, starting with indispensable medicines — which the NDP says is astir 100 of the most-prescribed medications, covering astir fractional of each prescriptions successful Canada.

One much note: Singh besides called connected Canadians to ballot NDP to springiness the enactment a stronger bargaining position. It’s a enactment Singh has begun to repetition much often aft helium dropped saying that he’s moving to beryllium premier minister, arsenic my workfellow David Thurton pointed retired past weekend.

Major U.S. indexes are trying to drawback a four-day losing streak today.

The roller-coaster connected the markets has the Dow and the S&P 500 teetering connected the borderline of affirmative territory astatine the midday people of the trading day.

Trump’s tariffs started the sell-off past week, but the uncertainty they brought has exposed deeper concerns astir a imaginable downturn and the longer-term impacts of a commercialized war.

Meanwhile, the sell-off successful stocks has bled into bonds.

The enslaved marketplace is orders of magnitude bigger than the banal marketplace and usually moves successful comparatively tiny increments.

But implicit 4 days of trading, enslaved prices person climbed faster than they person since 2008, sparking fears that this could spiral into a broader, planetary fiscal crisis.

Oil prices plummeting, again

I’m Kyle Bakx, a Calgary-based concern newsman for CBC News.

North American lipid prices are tanking yet again, down astir 5 per cent truthful acold today, to astir $57 US per barrel.

With the U.S. and China astatine each other's throats with escalating tariffs, lipid traders are disquieted determination won't beryllium arsenic overmuch request for crude if determination is simply a planetary economical recession.

During the past week, lipid prices person plunged by astir 20 per cent.

For now, Canadian lipid producers are holding dependable to spot if prices stay astatine this level. Most of them person clip earlier making decisions connected whether to chopped backmost connected drilling enactment due to the fact that successful the spring, it's typically excessively muddy to drill anyway.

Generally, the manufacture is inactive profitable astatine these prices, but if crude stays astir $60 oregon lower, lipid institution executives accidental determination would beryllium a pullback successful spending and apt occupation losses, too.

Canadian lipid is sold successful U.S. dollars, truthful the anemic loonie is providing immoderate alleviation for the sector.

Japan, Canada co-operating to support stability

Canada is making moves with immoderate G7 allies to alloy themselves from the fallout of Trump’s planetary tariffs.

Finance Minister François-Philippe Champagne and his Japanese counterpart Katsunobu Kato spoke with each different this greeting implicit the phone, according to Japan’s Ministry of Finance.

The 2 countries person agreed to co-operate to support stableness successful fiscal markets and the planetary fiscal system, the ministry said.

Japan volition besides co-operate with the G7 and International Monetary Fund to stabilize a marketplace rout unleashed by Trump’s tariffs, the country’s apical currency diplomat said today.

China punishes U.S. businesses

The world’s 2 largest economies are locked successful battle, and China conscionable made its adjacent play.

It’s adding six U.S. companies — including immoderate successful the defence and aerospace sectors — to a commercialized blacklist, calling them “unreliable entities.” And it volition spot different punitive measures connected different twelve U.S. companies starting tomorrow.

The companies connected the “unreliable entities” database are ones that China says person assisted the U.S. successful subverting China, including firms that were added for arms income oregon subject co-operation with Taiwan.

Trump’s tariffs plunge TikTok woody into uncertainty

In the inheritance of Trump’s tariffs is the American propulsion to get TikTok’s U.S. assets.

Last Friday, Trump extended by 75 days a deadline for ByteDance (TikTok’s genitor company) to merchantability U.S. assets of the fashionable abbreviated video app to a non-Chinese buyer, oregon look a prohibition that was expected to person taken effect successful January nether a 2024 law.

Sources told Reuters past week that China had indicated it would not o.k. the woody aft Trump’s tariff announcement. As things stand, China is grappling with a 104 per cent tariff connected Chinese goods.

This morning, China said immoderate woody for TikTok needs to comply with Chinese law.

A spokesperson for China’s commerce ministry said successful a connection the state “opposes practices that disregard the laws of the marketplace economy” and that the export of exertion indispensable beryllium approved by the Chinese government.

Staring down a planetary recession

Ever since the U.S. unveiled sweeping tariffs hitting astir each azygous 1 of its large trading partners, there’s been a flurry of predictions that a planetary recession could beryllium imminent.

Economists accidental the outlook is beauteous grim.

I spoke with Tu Nguyen, an economist with RSM Canada, who said if the U.S. doesn’t alteration its stance connected tariffs soon, a planetary recession volition beryllium declared successful six months.

"It's tenable to accidental that we are entering 1 arsenic we speak,” she said.

As tariffs thrust up the terms of goods, radical volition halt buying and investing, dampening request and expanding layoffs — which we’re already starting to spot successful immoderate sectors, according to Andrew DiCapua, main economist with the Canadian Chamber of Commerce.

In a planetary recession, immoderate countries fare better. For instance, Canada took little of a deed successful the 2008 fiscal situation than immoderate regions. But successful 2025, Canada’s system is truthful tied to the U.S. system that we’ll spell down if they do, economists told us.

Only the U.S. backing down crossed the committee would halt a planetary recession — which seems improbable close now.

Just a fewer days aft Canada updated its question advisory to the U.S. — telling Canadians to “expect scrutiny” erstwhile crossing the borderline — China is issuing a akin warning.

The Chinese Ministry of Culture and Tourism sent retired a question advisory today, telling its citizens to workout caution and measurement the risks of travelling to the U.S. arsenic tourists.

It pointed to deteriorating relations betwixt the U.S. and China arsenic a crushed to bounds travel, arsenic good arsenic “security concerns successful America.”

There person been reports of heightened vigilance astatine U.S. borderline crossings, with agents searching done immoderate travellers’ phones and laptops.