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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...
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Liberals Unveil Ambitious Plan to Address Housing Crisis: 3.9 Million Homes by 2031

 

The federal Liberals have stepped up their commitment to tackle the housing crisis head-on. Their comprehensive plan aims to address a spectrum of housing affordability challenges faced by Canadians, from the elusive dream of homeownership to soaring rental costs and homelessness. Here are the key highlights of their ambitious strategy:

  1. Tax Incentives for Homebuilding:

    • The federal government plans to increase the capital cost allowance rate for apartments from 4% to 10%. This move will empower builders to write off more expenses on their taxes.
    • Additionally, the GST exemption on rentals will extend to student residences built by public universities, colleges, and school authorities.

  2. Funding to Combat Homelessness:

    • Communities across the country grapple with encampments and limited shelter spaces. To address this, the Liberal government is allocating an additional $1 billion over four years to the Reaching Homes program—a federal homelessness initiative.
    • An extra $250 million is earmarked to help communities transition people from encampments into stable housing.

  3. Historic Shift in Land Use:

    • The Liberals pledge to revolutionize how public lands are utilized for housing. Rather than selling off land, they aim to make more of it available for home construction through leasing arrangements.

  4. A Call to Action:

    • Ottawa emphasizes that solving the national housing crisis requires collaboration among all levels of government. Housing Minister Sean Fraser underscores the need for joint efforts and incentives to achieve this critical task.

Prime Minister Justin Trudeau aptly describes this plan as “a scale not seen in generations.” With nearly 3.9 million homes envisioned by 2031, the Liberals are committed to reshaping Canada’s housing landscape and ensuring that every Canadian has a place to call home.

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