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CUSMA Not Renewed: What the Trade Deal Impasse Means for Your Wallet

  July 2, 2026 | Trade & Economy The mandatory six-year review of Canada's most important trade agreement came and went this week — and it did not go the way Ottawa hoped. On July 1, U.S. Trade Representative Jamieson Greer confirmed that the United States will not renew the Canada-United States-Mexico Agreement (CUSMA) in its current form, sending the deal into a more uncertain, year-by-year footing right as Canadians are already navigating tariffs, a soft labour market, and a technical recession. Here is what actually happened, why it matters, and what it could mean for your budget in the months ahead. The short version CUSMA isn't dead. It remains legally in force until 2036. But instead of locking in a fresh 16-year term, the deal now shifts into annual reviews, with existing tariffs on steel, aluminum, autos and softwood lumber unresolved for now. What happened on July 1 CUSMA was built with a mandatory joint review every six years. If Canada, the U.S. and Mexico had a...
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Stock Market Today: S&P 500 and Nasdaq Surge as Tesla Leads Earnings Rally

 

In today’s stock market, the S&P 500 and Nasdaq Composite made significant gains, fueled by a fresh wave of earnings reports. Here are the highlights:

  1. S&P 500 Rebounds: The benchmark S&P 500 (^GSPC) rose more than 1% after staging a comeback from a six-day run of losses in the previous session. Investors are optimistic about tech-focused companies’ earnings, which could help pull stocks out of the slump they’ve faced since the start of the year.

  2. Tesla’s Impact: Tesla (TSLA), often referred to as one of the “Magnificent Seven,” is in the spotlight. The electric vehicle (EV) maker’s earnings report is highly anticipated, given its weight in the S&P 500 index. Tesla’s shares have faced headwinds due to a disappointing delivery outlook, the cancellation of plans for a sub-$30,000 model, and a shift in strategy toward robotaxis. As the first major tech company to report this week, Tesla’s results set the stage for other giants like Meta (formerly Facebook), Microsoft, and Alphabet.

  3. Other Earnings: Legacy automaker General Motors (GM) kicked off earnings season with strong first-quarter results and an upward revision to its full-year guidance. GM’s shares rose around 5%. Meanwhile, Spotify (SPOT) stock jumped after the audio streaming company swung to a profit, beating expectations.

  4. Market Bottom? Fundstrat’s head of research, Tom Lee, suggests that US stocks may be near a market bottom. Elevated inflation expectations and hedge fund short interest surging to 2022 levels are among the signs. Lee points to technical levels for the S&P 500 to watch: 5019.02 (a positive sign if surpassed) and 4953.56 (a potential setup for a buy signal).

Overall, today’s market performance reflects optimism driven by earnings reports and the anticipation of tech giants’ results. Keep an eye on Tesla and other major players as they continue to shape market sentiment.


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