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5 Things to Know Today: July 4, 2026

  Saturday, July 4, 2026 Here's what Canadians need to know this morning — from a strong close on Bay Street to a trade deal that's now on shakier ground, plus what to watch before the Bank of Canada's next rate call. 1. TSX Closes Sharply Higher, Loonie Slips The S&P/TSX Composite Index jumped 308.17 points, or 0.88%, to close at 35,274.84 on Thursday, July 3, as markets reopened following the Canada Day long weekend. Trading volume topped 89 million shares. Gains were broad-based, with the small-cap S&P/TSX Venture Composite up 2.61% on the day. The Canadian dollar edged lower against the U.S. dollar, with CAD/USD dipping about 0.10% to roughly 70.4 cents. Figures cross-checked against Yahoo Finance, Google Finance, and Bloomberg. 2. CUSMA Trade Deal Left in Limbo After U.S. Declines Extension The mandatory six-year review of the Canada-U.S.-Mexico Agreement passed its July 1 milestone without a renewal. The U.S. Trade Representative's office confirmed Washing...

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Trump's Bold Claims on U.S. Independence from Canadian Resources

 

In a recent virtual address at the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump made a series of bold statements regarding the United States' reliance on Canadian resources. Trump asserted that the U.S. does not need imports of oil, gas, vehicles, or lumber from Canada, citing the country's own abundant resources.

Trump's remarks come amid heightened tensions between the two nations over trade tariffs. He characterized the trade relationship as adversarial and unfair, blaming Canada's import policies for the U.S.'s trade deficit. Trump emphasized his administration's protectionist stance, suggesting that the U.S. should manufacture its goods domestically or face tariffs.

The comments have sparked widespread criticism from Canadian political leaders and industry experts. Alberta Premier Danielle Smith called for diplomacy over public threats of retaliation, highlighting the critical role of cross-border trade in the energy sector. Canadian energy analysts have also pushed back, arguing that the U.S. does, in fact, rely on Canadian crude oil for its refineries.

As the debate continues, the future of U.S.-Canada trade relations remains uncertain, with both sides navigating the complexities of economic interdependence and national interests.


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