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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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Market Jitters: U.S. Stock Futures Slide Amid Trump’s Criticism of Fed Chair Powell

U.S. stock futures took a hit early Monday as investors reacted to President Donald Trump’s escalating criticism of Federal Reserve Chair Jerome Powell. The remarks, which included renewed calls for Powell’s removal, have raised concerns about the central bank’s independence and its ability to navigate monetary policy effectively.

Trump’s latest comments follow reports that his administration is exploring whether firing Powell is an option. The uncertainty surrounding the Fed’s leadership has added to market volatility, with Dow E-minis dropping 344 points (0.87%), S&P 500 E-minis falling 53.75 points (1.01%), and Nasdaq 100 E-minis declining 209.25 points (1.14%).

Investors are already grappling with broader economic concerns, including ongoing trade tensions and the potential for further interest rate cuts. The dollar weakened against major currencies, while safe-haven assets like gold saw gains. Meanwhile, major tech and growth stocks, including Tesla and Nvidia, also faced premarket declines.

With uncertainty looming over both trade policy and monetary decisions, market participants will be closely watching upcoming economic data and corporate earnings reports for further direction.

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