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Canada’s Labour Market Surges in June, Defying Economic Forecasts

Canada’s job market delivered a pleasant surprise in June, as the national unemployment rate dipped to 6.9% , defying economists’ expectations of a rise to 7.1%. According to Statistics Canada, the economy added 83,000 jobs , marking the first significant employment gain since January. The bulk of the new positions were part-time roles , with 47,000 jobs  created in the private sector. Key growth sectors included wholesale and retail trade , which added 34,000 jobs, and health care and social assistance , which saw a boost of 17,000 positions. Even the manufacturing sector , previously hit by trade tensions, posted a modest gain of 10,000 jobs. This unexpected uptick in employment has prompted analysts to reconsider their forecasts for the Bank of Canada’s upcoming interest rate decision. While some had anticipated a rate cut, the strength of the June labour report may delay such moves. Despite the positive headline numbers, challenges remain. Student unemployment  remains ele...
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Trade Tensions Rise as Trump Threatens 35% Tariff on Canadian Goods

In a dramatic escalation of trade tensions, U.S. President Donald Trump has announced plans to impose a 35% tariff on all Canadian imports starting August 1. The move, revealed in a letter to Canadian Prime Minister Mark Carney and posted on Truth Social, cites Canada’s alleged failure to curb fentanyl trafficking and longstanding trade disputes as key reasons.

Trump’s letter accuses Canada of retaliating against previous U.S. tariffs and maintaining “extraordinary” levies on American dairy products—some reportedly as high as 400%. He warned that any Canadian countermeasures would result in additional tariffs beyond the proposed 35%.

The Canadian government, led by Prime Minister Carney, responded by reaffirming its commitment to defending Canadian workers and businesses. Carney emphasized that negotiations are ongoing ahead of the revised August 1 deadline.

This latest threat follows a series of aggressive trade actions by the Trump administration, including tariffs on Canadian steel, aluminum, automobiles, and copper. Analysts warn that the new tariff could severely impact Canada’s export-heavy economy, especially sectors like manufacturing and agriculture that rely heavily on U.S. markets.

Whether the tariff will be implemented remains uncertain, as Trump indicated the rate could be adjusted “upward or downward” depending on Canada’s cooperation on fentanyl and trade issues. For now, businesses on both sides of the border are bracing for what could be a turbulent summer in North American trade.

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