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From a rate hold to a sovereign wealth fund — here's what's moving the needle on your finances right now. 01 — DEADLINE Today is the tax filing deadline — and your refund may be a lifeline April 30 is the last day most Canadians can file their 2025 income tax return without penalty. With the cost of living still squeezing household budgets, many Canadians are counting on their refund as a financial cushion. Filing late triggers a 5% penalty on any balance owing, plus 1% for each additional month. If you haven't filed yet, the CRA's NETFILE portal is still open — act before midnight. 02 — INTEREST RATES Bank of Canada holds steady at 2.25% — no relief yet for borrowers The Bank of Canada kept its policy rate at 2.25% yesterday — the third consecutive hold of 2026. Governor Tiff Macklem cited rising inflation driven by higher global energy prices tied to the Middle East conflict, while U.S. tariffs continue to weigh on exports. CPI inflation climbed to 2.4% in Ma...
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EU Considers Retaliation as U.S. Tariff Talks Falter

 

Brussels Prepares Countermeasures Amid Rising Trade Tensions

The European Union is intensifying preparations for trade retaliation against the United States as hopes for a tariff agreement dwindle. Following President Donald Trump's threat to impose a sweeping 30% tariff on EU exports by August 1, EU diplomats report a shift in strategy from negotiation to readiness for economic countermeasures.

EU Trade Commissioner Maros Sefcovic recently briefed envoys on the deteriorating talks, noting that U.S. officials presented inconsistent proposals and failed to offer a unified path forward. The EU had previously considered accepting a 10% tariff with limited concessions, but Trump's escalating demands have prompted member states to explore broader responses.

Among the options under review is the Anti-Coercion Instrument (ACI), a powerful tool that would allow the EU to target U.S. services, restrict American investment, and limit access to public procurement markets. While originally designed to counter pressure from China, the ACI is now being eyed as a potential response to Washington’s aggressive trade stance.

The EU has already suspended a package of tariffs on €21 billion worth of U.S. goods until August 6, but is also weighing additional countermeasures on €72 billion of exports. France has long supported invoking the ACI, and Germany is now signaling openness to the idea, suggesting growing consensus within the bloc.

Despite the hardening tone, EU leaders maintain that a negotiated solution remains preferable. European Commission President Ursula von der Leyen emphasized that the ACI is reserved for extraordinary circumstances, stating, “We are not there yet”.

With the August deadline looming, the EU faces a critical decision: continue pursuing diplomacy or brace for a full-scale trade confrontation.

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