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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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Lula Defiant as U.S.-Brazil Trade Tensions Escalate

 

Brazilian President Luiz Inácio Lula da Silva has issued a bold rebuke to former U.S. President Donald Trump, declaring, “No gringo is going to give orders to this president,” in response to a sweeping 50% tariff imposed by the United States on Brazilian goods.

The tariffs, set to begin in August, were justified by Trump as retaliation for Brazil’s treatment of former President Jair Bolsonaro and alleged unfair trade practices. In a letter, Trump criticized Bolsonaro’s legal troubles as a “witch hunt” and accused Brazil of undermining free speech and democratic norms.

Lula, speaking to a crowd of student activists in Goias, emphasized Brazil’s sovereignty and rejected foreign interference. He also announced plans to regulate and tax U.S. tech firms, accusing them of spreading misinformation and inciting violence under the guise of free expression.

While tensions rise, Brazil’s Foreign Minister Mauro Vieira signaled openness to dialogue, stating that Lula is willing to speak with Trump if the opportunity arises. Meanwhile, Brazil is preparing potential countermeasures and consulting with affected industries as the trade dispute unfolds.

Lula’s firm stance has resonated domestically, with early signs of a rebound in his approval ratings following the confrontation.

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