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Canada's GDP grew at an annualized 3.3% in Q2 2026, the fastest since 2023, driven by exports and domestic demand, helping the country avoid a technical recession. However, new 50% US tariffs on Canadian goods are injecting fresh uncertainty into the economic outlook.
The US Court of International Trade rejected President Donald Trump’s 10% global tariff on April 10, ruling it unjustified under a 1970s trade law. The 2-1 decision came in favor of small businesses that sued after the tariff was imposed on February 24. A dissenting judge said the ruling came too soon.
President Donald Trump has threatened to raise tariffs on the European Union if it fails to finalize a trade deal by July 4, despite a phone call he called 'great' with EU chief Ursula von der Leyen. Trump warned of higher duties, including on cars and trucks, accusing the bloc of not upholding its commitments.
