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Canadian Manufacturers Blame Ottawa for Economic Woes, Not Trump

A coalition of Canadian manufacturers has launched a billboard campaign across the country blaming Ottawa for the nation’s economic struggles, arguing the federal government poses a greater threat to the economy than trade tensions with Washington.

The Coalition of Concerned Manufacturers and Businesses Canada erected billboards declaring “Ottawa is more detrimental to Canadians than Washington DC,” directly challenging Prime Minister Mark Carney’s focus on US tariffs as the primary source of Canada’s economic woes.

“These problems existed long before Trump was in office,” CCMBC President Catherine Swift said Tuesday. “Instead, he should be taking responsibility for the bad Liberal policies which have weakened our economy over the last decade.”

You can read more on the matter here.

What’s going on?

• What Carney’s Pre-Budget Address Was Really About (theDeepDive)

• South Korea Looks to Canadian Energy to Fuel its AI Ambitions (APFC)

• Volkswagen to Halt Production at German Plants Amid Chip Shortage Tied to US-China Tensions (theDeepDive)

• Carney vows to double non-U.S. exports, says Canada must ‘play to win’ (Global)

• Molson Coors To Slash Workforce 9% By December 2025 (theDeepDive)

• Ottawa, Ontario pledge combined $3-billion for new nuclear reactors (Globe)

• US-China Trade War Escalates as Beijing Tightens Rare Earth Controls (theDeepDive)

• Trump’s Russian oil sanctions hit India and China’s imports

  (FT)

• Joly Differentiates GM’s Ontario Exit From Stellantis: “Not Going Well Commercially” (theDeepDive)

• Lower mortgage rates push home sales up in September, but prices still stubbornly high (CNBC)

• Fires Hit Two EU Refineries Handling Russian Oil (theDeepDive)

What’s the latest?

• Tesla: Tesla shares fell 4.4% after missing profit estimates for the fourth straight quarter, despite record sales. Q3 margins were hit by $400M in tariffs, lower regulatory credit revenue, and rising costs. The company could lose $60B in market value from its $1.47T valuation, with the stock still trading at 200× profit expectations. Tesla’s shares are up ~9% YTDbut remain weak among the “Magnificent 7,” as EV demand softens post-tax credit phaseouts.

• Markets: U.S. stocks were mixed Thursday as oil prices surged ~5% following Trump’s new sanctions on Rosneft and Lukoil. The S&P 500 rose 0.1%, Dow +19 pts, and Nasdaq flat. Tesla (-5.1%) and IBM (-5.5%) dragged markets, while Dow (+10.7%) and Las Vegas Sands (+9.1%) jumped on strong earnings. Gold rebounded +2.4% to $4,160/oz, up 57.5% YTD, and the 10-year Treasury yield ticked up to 3.98%.

• Rogers: Rogers Communications reported Q3 profit of $5.75B ($10.62/share), driven by a $5B non-cash gain from acquiring BCE’s MLSE stake. Adjusted profit was $740M ($1.37/share), down from $762M last year. Revenue rose 4% to $5.35B, with media revenue up to $753M due to the MLSE deal and Blue Jays performance. Wireless service revenue dipped slightly to $2.06B, while cable revenue was steady at $1.98B.

• Oil: Oil prices surged nearly 5% after the U.S. imposed sanctions on Russian energy giants Rosneft and Lukoil, with Brent at $65.57 (+4.8%) and WTI at $61.51 (+5.2%). The sanctions force major buyers like China and India to seek alternative suppliers. Analysts note India may cut Russian imports, while skepticism remains about long-term supply impacts. UBS expects Brent to trade between $60–$70 despite OPEC+ output increases and falling U.S. inventories.

• Layoffs: Rivian Automotive will lay off over 600 employees, about 4% of its nearly 15,000-person workforce, due to market headwinds and expiring EV incentives. The company posted a $1.1 B Q2 loss and expects 2025 deliveries between 41.5 K–43.5 K units, down from 46 K. Rivian also widened its adjusted core loss forecast to $2–2.25 B. Shares are down roughly 3% year-to-date.

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The stock market and stuff

• Rogers Posts Q3 2025 Net Income Surge To $5.8B Post-MLSE Deal (theDeepDive)

• Tesla Sees Profit Plummet Despite Revenue Jump In Q3 2025 (theDeepDive)

• Trump pardons convicted Binance founder Zhao, White House says (Reuters)

• G Mining Formally Approves Construction Of Oko West Gold (theDeepDive)

• Freeport Posts Revenue Jump In Q3 2025 Despite Grasberg Halt (theDeepDive)

In the juniors

• Dryden Gold Advances District-Scale Discoveries with the Completion of its 2025 Exploration Campaign (JMN)

• Anfield Energy Set To Launch Construction Of Velvet-Wood Uranium-Vanadium Mine (theDeepDive)

• Magna Mining Reports Multiple Copper, Nickel and Precious Metal Rich Intersections from the R2 Target at the Levack Mine in Sudbury, Ontario (JMN)

FULL DISCLOSURE: Emerita Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Emerita Resources. The author has been compensated to cover Emerita Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.