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Carney Stands Firm on Trade Talks

Canadian Prime Minister Mark Carney said this week that supply management would not be part of trade negotiations with the United States, following his first call with US President Donald Trump since becoming Liberal leader.

“We will never have discussions with respect to supply management, it’s off the table,” Carney told reporters in Montreal, reiterating a position he has maintained since launching his leadership campaign.

Carney described the conversation with Trump as “very constructive, very productive,” while Trump wrote on his Truth Social platform that they “agree on many things” and plan to meet after Canada’s April 28 federal election.

You can read more on the matter here.

What’s going on?

• Treasury Sanctions Russian Firms for Houthi Ties, Drops Putin Associate’s Wife from Blacklist (theDeepDive)

• McConnell breaks with party to reject Trump’s Canada tariffs (Politico)

• Trump Ends De Minimis Loophole to Block China’s Opioid Pipeline (theDeepDive)

• U.S. government’s TikTok decision to come before deadline, Vance says (Globe)

• Decoding the White House’s Tariff Exceptions (theDeepDive)

• Oil slides as Opec+ lifts production and tariffs fuel global growth fears (FT)

• Inside Trump’s Bold Tariff Move Masked As National Emergency (theDeepDive)

• US Satellites Risk Attack in a War With China, Space Chief Says (Bloomberg)

• Poilievre Unveils Strategy to Counter Trump Tariffs (theDeepDive)

• White House Fires Multiple Members of Trump’s National Security Council (WSJ)

• Mass Layoffs Hit FDA, CDC and Other Health Agencies (theDeepDive)

• Hershey Strikes $750 Million Deal for LesserEvil Popcorn Brand (WSJ)

• Atlanta Fed’s GDPNow Projects 3.7% GDP Contraction in First Quarter (theDeepDive)

What’s the latest?

• Stellantis: Stellantis is pausing production at its Windsor Assembly Plant (Canada) for two weeks and Toluca Assembly Plant (Mexico) for the entire month of April due to Trump’s 25% auto tariffs. The move affects 4,500 hourly workers in Canada, while 900 U.S.-based employees at supporting plants will face temporary layoffs. The Canadian plant builds the Chrysler Pacifica and Dodge Charger Daytona EV, while the Mexico plant produces the Jeep Compass and Jeep Wagoneer S EV. Stellantis is assessing the long-term impact and engaging with governments, unions, and suppliers.

• Trade War: Canada’s merchandise trade balance fell to a $1.5 billion deficit in February, compared to a $3.1 billion surplus in January, as exports dropped 5.5% to $70.1 billion. Energy exports declined 6.3%, with crude oil down 4.2%, refined petroleum down 15.3%, coal down 26.9%, and natural gas down 8.9%. Meanwhile, imports rose 0.8% to $71.6 billion, driven by a 5.8% increase in motor vehicles and parts and a 3.1% rise in industrial machinery. In volume terms, exports fell 5%, while imports remained steady.

• Dollarama: Dollarama Inc. increased its quarterly dividend by 15% to 10.58 cents per share, up from 9.2 cents. The company reported a Q4 profit of $391.0 million ($1.40 per diluted share), a rise from $323.8 million ($1.15 per share) last year. Sales grew 14.6% to $1.88 billion, with comparable store sales increasing 4.9%. The sales boost was driven by a 5.3% rise in transactions, despite a 0.4% drop in average transaction size.

• YouTube: YouTube announced new video creation tools for Shorts, including an updated editor, AI stickers, and an auto-sync feature for music beats. The tools will roll out later this spring as YouTube competes with TikTok, which faces a potential U.S. ban. Shorts view counts are also changing—now, every play or replay counts without a minimum watch time, aligning with TikTok and Reels. YouTube says the update helps creators better track engagement across platforms.

• Real Estate: Greater Toronto Area home sales dropped 23.1% in March, with 5,011 homes sold compared to 6,519 in March 2024. Meanwhile, new listings surged 28.6% to 17,263 properties, increasing market supply. The average selling price fell 2.5% year-over-year to $1,093,254, while the composite benchmark price declined 3.8%. TRREB attributes the slowdown to buyer uncertainty due to economic conditions, trade issues, and the federal election, though market activity is expected to improve with increased consumer confidence.

Toronto Condo Crash

The stock market and stuff

• TSX drops almost 3%, U.S. stock indexes tumble as Trump tariff plan sparks global recession worries (Globe)

• Mercedes-Benz Denies Exit Rumors as Auto Industry Braces for US Tariffs (theDeepDive)

• Apple loses $250bn in market value from Trump tariff hit (FT)

In the juniors

• Rua Gold Launches Initial Drill Program At AI-Generated Cumberland Target (theDeepDive)

• Sierra Metals Sees Alpayana Increase Tender Off To $1.11 Per Share (theDeepDive)

• Dolly Varden Expects To List On NYSE By End Of Month (theDeepDive)

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