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Trump Calls Canada “Nasty”

President Donald Trump called Canada and its leadership “nasty” during a speech in Las Vegas on Wednesday, escalating his public attacks on Ottawa as the two governments remain divided over trade and Canadian officials negotiate in Washington.

“Canada’s nasty. They are. They’re nasty,” Trump said while discussing the tariffs imposed during his second term. “I love the people, but they’re nasty,” he added, according to the Associated Press.

Reuters reported that Trump also referred to the country’s “nasty leadership.”

You can read more on the matter here.

What’s going on?

• Eligible Canadians Can Now Claim Up to $5,000 Over Government Account Breach (theDeepDive)

• Canada Goods-Trade Surplus Widens Slightly With Record Exports, Imports (WSJ)

• Burger King Outruns Tim Hortons Despite Smaller Profit Base (theDeepDive)

• Top Canadian, U.S. trade officials meet in Washington as 50% tariffs loom (CBC)

• Congo Rewrites Copper and Cobalt Export Rules Anew (theDeepDive)

• Carney ‘not interested’ in narrow U.S. trade deal (Globe)

• Carney and Chow Unlock 18 Stalled Toronto Housing Projects With $2.7 Billion Deal (theDeepDive)

• AI creates first synthetic viruses (FT)

• Eric Trump Says the Qatari Jet Isn’t Going to His Father’s Library (theDeepDive)

What’s the latest?

• Energy: Gasoline prices are likely to stay elevated into the fall due to a global refining capacity shortage, even as crude oil has fallen about 10% to ~US$76/bbl. Around 5–7 million barrels/day of refining capacity remains offline because of the Iran and Ukraine conflicts, keeping U.S. gasoline near US$4.06/gal (36% above pre-war levels) and driving record profits for refiners such as Valero (+400% earnings), Marathon (+300%), and Phillips 66 (+300%).

• Trade War: Canada's top trade officials held 90-minute talks with U.S. Trade Representative Jamieson Greer as Trump called Canada's leadership "nasty" and defended tariffs, which have generated about US$269B in gross customs revenue since January 2025. Canada-U.S. trade is down C$1.9B (0.6%) versus 2024, led by an 18.9% drop in autos and a 43.5% decline in iron and steel, while negotiations on a revised CUSMA continue with no breakthrough reported.

• Markets: Canada's S&P/TSX slipped 46 points to 36,099.99, while U.S. markets were mixed with the Dow -238 points, S&P 500 -0.1%, and Nasdaq +80 points. The Canadian dollar traded at 71.26 US cents, while WTI crude rose to US$77.12/bbl and gold climbed to US$4,314.20/oz.

• Politics: Prime Minister Mark Carney reaffirmed that Canada remains committed to supply management, despite continued U.S. pressure to expand dairy market access during trade talks. His comments came as Canadian negotiators met with U.S. officials in Washington, less than two weeks before a new round of U.S. tariffs on Canadian goods is scheduled to take effect.

• Real Estate: Montreal home sales fell 10% YoY to 3,338 in July as demand cooled across all property types, while active listings rose 16.6% to 19,790 and new listings increased 4.1%. Despite weaker sales, prices continued to rise, with plexes +6.1% ($865,000), single-family homes +4.0% ($650,000), and condos +1.5% ($431,500).

Canada Is Pouring Millions Into This Battery Mineral

The stock market and stuff

• Equinox Gold Lifts 2026 Guidance After Orla Merger, Boosts Dividend 50% (theDeepDive)

• Lundin Posts Near Record Revenue in Second Quarter, Maintains Guidance (theDeepDive)

• SpaceX stock could face further pressure as first batch of shares unlock since IPO (CNBC)

• China State Buyer Freezes Some Rio Tinto Iron Ore Talks (theDeepDive)

• Artemis Gold Sees AISC Fall To $955 An Ounce In Q2 (theDeepDive)

In the juniors

• Copper Giant Sees Denarius Metals Take A 15.6% Stake While Trafigura Signs 10 Year Offtake (theDeepDive)

• Telesat Lands $2.3B Gov’t Contract As US$1.7B Debt Maturity Looms (theDeepDive)

• Founders Metals Drills 14.27 g/t Gold Over 28 Metres At Suriname Project (theDeepDive)

FULL DISCLOSURE: Nord Precious Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Nord Precious Metals. The author has been compensated to cover Nord Precious Metals 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.