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Global News
2 minutes ago
- Global News
Canada's trade with U.S. still ‘quite weak' despite June rise: economists
New data shows there was an increase in Canadian exports to its southern neighbour in June even amid ongoing U.S. tariffs, but economists say one month is too soon to say trade is rising with the Americans. The data, released Tuesday, shows exports to the U.S. increased 3.1 per cent in June after four consecutive months of decreases. Statistics Canada notes, however, exports were still down 12.5 per cent compared to June 2024. BMO economist Shelly Kaushik said in an interview that trade data can be volatile on a monthly basis. 'The data is also very highly susceptible to revision. That's something to keep in mind in general, but also especially when there are so many announcements in a lot of swings, we see things like tariff frontrunning impacting the data a lot on a monthly basis,' she said. Story continues below advertisement But it's not just products being sent to the U.S. that is on the rise. Imports from the U.S. were up 2.6 per cent in June — the first increase after three consecutive monthly decreases. According to Statistics Canada, the increase in imports was in large part due to the import of a module for an offshore oil project. As a result of exports rising more than imports, Canada's trade surplus with the U.S. rose from $3.6 billion in May to $3.9 billion in June. Kaushik said as April and May were fairly 'depressed' in reaction to the tariffs, so while June may have seen an increase it doesn't mean it's a substantial change. 5:35 Trump's Tariffs: Can an agreement still be reached? 'Increasing just a little bit from very, very weak levels still implies quite weak,' she said. Story continues below advertisement Canada continues to face a range of tariffs from the U.S. amid President Donald Trump's ongoing trade war. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The U.S. has imposed a 50 per cent tariff on steel and aluminum imports from Canada, as well as 25 per cent duties on the automobile industry and certain copper products. Last Friday, the U.S. also placed a 35 per cent tariff on Canadian goods on Friday, though the White House confirmed products under the Canada-United States-Mexico agreement (CUSMA) would remain exempt from the higher tariff. The White House added that goods transshipped through other countries to avoid the 35 per cent tariff will instead be charged a tariff of 40 per cent. 7:25 Trump tariffs could be less painful than expected, expert says RBC assistant chief economist Nathan Janzen said that exemption is more important than an increase in trade. Story continues below advertisement 'I think the good news there is that most of our exports to the United States still have been able to access that market it appears duty-free through an exemption from duties for products that are compliant with the USMCA (CUSMA) trade agreement,' he said. Janzen said the U.S. census bureau found 92 per cent of Canadian exports to the U.S. crossed the border duty-free in June — an increase from 91 per cent in May and 89 per cent in April. Janzen, in a report published Tuesday, also noted the average effective tariff rate on imports from Canada remains one of the lowest on trading partners at 2.4 per cent. By comparison, the average U.S. rate on all imports was 8.9 per cent. However, he cautioned that rate will rise due to the newly-imposed 35 per cent tariff yet adds the increase will still only apply to a 'relatively small share' of non-CUSMA compliant exports. What could impact Canada on a wider scale, Janzen said, is how the U.S. import market could be impacted if bigger tariffs are imposed. 'If U.S. tariff hikes were so large globally that it hurts the U.S., particularly the very trade sensitive U.S. industrial sector, then if that happens that obviously has negative spillovers for Canada just because our industrial sector is so closely integrated with that of the United States,' Janzen said. Story continues below advertisement While Statistics Canada noted an increase in trade with the U.S., it also found exports to countries other than the U.S. dropped 4.1 per cent in June, after reaching a record high in May. It noted, however, compared to June 2024 exports to other countries were up 14.7 per cent. Overall, Canada's trade deficit with the world widened to $5.9 billion in June, up from $5.5 billion in May.
Globe and Mail
2 minutes ago
- Globe and Mail
Bullet Blockchain Announces Strategic Initiatives to Accelerate Growth and Cement Market Leadership
LAS VEGAS, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Bullet Blockchain, Inc. (OTC: BULT) ('Bullet Blockchain' or the 'Company'), the only U.S. company holding foundational patents for Bitcoin ATMs and one of only three publicly traded Bitcoin ATM network owner/operators, today announced a series of key strategic initiatives that management is pursuing to drive an aggressive expansion and align current and future stakeholders with the Company's long-term vision. 'We have a clear strategy to capitalize on the explosive growth of the crypto ATM market,' said Simon Rubin, CEO of Bullet Blockchain. 'Our primary focus is on four core pillars: (i) Expanding our operational footprint; (ii) Strengthening our leadership and governance; (iii) Securing the strategic capital necessary to fuel this growth; and, (iv) Forging strategic alliances for enhanced security and utility. 'These initiatives are designed to build a powerful foundation for Bullet Blockchain's future and reinforce our position as an industry innovator.' The first of these pillars is focused on a multi-pronged approach to scaling the Company's physical presence and network capacity. Expanding Our Operational Footprint Bullet Blockchain is actively pursuing opportunities to dramatically accelerate the deployment of its Bitcoin ATM network (a/k/a/ 'crypto ATM network'). Building on a successful start, the company is now focused on a multi-pronged approach to scaling its operations. This includes exploring opportunities to acquire and deploy a significant number of new and refurbished crypto kiosks from both manufacturers and operators. In tandem with this effort, management is in active discussions with a number of regional and national retail operators, including convenience stores and gas station chains, to secure distribution agreements. Such agreements would support a more rapid and strategic rollout of the Company's network, with the potential to significantly expand Bullet's presence across the country. The Company is committed to upholding the highest standards of corporate governance, intellectual property protection, and market compliance. To support these imperatives, Bullet Blockchain is actively engaging with highly qualified individuals to enhance its executive team and Board of Directors. This includes seeking out specialists in intellectual property to advise on strategies for enforcing and leveraging the company's foundational patents, as well as interviewing qualified candidates to join the Board. Further, management is actively seeking to engage new auditing firms with the intent of fast-tracking important compliance initiatives, signaling a clear path towards increased transparency and market status. To execute its aggressive growth plan, Bullet Blockchain is strategically pursuing a number of capital formation opportunities. This includes sourcing low-cost credit facilities, short-term loans, and traditional equity financing. The company is also evaluating the creation of a Strategic Bitcoin Treasury program to leverage future crypto acquisitions. Through these efforts, management has identified significant plausible capital resources to support its operations and fuel future growth. Bullet Blockchain is actively building a comprehensive, secure, and user-centric ecosystem through strategic partnerships. These alliances are focused primarily on two endeavors. One is focused on enhancing the customer experience by providing advanced security solutions for digital assets and crypto wallets. The other is facilitating new use cases such as efficient international remittances and developing new technology offerings that create greater visibility and secondary revenue streams. These initiatives position the company not just as a Bitcoin ATM operator, but as a holistic provider of modern crypto-financial services, ultimately transforming the crypto kiosk from a single-purpose device into a multi-faceted hub for digital finance and commerce. Building on a Vision of Proven Execution These initiatives collectively form the framework for Bullet Blockchain's strategy to move from intent to execution. With its foundational patents [Nos. US9135787B1 & US10332205B1 ], and a clear roadmap for growth, management is confident in the Company's ability to generate significant value for stakeholders while establishing Bullet Blockchain as a trusted and innovative, global leader, in the crypto ATM market—intricately intertwined in the overall fabric of digital financial services and fintech. Mr. Rubin, concluded, 'Our comprehensive strategy is built on a foundation of tangible pillars, not just ambition. We are committed to moving from strategic intent to proven execution, and we are confident that our roadmap will not only generate significant long-term value, but will also establish Bullet Blockchain as the definitive leader in both the traditional capital markets and digital financial services space.' Bullet Blockchain's Intellectual Property As previously announced, Bullet Blockchain acquired First Bitcoin Capital LLC, gaining ownership of an intellectual property portfolio that includes two Bitcoin ATM patents. By virtue of its subsidiary, First Bitcoin Capital LLC, Bullet Blockchain holds the exclusive rights to U.S. Patent Nos. US9135787B1 ('Bitcoin kiosk/ATM device and system integrating enrollment protocol and method of using the same') and US10332205B1 ('Bitcoin kiosk/ATM device and system and method of using the same'). These patents remain critical technologies for the operation and security of Bitcoin ATMs and their networks. Bullet Blockchain continues to advance its licensing initiatives, offering operators and manufacturers a variety of partnership models including transaction-based fees and revenue-sharing opportunities centered around its intellectual property. About Bullet Blockchain Headquartered in Las Vegas, Nevada, Bullet Blockchain Inc. – common stock is publicly traded on the OTC Markets under the symbol (BULT) – is a diversified software development and BaaS company, specializing in blockchain technologies and Web 3.0, and though its wholly owned subsidiary, First Bitcoin Capital LLC, the owner and licensor of two Bitcoin ATM patents. Bullet Blockchain's Bitcoin ATMs are operated by licensed third-party operators within the jurisdictions in which they reside. Bullet Blockchain is committed to driving the innovations needed to shape the future of digital and blockchain-related platforms through digital technology and decentralized blockchain solutions. Management is dedicated to rapid growth and increasing the shareholders' value. Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our OTC Markets' disclosures, press releases, public conference calls, and webcasts. We also use social media to communicate with our email subscribers and the public about Bullet Blockchain, services, and other related information. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in Bullet Blockchain to review the information we post on Bullet Blockchain's social media channels listed below. This list may be updated from time to time. For investor and general information, please email contact@ Find investor and general information at Forward-Looking Statements: Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change at some point in the future. However, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intend,' 'anticipate,' 'anticipates,' 'plans," "plans," "plan," to be uncertain and forward-looking.
CTV News
2 minutes ago
- CTV News
Businesses seek federal support as economy slows amid Trump tariffs
As Canadian and American businesses grapple with tariff uncertainty, a national advocacy group wants the federal government to support Canadian businesses while an investment executive anticipates slow economic growth for publicly traded companies. The head of the Canadian Federation of Independent Business (CFIB) is calling on the federal government to offer monetary relief to Canadian companies affected by tariffs from the United States. 'We do think it is high time that the government start to use some of the retaliatory tariff revenue that it has collected over the last number of months,' Dan Kelly, president of the CFIB, told BNN Bloomberg in a Tuesday interview. 'There's at least a couple of billion dollars that has been collected in Ottawa on the tariffs that exist on U.S. imports into Canada, and that money should be released.' U.S. President Donald Trump recently signed an executive order increasing tariffs to 35 per cent from 25 per cent on Canadian goods not covered by the U.S.-Mexico-Canada Agreement (CUSMA). Canada previously imposed 25 per cent reciprocal tariffs on a list of products totalling $29.8 billion, according to a report from the Department of Finance. It has since then included automobiles in April. The CFIB, an advocacy group representing approximately 100,000 Canadian business owners, says nearly seven in 10 (67 per cent) small importers are paying Canada's full retaliatory tariffs on goods from the U.S. without any price adjustment from suppliers, according to a report. For exporters, 63 per cent of small firms shipping to the U.S. are covering at least some of the tariff costs, with 34 per cent sharing them with customers and 29 per cent absorbing them entirely. The median cumulative cost to-date for a typical business exporting to the U.S. is $22,500. 'There was talk, of course all of those dollars would be used to support Canadian businesses and workers through the emergency period that we're in and yet, there's been very little of that happening,' said Kelly. 'I think there are some announcements on a sectoral basis, but businesses in general are hurting hard as a result of this. Nearly three quarters of small firms that said that they've had some effect. So, putting that money back into the economy through some kind of either tax cut or direct tariff related rebate would be super helpful.' Mid-cycle economic slowdown expected Unpredictability from tariffs and Canada's countermeasures is a concern, however Clay Khan, managing director of Neuberger Berman< anticipates businesses will grow slightly. He foresees share prices for publicly listed companies will rise on both sides of the border. 'Our view is that we're heading into a mid cycle slowdown, which is an environment that companies can continue to perform well,' Khan told BNN Bloomberg in a Tuesday interview. 'Just to put some numbers around that, the first half of this year in the U.S., GDP numbers on a real basis were about 1.1 per cent. Earnings estimates for Q2 most companies reported... the consensus was about five per cent and earnings estimates beat at nine per cent. The growth has been there, and our view is that in the second half of this year, you'll see the economy perform at this sort of similar range, one to one and a quarter per cent growth, and then companies can deliver.' The U.S. unemployment rate ticked up to 4.2 per cent as U.S. employers added just 73,000 jobs last month, according to the Associated Press. The U.S. Labor Department reports shaving off 258,000 jobs from May and June payrolls. Financial markets dropped to open the month before rebounding fuelling speculation of a rate cut from the U.S. Federal Reserve. 'Odds of a Fed cut going up in September went from 40 to 80 per cent in one day,' said Khan. 'Our view, and our fixed income team's view is that you'll see a cut in September and a cut in December. You'll see that sort of stimulus as it relates to monetary policy where you'll see easing and more dovishness from large central banks. The White House says the one Big Beautiful Bill will boost economic growth with measures including full expensing for new American factories, factory improvements, equipment, and research and development, no taxes on overtimes or tips and boost take-home pay for a typical family by over US$10,000 a year. 'The big one is fiscal and on the fiscal side, in the U.S., you saw the passing of the triple B bill,' said Khan. 'There're some nice features in there for companies to boost cap backs, the full depreciation of investment spent today in that tax year is pretty powerful for companies.' The bill also reinstates the use of an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) approach in calculating the interest expense limitation, according to a report from Doane Grant Thornton. Khan said a lot of lot of investors emphasize U.S. stock markets in their portfolios, saying they make up about two thirds of the All Country World Index. He did however say most investor portfolios dramatically under weigh markets in Canada, Europe, Japan and the U.K. and sees opportunities for growth for investors there with monetary policies from governments embroiled in trade wars. Non-CUSMA complaint businesses hit by 35 per cent tariffs The recent hike of tariffs on Canada will only impact some businesses as 95 per cent of goods sent over the border are covered under the CUSMA trade agreement, according to the Bank of Canada's monetary policy report. Kelly acknowledged the deal but said some businesses in his organization are not covered. 'It's good news, of course, for all of us that the CUSMA exemption looks like it's intact, that's the most critical piece of this trade negotiation is trying to create to keep that zero-tariff advantage on a huge swath of Canadian goods. But I've got to tell you that there's a heck of a lot of commerce that is non-CUSMA compliant,' said Kelly. 'I know some of the numbers that have been suggested are 90 to 95 per cent. I think that's the potential for goods to be CUSMA compliant, but that's not the case at this moment for businesses, particularly my members, small business owners. Only about half of small business exports, and about 16 per cent of our members, do exports to the United States, but only about half of them do that through a CUSMA exemption. The other half are right now potentially paying the 35 per cent tariff, and that's really, really harmful.'
