CTV National News: New record-high for oversea exports as exports to U.S. falls
New trade numbers show that while exports to the U.S. are down, exports overseas to new markets reached a record high. Rachel Aiello breaks it down.
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Globe and Mail
an hour ago
- Globe and Mail
How Trump could make Canada better
As obnoxious as he is, Donald Trump may actually be doing Canada some good. His demands are forcing this country to rethink bad ideas, question sacred cows and brace itself for the challenges of the future. Just this week, the U.S. President gave Prime Minister Mark Carney an excuse to jettison a wrong-headed tax on foreign tech giants. Because just about all of those giants are American, Washington has opposed it from the start, under Joe Biden's administration as well as Mr. Trump's. The heaps of money that were to flow to Ottawa from the tax would have come from the pockets of the millions of Canadians who use Amazon, Apple, Google or other digital providers. Higher taxes inevitably mean higher rates for consumers. Mr. Trump refused to continue trade talks with Canada until Ottawa got rid of the tax, which was about to take effect. Mr. Carney duly killed it. A capitulation? No, a sensible concession. Good policy, to boot. I can think of at least three other ways that Mr. Trump's Blame Canada campaign is forcing us to reconsider the way we do things. Start with national defence. Mr. Trump has said for years that Canada and other countries in the North Atlantic Treaty Organization are freeloading off the United States, relying on Washington to keep the Western alliance well armed while scrimping on armaments themselves. To up defence spending, Canada must cut deeper, tax harder and borrow more – all at once It's not your grandfather's war any more, and defence procurement must evolve Canada was one of the worst of the laggards, its rate of spending near the bottom of the pack. By outsourcing our defence to our mighty next-door neighbour, we saved countless billions – money that was freed up for other needs such as hospitals, roads, parks and schools. The generous health care and other social programs that Canadians cherish were in effect underwritten by the U.S. That had to change some time. Russia's full-scale invasion of Ukraine showed how vital it is to keep NATO strong, united and well armed. Now the alliance itself is calling for all members to increase their defence spending dramatically over the next decade. 'For too long, one ally, the United States, carried too much of the burden,' NATO Secretary-General Mark Rutte said at last month's summit. That is changing, he said, and Mr. Trump 'made this change possible.' That may have been an attempt to feed the ego of the egomaniac in the White House, but it was not wrong. Or consider interprovincial trade. The absurd barriers to the flow of goods, services and labour across Canada have been an issue for decades. Everyone agreed they were absurd. Editorial writers turned blue in the face pointing out their absurdity. Premiers and prime ministers huddled every few years to talk about doing something. Next to nothing actually happened. Try getting one of Quebec's many excellent craft beers in Ontario. Now, at last, we are seeing some progress. The punishing, nonsensical tariffs imposed by Mr. Trump have put a fire under the provinces and the feds. If we cannot have free trade with the United States, we should at least be able to trade freely with each other. Internal free trade by Canada Day? It'll take longer than that Even Canada's system of supply management is getting a second look. Under this Soviet-style scheme, marketing boards, rather than the free market, govern the output of eggs, milk, cheese and poultry. Authorities set minimum prices and impose production quotas. High tariffs on imports of these basic commodities ensure that the cozy little set-up survives. The result for ordinary consumers is far higher prices than they might otherwise pay for simple things such as a brick of cheddar or a carton of yogurt. Mr. Trump attacked the system in his first term and is at it again. He is not alone. Canada's other trading partners complain bitterly about it, too. But the agriculture lobby is so strong, especially in Quebec, that no government has dared to dismantle it. Whether Mr. Carney's will remains to be seen. The recent Throne Speech reaffirmed support for supply management and new legislation attempts to prevent Ottawa from sacrificing it in trade talks. But the system is probably the biggest remaining irritant for Mr. Trump, and Mr. Carney might be forced to make concessions to strike a tariff deal with him. Good. Should we all be giving Mr. Trump a great big cheer, then? Of course not. He is bad for his country, for us and for the world in ways too many to count. He is a bully and blowhard. He has insulted our leaders and threatened our sovereignty. On many issues, pushing back against his demands is the way to go. But some of what he says about the way we do things is right. We do hide under American skirts for our defence. We do coddle our farm producers and hobble foreign competitors. If Canada is to survive the Trumpian onslaught, it must do more than simply put its elbows up and stand strong. It must become more efficient, more productive, more innovative. It must change.
Globe and Mail
6 hours ago
- Globe and Mail
Where Will XRP (Ripple) Be in 5 Years?
Key Points Ripple and the SEC have agreed to settle, ending years of legal uncertainty for XRP and its investors. XRP's market cap is now rivaling top credit services stocks, but its payment volume still lags far behind. The cryptocurrency could earn its massive market value over time, but it looks overpriced right now. Cryptocurrencies are often unpredictable. XRP (CRYPTO: XRP) is a prime example of this quality. An ominous lawsuit started weighing on the cryptocurrency in December 2020. The suit started to wind down in the first half of 2024, and the Ripple Labs organization launched an XRP-based stablecoin. You'd think the cryptocurrency would soar on the news, but it took a steep dive instead. Then the 2024 elections came along. A more crypto-friendly White House signaled the end of XRP's legal issues, and the cryptocurrency suddenly made up for lost time. Here in early July, 2025, XRP's 5-year returns finally match the Bitcoin (CRYPTO: BTC) standard: Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » XRP Price data by YCharts But that's ancient history already. You always have to look forward in the fast-moving cryptocurrency market. Where will XRP go in the next five years -- and is it a good buy right now? Let's have a look. Ripple and SEC are settling their differences The big catalyst every XRP owner was waiting for? Well, that one is playing out right now. Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have agreed to a settlement and withdrawn their appeals, effectively ending the four-year courtroom drama. There are a few more Ts to cross and Is to dot, as Judge Analisa Torres rejected the first settlement draft. The filing, which would end the case and impose a $50 million fine on Ripple Labs, was "procedurally improper." So the lawyers are going back to the drawing board to hammer out a technically complete filing. But it seems like a foregone conclusion that the lawsuit is ending with much lower monetary damages and fewer operating restrictions than the SEC had requested earlier. And this outcome appears to be priced into XRP's chart, with the big jump falling shortly after November's election process. If XRP were a stock... XRP is one of the largest cryptocurrencies at this point, sporting a total market value of $133 billion on July 2. If XRP were a stock, representing the value of the related RippleNet international payments platform, it would be one of the 5 most valuable credit services on Wall Street. The hypothetical XRP market cap would still be far behind sector leaders Visa (NYSE: V) and Mastercard (NYSE: MA), whose market caps stand at $685 billion and $509 billion, respectively. But XRP would be a significant force in the credit services industry -- and I don't think that's entirely fair in 2025. Ripple vs. Visa: Spoiler, it's not a fair fight (yet) There are fewer than 23,000 active accounts in the RippleNet transaction ledger. The platform processes about one million payments per day. The Ripple systems have moved "over $1 trillion" between different counterparties, but that's not on a daily or even annual basis. That's the total value processed since the first Ripple transaction was made in 2012. By contrast, Visa's total payment volume was $3.9 trillion in the most recently reported quarter. Visa's transaction volume was 818 million payments per day. Mastercard's business metrics are about half of Visa's, but still many times richer than Ripple's relatively tiny operations. I'm holding, not hoarding, my XRP coins in 2025 Yes, I believe that RippleNet and XRP will earn their stripes over time. However, the cryptocurrency shouldn't be worth about a quarter of Mastercard's market cap, based on vanishingly small transaction volumes and revenue streams. This bullish drama could very well play out over the next five years, finally making a serious Visa rival out of XRP. It's just too early to give XRP that big of a market cap. I'm happy to hold my own XRP coins for the long haul, but this isn't the best time to back up the digital truck and load up on this cryptocurrency. The SEC lawsuit's closure has already been priced into XRP, and I think the big November jump was an overreaction. You might still want to pick up a couple of XRP coins just to get exposure to this cryptocurrency with real-world business prospects. Just keep those purchases slow and small these days. A lower price or a sudden explosion in RippleNet transactions could signal a real buying opportunity over the next few years. Should you invest $1,000 in XRP right now? Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $692,914!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $963,866!* Now, it's worth noting Stock Advisor 's total average return is1,049% — a market-crushing outperformance compared to179%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 30, 2025
National Post
10 hours ago
- National Post
Trump signs tax-and-spending cut bill at White House ceremony, calls it 'biggest victory yet'
U.S. President Donald Trump speaks on the South Lawn of the White House in Washington, DC on July 4, 2025. Photo by BRENDAN SMIALOWSKI/AFP via Getty Images U.S. President Donald Trump signed his US$3.4 trillion budget bill into law Friday, enshrining an extension of tax cuts, temporary new breaks for tipped workers and funding to crack down on illegal immigration. THIS CONTENT IS RESERVED FOR SUBSCRIBERS Enjoy the latest local, national and international news. Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events. Unlimited online access to National Post. National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles including the New York Times Crossword. Support local journalism. SUBSCRIBE FOR MORE ARTICLES Enjoy the latest local, national and international news. Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events. Unlimited online access to National Post. National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The package encompasses a suite of priorities Trump campaigned on in 2024 — and its enactment at a White House ceremony represents a major political victory for the president whose second term was marked until now by executive rather than legislative action. The legislative milestone reinforces Trump's grip on the Republican Party, whose Capitol Hill leaders muscled the bill through the House and Senate this week. To reach his July 4 target date, Trump worked the phones and summoned some lawmakers to the White House in a pressure campaign to win over key holdouts. Get a dash of perspective along with the trending news of the day in a very readable format. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again 'It's really promises made, promises kept,' Trump said before signing the measure at an outdoor ceremony preceded by an Air Force flyover. After citing what he said were his efforts to restore American strength on the world stage, he called the bill 'the biggest victory yet.' Republican legislative leaders overcame narrow margins, unified opposition from congressional Democrats and objections by fiscal conservatives and moderates to pass the bill before Trump's deadline, which coincided with the Independence Day holiday. Yet the legislative success comes with political risks for the president and Republicans with consequences that could rumble for years. The fiscal package imposes steep cuts and new administrative procedures on nutrition assistance and health programs that provide a safety net for working and unemployed Americans. The nonpartisan Congressional Budget Office estimates the changes will push some 11.8 million Americans off the Medicaid health insurance program. Others have warned that reduced hospital payments could shut down rural medical facilities. The cuts have helped sour the public on Trump's plan, with polls showing it's unpopular. Some Senate Republicans have warned the party could face a backlash at the ballot box. Democrats have vowed to wield the bill against Republicans in the buildup to next year's midterm elections. Trump and his supporters cast the measure as fuel for an economic renaissance, shrugging off nonpartisan projections that the package will drive up the national debt. 'Our country is going to be a rocketship economically,' Trump said, while dismissing polls that suggest the measure is unpopular.
