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Vancouver Sun
7 days ago
- Business
- Vancouver Sun
U.S.-Canada trade talks back underway as Trump's wish list, from oil to DEI, keeps growing
Trade talks are reportedly continuing between Canada and the U.S., with formal meetings having taken place since U.S. President Donald Trump revealed more threats and demands last week, a source close to the White House said. Prime Minister Mark Carney said Tuesday that he expected U.S. tariffs would likely be part of any future deal. 'There is not much evidence at the moment — from the deals, agreements and negotiations with the Americans, for any country or any jurisdiction — to get a deal without tariffs,' Carney said. He also said he expected trade talks to 'intensify' in the next few weeks. Washington and Ottawa have been engaged in tempestuous trade talks for months. Carney's team is desperate to end tariffs imposed by Trump on Canadian steel and aluminum exports and keep tariff exemptions for goods covered by the U.S.-Canada-Mexico trade deal (USMCA). Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. After Carney's election in April, things appeared to be going well for awhile: Carney visited the White House, he seemingly got Trump to drop his talk of making Canada a '51st state,' and the prime minister quickly gave in when the president threatened to end talks if Canada didn't scrap its digital services tax (DST) on U.S. tech firms. Carney also pledged last month to increase defence expenditures dramatically to meet a higher NATO spending target by 2035, a priority of Trump's. It looked like negotiations could lead to a new U.S.-Canada deal before the July 21 deadline the two of them had set for themselves. Then came the letter. Trump wrote an open letter to the prime minister last week, threatening to impose 35 per cent tariffs on Canadian goods starting Aug. 1, vaguely citing as reasons Ottawa's trade deficit, counter tariffs, dairy trade restrictions, and failure to halt fentanyl from crossing the border. What Trump didn't do — as he had done with the DST — was outline exactly what Carney needed to do to get things back on track. National Post looks at the reasons Trump might have wanted to derail the negotiations — and what other surprises the White House might have in store. Trump is under pressure Trump 'likes to keep us in suspense,' says Andrew Hale, a senior policy analyst at Heritage Foundation. But there is a timing issue at play here that goes beyond the negotiations. 'Basically, they have a window of time to use these 'Liberation Day' tariffs,' he says, referring to Trump's sweeping new international tariff regime unveiled in April. Hale said there is significant legal pushback facing the administration's use of the International Emergency Economic Powers Act (IEEPA) that ostensibly gives the president power to circumvent Congress to impose tariffs in urgent situations. So far, there have been a few court rulings against Trump's use of IEEPA tariffs. Oral arguments in the U.S. Court of Appeals are scheduled to begin for one of those rulings on July 31, with another court set to hear two other tariff-related cases in September. To use IEEPA, a genuine emergency needs to be declared. What Trump did was declare emergencies based on trade deficits, drug trafficking, and immigration. Well, 'we've been running trade deficits for decades,' says Hale. U.S. j udges have ruled that there is no direct connection between the national emergency declared over fentanyl and illegal migration. The court rulings could still go either way. '(Trump's team is) concerned that they will no longer be able to weaponize these (tariffs) in trade negotiations,' Hale adds. 'By simply heaping on the pressure and saying, 'Bam, you get these tariffs, you're getting increased tariffs and the rest of it,' they're trying to get as many concessions as possible whilst they can still use them.' If Trump's emergency tariffs lose in court, he'd be left with the less-powerful weapon to restrict imports deemed a national security threat, under Section 232 of the Trade Expansion Act. 'I do know that Plan B is to use the 232 tariffs as an alternative more aggressively,' Hale said. But he notes that they are product-specific and do not allow for across-the-board tariffs. Tori Smith, a senior vice president at Forbes Tate Partners, a government-relations consultancy in Washington, points out that Trump's Aug. 1 deadline doesn't seem random given the appeal hearing against emergency tariffs set to start on July 31. She also notes that the review scheduled of the USMCA, as part of its original terms, begins in October. Trump's letter, Smith said, was probably meant to 'create leverage for the United States in advance of the USMCA review.' Smith said the 'long-game strategy' for the White House is to put it in the 'strongest position for (the USMCA) negotiations.' White House revenge There may also be something more personal going on, according to a source close to the administration, who spoke on condition of anonymity. The NAFTA negotiations in Trump's first term that led to the USMCA were headed by United States Trade Representative (USTR) Ambassador Robert Lighthizer, who had a cordial relationship with Canada's then-foreign affairs minister Chrystia Freeland. In the process, Lighthizer reportedly neutralized Peter Navarro, then director of the Office of Trade and Manufacturing Policy , a fierce protectionist and Trump loyalist, who is now a senior adviser to the president on trade. 'He's never really forgiven Lighthizer for that,' the source said. (Lighthizer has since returned to private life.) While the USMCA was once touted by U.S. officials as the 'gold standard' of trade deals, possibly the reason the administration has talked of ripping it up 'was because Navarro sees that as Lighthizer's golden legacy, and he has reasons … personal bitterness, to rip it up.' David Boling, a former deputy assistant USTR for Japan, said he never witnessed the two men in meetings together and couldn't comment on their working relationship. But they had very different styles, he recalled. 'Lighthizer skillfully renegotiated NAFTA by building up trust with Capitol Hill Democrats. Coalition-building, however, is not Navarro's strong suit,' said Boling, who now works at the political-risk consultancy Eurasia Group. Navarro recently said he didn't like negotiating with Canada, while Mexico's negotiators were a 'pure joy to deal with.' 'You know, they (Mexicans) were tough negotiators, but they were reasonable, fair negotiators. The Canadians were very, very difficult, and they've always been very difficult,' he said in a television interview last week . Little downside for Trump It seems that the more Trump has pushed for concessions from Canada — on defence, on digital taxes, on fentanyl crackdowns — the more he's been able to get. Sources say his senior economic team feels they have to sell the president on deal structures, but that Trump often feels he can press for more. 'I think that this can be demonstrated pretty obviously by the Vietnam announcement,' says Smith, noting how Vietnam's team thought they would be getting a lower tariff rate than 20 per cent, but then Trump 'put out a different rate than had been negotiated or talked about by his team.' Trump mentioned Canada's highly restricted market for dairy in his open letter to Carney. But he might also start pushing for Canada to commit to more things beyond trade, as he has with fentanyl and defence. 'The Trump administration has also leveraged tariffs in matters that go well beyond trade policy with a number of countries,' said Hale. In March, the president warned countries buying Venezuelan oil they would be punished with tariffs on all U.S. exports; in the last two weeks, he's threatened 'severe tariffs' on Russia if it didn't make peace with Ukraine, and tariffs on BRICS-aligned countries (meaning Brazil, Russia, India, China, and South Africa as well as Iran and Indonesia) because he said they wanted to undermine the U.S. dollar. So he may want to wield economic pressure to try getting Carney to commit to helping restart a new Canada-U.S. oil pipeline after Keystone XL was killed by the last American president, the source close to the White House said. 'They want the Keystone XL pipeline big time,' the source said. Trump has never stopped wanting that pipeline since he approved it in his first term, and has raised it repeatedly since his re-election, noted Diana Furchtgott-Roth, director of the Center for Energy, Climate, and Environment at the Heritage Foundation. 'Everybody knows that Prime Minister Carney has a focus on the environment, rather than fossil fuel production, so I imagine that it might be a sticking point,' she added. So would the fact that, right now, there is no company proposing that project, since the former proponent, TC Energy, abandoned it. Apparently, the White House also wants Carney to loosen up on Liberal social objectives, like ESG (environment, social and governance) and DEI (diversity, equity and inclusion), that have in recent years complicated regulation in Canada, including for American companies that do business here. Trump has been aggressive about deregulating away from social and climate rules in the U.S. since he took office. But Carney is 'religious' about ESG, said the Washington source, which could be a 'real barrier to these things getting forward.' Yet, if Carney got rid of net-zero targets and environmental impediments, 'I think there'd be a massive love-in,' the source added. How many of these new lines of negotiation — dairy, defence, oil, DEI, ESG or others — the president opens is anyone's guess, but what is almost certain is that current trade wrangling will bleed into October's USMCA review and well into 2026, said Smith. 'The next year is going to continue to be very uncertain and rocky for Canada,' she said. National Post tmoran@ Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our politics newsletter, First Reading, here .
Business Wire
15-07-2025
- Business
- Business Wire
Blue Door AM I Announces Launch of $64.8 Million DST Offering
LADERA RANCH, Calif.--(BUSINESS WIRE)--Blue Door AM I, LLC, an indirect subsidiary of Strategic Storage Growth Trust III, Inc. ('SSGT III'), and an affiliate of SmartStop Self Storage REIT, Inc. ('SmartStop'), is pleased to announce the launch of Blue Door Property II, DST ('Blue Door II'), a new Delaware Statutory Trust (DST) investment program. Blue Door II offers accredited investors the opportunity to participate in the self-storage sector through a diversified portfolio of three debt-free institutional-quality properties located in Orlando, Florida and Pasadena and Corinth, Texas. The Orlando property consists of approximately 680 units and 97,300 net rentable square feet, the Pasadena location features approximately 840 units and 106,600 net rentable square feet, and the Corinth property includes approximately 770 units and 97,100 net rentable square feet. The program seeks to raise approximately $64.8 million from accredited investors and is designed to target high-growth markets across the United States, providing investors with access to a historically resilient real estate asset class. Blue Door's DST structure gives accredited investors, including those completing a 1031 exchange, the opportunity to defer taxes and reinvest into professionally managed self-storage properties. "Launching the Blue Door II DST program reflects our continued commitment to delivering professionally managed, institutional-grade self-storage properties to retail investors," said H. Michael Schwartz, CEO of SSGT III. "SmartStop's growing footprint across North America is a reflection of our operational expertise and the strength of our brand, which continue to resonate with both customers and investors." About Strategic Storage Growth Trust III, Inc. (SSGT III): SSGT III is a Maryland corporation that elected to qualify as a REIT for federal income tax purposes. SSGT III's primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of July 15, 2025, SSGT III has a portfolio of 10 operating properties in the United States, comprising approximately 8,020 units and 880,575 net rentable square feet; five operating properties in Canada, comprising approximately 3,180 units and 326,190 net rentable square feet; and joint venture interests in three developments in two Canadian provinces (Québec and British Columbia). In addition, Blue Door AM I, a subsidiary of SSGT III, serves as the sponsor of two Delaware Statutory Trusts, which currently own five operating properties in the United States comprising approximately 3,420 units and 472,100 net rentable square feet. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of July 15, 2025, SmartStop has an owned or managed portfolio of 229 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 164,300 units and 18.4 million rentable square feet. SmartStop and its affiliates own or manage 43 operating self-storage properties in Canada, which total approximately 36,400 units and 3.7 million rentable square feet. Additional information regarding SmartStop is available at This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum of Blue Door II (the "Memorandum") to accredited investors only pursuant to an exemption from registration under the Securities Act of 1933 in accordance with Rule 506(c) of Regulation D. Please read the entire Memorandum paying special attention to the risk factors section prior to investing. Internal Revenue Code Section 1031 is a complex tax code; therefore you should consult your tax or legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, DST properties and real estate securities, including illiquidity, tenant occupancies, general market conditions and competition, lack of operating history, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and self storage properties, the DST and master lease structure, offering fees and expenses, potential adverse tax consequences, general economic risks and long hold periods. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. For an investor to qualify for any type of investment, there are both financial requirements and suitability requirements that must match specific objectives, goals and risk tolerances. Securities offered through Orchard Securities, LLC, member FINRA, SIPC.
Yahoo
14-07-2025
- Business
- Yahoo
Dividend Investing: 2 Undervalued Stocks to Buy and Hold for the Next 5 to 8 Years
Written by Joey Frenette at The Motley Fool Canada Canadian dividend investors have plenty of yield-heavy options as we approach the middle of July and the peak summer season. Undoubtedly, the TSX Index is running hot, but after President Donald Trump's latest tariff threats (of 35%), the TSX could run out of steam and sit on the sidelines, even as the S&P 500 and Nasdaq 100 indices continue to proceed higher. Indeed, it's a frustrating time for some Canadian investors exposed to those tariff-sensitive plays. But given the market's resilience and the fact that Canada wants to play ball (they pulled back on the DST (Digital Services Tax) to resume negotiations with the U.S.), I do think that investors probably shouldn't opt to sell now as they plan to buy into weakness. It's hard to tell when the next correction will hit or if the 35% tariff will even see the light of day come the start of August. Indeed, the can may be kicked further down the road, or we may get a surprise deal that sets the TSX Index up very well for a strong finish to 2025. In any case, timing the market or trying to predict things is never a good idea for new investors. Instead, it pays literal dividends to go for the undervalued names on weakness as you aim to hold them for years at a time before their full worth is recognized by most other investors. Here are two dividend-paying names I like for the next five to eight years (and even beyond): First up, we have a fertilizer-producing top dog in Nutrien (TSX:NTR), which sports a nice 3.8% yield at the time of writing. And while the stock received another downgrade (to Hold from Buy), this time courtesy of Jefferies. Indeed, there may be a lack of catalysts ahead, and the potential for fertilizer prices to retreat a bit. And while Nutrien can't control which direction potash (and other agricultural commodity) prices move over the short term, I do think the firm is excelling at driving down costs of production and riding out periods of industry stagnation. Despite the recent downgrades and calls for more muted upside, I remain a bull for the soaring global population that calls for higher crop yields. While the $40 billion producer may get a bit choppier from here (1.2 beta, which entails more volatility than the TSX Index on average), I think any dips will be more than worth buying for the long haul. Shares are still down around 40% and offer plenty of bang for the buck. BCE (TSX:BCE) disappointed many income investors when it reduced its payout, but with a more sustainable 5.8%-yielding dividend, I do think it's time for value hunters to get back into the name on recent strength. Sure, the latest 9% pop off recent lows may be dwarfed by the nearly 60% implosion that preceded it. Simply put, BCE is profoundly unloved, but may be in for a considerable relief bounce at some point over the next couple of years. But with deep value to be had and a massive valuation 'reset' now in the books, it may not take much to send shares rocketing higher again. Additionally, I think the AI data centre initiative (Bell AI Fabric) is quite intriguing and could eventually grow into a nice business that helps nudge BCE to its former glory. In the meantime, look for the fibre-first move and cost cuts to help BCE gain ground as the telecom improves the state of its balance sheet. The post Dividend Investing: 2 Undervalued Stocks to Buy and Hold for the Next 5 to 8 Years appeared first on The Motley Fool Canada. Before you buy stock in BCE, consider this: The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and BCE wasn't one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years. Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the 'eBay of Latin America' at the time of our recommendation, you'd have $24,927.94!* Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 30 percentage points since 2013*. See the Top Stocks * Returns as of 6/23/25 More reading 10 Stocks Every Canadian Should Own in 2025 [PREMIUM PICKS] Market Volatility Toolkit A Commonsense Cash Back Credit Card We Love Fool contributor Joey Frenette has no position in any of the stocks mentioned. The Motley Fool recommends Nutrien. The Motley Fool has a disclosure policy. 2025
The Hindu
14-07-2025
- Business
- The Hindu
Too close for comfort: On America's tariff and U.S.-Canada ties
On July 10, U.S. President Donald Trump announced a 35% tariff on Canadian imports, despite Ottawa rescinding a 3% digital services tax (DST) that was to go into effect on June 30; Mr. Trump had dubbed this as an 'attack on American firms'. Canada expected that it would generate about $5 billion from DST on revenues from Canadian-source digital services over five years dating it back to January 1, 2022. The 35% tax was imposed despite ongoing trade talks, which Canada was hoping would result in a trade deal by July 21 — as agreed upon between Canadian Prime Minister Mark Carney and Mr. Trump on the sidelines of the G-7 summit in mid-June. The new 35% tax, that was conveyed to Mr. Carney through a letter, which Mr. Trump sent to more than 20 U.S. trading partners, is likely to exempt items compliant under the 2018 United States-Mexico-Canada Agreement. Canada and the U.S. are each other's largest trading partners. In fact, despite Mr. Trump's constant refrain about the flow of fentanyl, the opioid coming through America's northern borders (less than 0.1% of what lands in the U.S.), what has rankled the American President is the trade surplus of about $63 billion in Canada's favour. This on-again-off again approach to tariffs as a stick against America's trading partners has forced even steadfast allies such as Canada to scramble to diversify. Hours before receiving Mr. Trump's letter, Mr. Carney posted a picture of himself with British Prime Minister Keir Starmer on X, saying, '... the world is turning to reliable economic partners like Canada.' America's action against Canada brings to mind a similar episode about a decade ago between close neighbours, India and Nepal. India closed land ports following the enactment of Nepal's new Constitution citing fears about the treatment of the minority Madhesi community that has had close ties to India. This action crippled Nepal's land-locked economy that was entirely reliant on Indian ports such as Kolkata and Visakhapatnam for its trade. Acute fuel and medicine shortages followed. Nepal's GDP collapsed from 3.3% in FY15 to 0.2% in FY16, and Nepalis began harbouring a deep resentment toward India. New Delhi's move forced Nepal to recalibrate its foreign and economic policy, eventually leading it to join China's Belt and Road Initiative in 2017 and accepting massive infrastructure funds from Beijing, much to New Delhi's dismay. This episode, between two vastly different nations, would serve Washington well to realise that mending a trade imbalance must not come at the expense of losing one of its closest allies with deep running cultural and linguistic ties, as Canada, with an economy that is one-eleventh that of the U.S. albeit with a trade surplus, now attempts to redraw its foreign and economic strategies.
Toronto Sun
12-07-2025
- Business
- Toronto Sun
GUNTER: If Trump forces end of Canadian supply management, good riddance
Prime Minister Mark Carney and U.S. President Donald Trump pose during a group photo at the G7 Summit in Kananaskis, Alta., on Monday, June 16, 2025. Photo by Mark Schiefelbein / AP Remember when the Liberals were adamant they would never give up their digital services tax (DST)? This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. 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 Don't have an account? Create Account They were all 'elbows up.' They huffed they would never give in to the Trump White House. Besides, they were sure there were votes to be had in making 'rich' American streaming services pay more than $2 billion a year. That was on a Friday. By late that Sunday, the Libs had folded. Completely. What changed in 48 hours is that U.S. President Donald Trump threatened to cut off all trade talks with Canada if the Liberals didn't jettison the DST. The Liberals did the right thing. The DST was a bad idea. Canadians would have suffered higher subscription costs, higher prices for delivered goods and fewer viewing choices. But the way the government went about doing away with the DST made Prime Minister Mark Carney look weak. So weak, it's only a matter of time before Trump comes back looking for more. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The safe bet is supply-managed agriculture will be next. Canadians should be grateful. In Canada, all but the smallest, artisanal agri-food businesses are controlled by government-backed marketing boards that decide who can produce — and more importantly sell — milk, cream, butter, cheese, yogurt and other dairy products. Eggs, chicken and turkey are included, too. Price controls and import restrictions are also part of supply management. Some dairy products, for instance, are protected against imports from the States and EU by tariffs as high as 300 per cent. It's a good deal for supply-managed producers. It protects them from competition and ensures they received stable prices without much risk. But it's a bad deal for consumers. Economists estimate the average Canadian family pays $400 a year more for dairy alone. This advertisement has not loaded yet, but your article continues below. There's another problem, too. Milk supply is heavily skewed toward drinkable milk. That makes the price of milk for producers of, say, special yogurts, too expensive. So consumers have fewer choices. Supporters of supply management claim it protects farmers' incomes, making it unnecessary for governments to subsidize their livelihoods, as they often do in the U.S. But that only means that Canadians are subsidizing farmers as consumers, rather than as taxpayers. (They shouldn't have to do either.) For decades, Canadian politicians of all stripes have been afraid to significantly modify supply management. The farm lobby is more vocal than the consumer lobby. And supply management is heavily concentrated in vote-rich Ontario and Quebec. This advertisement has not loaded yet, but your article continues below. It's no coincidence that the first motion passed by Parliament after April's election was a unanimous resolution, introduced by the Bloc, to exempt supply management from any future trade talks. It won't be as easy for the Liberals to crater on supply management as it was on the DST. The digital tax had few supporters. Supply management has vehement defenders in parts of the country the Liberals count on to keep them in power. For instance, while the farm receipts from supply-managed operations account for less than 10 per cent of total farm income on the Prairies, they can be more than three times that much in Ontario and Quebec. And all across the country, diary quotas in particular can cost millions for new farmers to buy from older ones. That is a 'stranded cost' that would have to be paid for by any government wanting to disband supply management. This advertisement has not loaded yet, but your article continues below. The cost could be well over $20 billion to buy out supply-managed farmers. But Australia ended supply managed dairy during the 1990s. Their consumers now enjoy lower prices while their farmers enjoy revenues more than 50 per cent greater after inflation. When the Harper government sought to get rid of the Wheat Board monopoly over Prairie grains in 2012, there was no end of fearmongering over the devastation it would rain on farmers. But that never materialized. There are very few wheat farmers who would go back to old way. Provided the stranded costs are fairly handled, a decade from now few farmers would miss supply management, either. World Relationships World Toronto Blue Jays MLB
