Author: Jamie Carpenter

The International Monetary Fund (IMF) has significantly downgraded Canada’s economic growth forecast for the next two years, citing the impact of U.S. tariffs. The IMF now projects Canada’s GDP growth at 1.4% in 2025 and 1.6% in 2026, down by 0.6 percentage points and 0.4 percentage points, respectively. This represents a notable setback for Canada’s economic outlook, primarily due to tariffs on Canadian exports imposed by the U.S. Tariffs and Global Trade Uncertainty The IMF blames the downward revision on new U.S. tariffs, which took effect in March, as well as increased uncertainty in global trade. The tariffs have created…

As the Trump administration’s 25% tariffs on the automotive sector drive up car prices, many customers are rethinking their decisions to replace their aging vehicles. A new report from Reuters highlights that the economic fallout from these tariffs could result in 1.8 million fewer car sales annually in both the U.S. and Canada this year. Impact of Tariffs on U.S. and Canadian Car Sales The data, sourced from a forecast by Detroit-area automotive advisory firm Telemetry, predicts a long-term downturn in car sales if the tariffs remain in place. According to Telemetry’s forecast, if the 25% tariffs continue until 2035,…

Instagram is stepping up its efforts to ensure that its younger users are accurately representing their ages on the platform, using artificial intelligence (AI) to verify the ages of users who may have lied about their birthdates. This move, announced by parent company Meta Platforms on Monday, comes amid growing concerns about social media’s impact on teen users’ mental health and well-being. AI to Detect Misrepresentation of Age Meta has been using AI for some time to estimate user ages, but Instagram is now testing a more proactive approach. The company plans to use AI to flag accounts that may…

Japan’s export growth slowed in March, rising by 3.9% compared to the same month last year, missing expectations of a 4.5% increase. This follows a significant rise of 11.4% in February, showing a slowdown in the pace of expansion. Despite this, exports to certain regions, such as the Middle East, saw impressive growth, underscoring Japan’s evolving trade landscape. March Export Performance: Middle East Leads, U.S. Sees Moderate Growth The highest growth in March exports came from the Middle East, with a notable 17.1% increase. Exports to the U.S., Japan’s second-largest trading partner, rose by 3.1%. This performance indicates the continued…

The U.S. labor market remains resilient, but the effects of President Donald Trump’s tariffs are starting to show their strain. While the number of unemployment claims fell to a two-month low in mid-April, businesses continue to tread carefully, uncertain about the future impact of the trade war. The chaotic nature of Trump’s trade policies, with frequent shifts and new duties, has added an extra layer of unpredictability, especially for small businesses. In the midst of this, the housing market also faces mounting pressures, with building activity slowing down due to higher costs on materials and uncertainty about the economy’s future.…

US-China Trade War Escalates, Hitting Global Markets As the US-China trade war intensifies, investors face increasing uncertainty with a widening impact on markets. The latest escalation sees tariffs expanding from chips to planes and pharmaceuticals, causing volatility in global financial markets. The dollar faced a decline, while gold prices hit new records, reflecting heightened safe-haven demand amidst the trade turmoil. Nvidia and Other Companies Face Consequences Nvidia, a major player in the chip industry, saw its shares plummet 6% following new US export controls on chips to China. The move highlights the collateral damage of the escalating trade war, which…

Survey Shows Increased Consumer Concerns Amid Global Trade Tensions In March, consumer confidence dipped as worries about inflation, unemployment, and stock market performance grew, according to the latest Survey of Consumer Expectations from the Federal Reserve Bank of New York. Respondents expressed concerns about a higher cost of living, with inflation expectations rising to 3.6% for the next year, marking the highest level since October 2023. Inflation Worries Surge The survey revealed a notable increase in inflation expectations, which climbed by half a percentage point from February. Consumers now expect inflation to rise by 3.6% over the next year, reflecting…

China’s Response to U.S. Stockpiling Plans China’s foreign ministry issued a stern warning on Monday against bypassing international laws to authorize seabed resource exploration. This statement comes after reports that the U.S. is drafting an executive order to stockpile deep-sea metals, a move seen as part of a broader effort to counter China’s dominance in critical sectors like battery minerals and rare earths. U.S. Plan to Stockpile Deep-Sea Metals According to a report by the Financial Times, the Trump administration is planning to establish a stockpile of deep-sea metals found on the Pacific Ocean seabed. This move is intended to…

Gold as the Top Safe Haven Gold surged to a record $3,200 per ounce on Friday, solidifying its position as the top safe-haven asset in light of escalating tensions between China and the US. The surge in gold prices came as the dollar and bonds both slid, reflecting investors’ shifting sentiments toward US assets amidst an intensifying trade war. Impact of US-China Trade War on Gold Prices On Friday, China announced it would raise duties on US goods to 125%, a direct response to the Trump administration’s move to increase reciprocal tariffs on China to 145%. While tariffs on other…

Crude Prices Plunge, Then Rebound Amid Trade War Chaos The oil market has been shaken by President Trump’s volatile tariff policy, with U.S. crude oil plunging to $55.12 — a 23% drop from early April — before bouncing back to $62.35 following a sudden 90-day tariff pause for most countries. However, with China still targeted by a 125% tariff, West Texas Intermediate (WTI) remains under pressure, and investor confidence is slipping fast. Energy Sector Faces Uncertainty as Investment Stalls Experts warn of “extreme uncertainty” in the U.S. oil sector, as producers hesitate to commit to new drilling. “There’s a pause…