Canada’s Trade Minister Says The U.S. Is Still Negotiating “in Good Faith” Despite New Tariffs

Summary:

Canada says the U.S. hasn’t walked away from trade talks, even after new tariffs were slapped on Canadian exports. This came straight from Dominic LeBlanc, Canada’s trade minister, during an

Canada says the U.S. hasn’t walked away from trade talks, even after new tariffs were slapped on Canadian exports.

This came straight from Dominic LeBlanc, Canada’s trade minister, during an interview on CBS’ Face the Nation on Sunday.

According to CBS, Dominic said President Donald Trump is still “negotiating in good faith” and talks aren’t dead. Dominic expects Trump and Prime Minister Mark Carney to speak in the next few days.

The tariffs went into effect last Thursday. They hit products that aren’t covered under the United States-Mexico-Canada Agreement. That deal, negotiated by Trump during his first term, still protects a large part of Canada’s economy.

But not everything is off the hook. The new levies are putting real pressure on Canada’s steel and aluminum industries, as Trump’s administration continues to push for more domestic manufacturing.

Dominic didn’t deny the impact. He said both countries should be able to keep supplying each other “in a reliable, cost-effective way” that keeps jobs going in both economies.

Canada tries to protect trade despite political friction

Dominic flew to Washington last week and stayed there for several days to meet with senior officials at the White House. He said the meetings were productive, even though the tariffs had already gone live.

He pointed to the decades-long economic relationship between the two countries, referencing the original free trade agreement from the Reagan era. He said the U.S. and Canada “build things together.”

That statement came as Dominic tried to make the case that the two economies are deeply connected. He said, “That’s why it’s difficult in this relationship when so much is integrated.” Dominic said the shared supply chains make it hard to fully separate the two sides, and that’s part of why Canada is still talking.

He also said Canada understands why Trump wants to protect national security, but still wants to find a way to make a trade agreement that works for both countries.

He said, “We understand and respect totally the President’s view in terms of the national security interest. In fact, we share it.” But he also pointed out that any deal must keep jobs alive on both sides of the border. Dominic framed the conversation as a search for a structure that protects critical industries in both countries without blowing up the trade flow.

Trump’s social media post throws in a new twist

Late last week, Trump posted on his platform that Mark Carney’s support for recognizing Palestinian statehood could get in the way of a deal. Trump wrote that the pledge makes it “very hard for us to make a Trade Deal with them.” That post added a political wrinkle to what had been mostly economic talks.

Dominic didn’t directly respond to the comment during his CBS appearance. But he didn’t change his tone either. He kept saying there’s still room for progress and repeated that Canada wants to keep things moving.

At the White House, Kevin Hassett, who leads the National Economic Council, gave his own update. He said Sunday on NBC that the new tariff rates are “more or less locked in,” though he added that there might still be “some dancing around the edges” when it comes to the fine print. Hassett confirmed that the reciprocal rates would kick in the following week for any country that didn’t have a deal in place, Canada included.

He also said that no amount of negative market reaction would push Trump to change his position, unlike what happened in April when the “liberation day” tariffs triggered backlash. This time, Hassett said, “The markets have seen what we’re doing and celebrated it. And so I don’t see how that would happen. I would rule it out. Because these are the final deals.”

So far, Canada hasn’t threatened retaliation. Dominic is keeping the focus on economic cooperation, and Carney hasn’t addressed the Palestine comment publicly. The talks remain tense but active.

Both sides know that pulling the plug on this relationship could cause real damage, especially to the industries now caught in the crossfire.

Source: CryptoSlate

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Bethany Sullivan

A couple of months ago it would have been a brave call to say that OPEC+ would be able to bring back 2.5 million barrels per day of crude production and still keep oil prices anchored around $70 a barrel.

But this is exactly what has occurred, with the eight members of the producer group winding back the last of their 2.2 million bpd of voluntary cuts by September, as well as allowing a separate increase for the United Arab Emirates.

The eight OPEC+ members met virtually on Sunday, agreeing to lift output by 547,000 bpd for September, adding to the increases of 548,000 bpd for August, 411,000 bpd for each of May, June and July, as well as the 138,000 bpd for April that kickstarted the unwinding of their voluntary cuts.

OPEC+ stuck to their recent line that the rolling back of production cuts was justified by a strong global economy and low oil inventories.

It's debatable as to whether this is actually the case. Certainly, demand growth in the top-importing region of Asia has been lacklustre.

Asia's oil imports were about 25.0 million bpd in July, down from 27.88 million bpd in June and the lowest monthly total since July last year, according to data compiled by LSEG Oil Research.

While China, the world's biggest crude importer, has been increasing purchases in recent months, much of this is likely because of lower prices that prevailed when June- and July-arriving cargoes were arranged.

It's also the case that China has likely been adding to its stockpiles at a rapid pace, and while it doesn't disclose inventories, the surplus of crude once refinery processing is subtracted from the total available from domestic output and imports was 1.06 million bpd over the first half of 2025.

Thomson ReutersASIA OIL

OPEC+ LUCK?

It appears more likely that OPEC+ has largely been fortunate in that it has been increasing output at a time of rising risks in the crude oil market, largely from geopolitical tensions.

The brief conflict between Israel andIranin June, which was later joined by the United States, did lead to an equally brief spike in crude prices, with benchmark Brent futuresreaching a six-month high of $81.40 a barrel on June 23.

The price has since eased back to trade around the $70 mark, with some early weakness in Asia on Monday seeing Brent drop to around $69.35.

But the point is that the Israel-Iran conflict arrested a downtrend in oil prices that had been in place for much of the first half of the year.

Crude prices have also been supported in recent days by U.S. PresidentDonald Trump's threats of wide-ranging sanctions against buyers of Russian oil unless Moscow agrees to a ceasefire in itswar with Ukraine.

As with everything Trump, it pays to be cautious as to whether his actions will ultimately be as drastic as his threats. But it would also be foolhardy to assume that there will be no impact on crude supplies even if any eventual measures imposed by the United States are not as drastic as feared.

There are effectively only two major buyers of Russian crude, India and China.

Of these two, India is the far more exposed given its refiners export millions of barrels of refined products, many made with Russian oil.

India imported 2.1 million bpd of Russian oil in June, according to data compiled by commodity analysts Kpler, which is the second-highest monthly total behind only 2.15 million bpd in May 2023.

In recent months, India has been buying about 40% of its crude from Russia and if it were to replace that with other suppliers, it would have a severe impact on oil flows, at least initially.

It's likely that a combination of Middle East, Africa and Americas exporters could make up for India's loss of Russian barrels, but this would tighten supplies considerably and likely keep prices higher.

Whether Russia and its network of shadowy traders and shippers could once again work around sanctions remains to be seen, but even if they could, it would still take some time for them to get Russian crude through to buyers.

For now, much remains up in the air and OPEC+ members are following a smart strategy in taking advantage of the uncertainty to bring their production back and rebuild market share.

How long this play can work is the question.

Even if Russian barrels do leave the market, it's also possible that demand growth disappoints in the second half as the impact of Trump's trade war becomes more apparent, cutting global trade and lowering economic growth.

Source: TradingView

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Daniel Carter

Economic

Central Bank

Key Takeaways:

● Williams points to substantial job growth revisions as significant news.

● Potential impact on U.S. monetary policy outlook.

● Influence on crypto markets with dovish expectations rising.

Federal Reserve Vice Chair John C. Williams highlighted significant downward revisions to May and June job growth as the core takeaway from Friday's Nonfarm Payrolls report, influencing U.S. labor market perceptions.

These revisions suggest potential shifts in Federal Reserve policies, impacting investor sentiment and risk asset allocations, especially in macro-sensitive cryptocurrencies like Bitcoin and Ethereum.

The Federal Reserve's Vice Chair John C. Williams emphasized the significant downward revisions in May and June job growth as the real news from the latest Nonfarm Payrolls report.

John C. Williams, a prominent figure at the Federal Reserve, has noted these revisions as pivotal, highlighting slowing job growth and labor supply challenges. "Significant downward revisions to May and June job growth were the 'real news' in Friday's Nonfarm Payrolls Report." His insights may widen policymaking approaches.

The revisions hint at a slowing labor market, potentially steering Federal Reserve policy towards rate cuts in 2025. This has implications across financial sectors.

Market observers anticipate changes in risk asset allocations, including effects on Bitcoin and Ethereum, as expectations of a dovish Federal Reserve policy intensify.

The crypto sector's historical reactions to U.S. labor data suggest that dovish policy anticipations could foster positive sentiments in digital asset markets.

Historical data indicates that labor market changes often prompt shifts in both on-chain activity and macroeconomic policy adjustments. These developments could drive increased interest in crypto markets.

Source: CryptoSlate

To stay updated on all economic events of today, please check out our Economic calendar

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IC Markets

Economic

Political

Forex

It was a massive week for financial markets last week, with major central bank rate calls, big US data, and trade updates all contributing to some big moves across products.The week ahead certainly does not have as much scheduled on the macroeconomic calendar, but there are still some big data updates to come, and the Bank of England will be making a big interest rate call.As well as those scheduled events, traders are anticipating more on the geopolitical front, and there are more big earnings reports to come, so volatility is expected to remain high in the coming days.

Here is our usual day-by-day breakdown of the major risk events this week:

There are bank holidays in both Australia and Canada on Monday, which could see some liquidity removed from the market for the first day of the week, and very little on the calendar apart from the key Swiss CPI data early in the London session.

Tuesday is also relatively quiet on the event calendar. The Bank of Japan Monetary Policy Meeting Minutes are out in the Asian session, and we have US ISM Services PMI data out in the New York day, but traders are expecting to see relatively smooth trading conditions across the sessions.

The main data update for Wednesday comes out very early in the day, with New Zealand employment numbers due out early in the Asian session. There is very little else scheduled across the rest of the trading day; however, we are due to hear from Fed members Daly, Collins, and Cook, and given recent updates on the FOMC, traders will be expecting some moves in US markets around the updates. The weekly US Crude Oil Inventory data drop is also scheduled during the New York session.

The busiest day of the week in terms of scheduled calendar events. Once again, Kiwi markets will be in focus during the Asian session with the latest quarterly Inflation Expectations data due out. The big event of the day – and indeed the week – comes midway through the London session, with the Bank of England expected to deliver a rate cut. The New York session sees the usual weekly Unemployment Claims data released, as well as the Canadian Ivey PMI numbers.

It is a quiet calendar day to close out the week, with nothing of note scheduled for release during the first two trading sessions of the day. Canadian markets will be in focus during the final session of the week, with employment data set for release, and traders will also note that key Chinese CPI and PPI numbers will be released on Saturday. Any big deviations from expectations can lead to some gapping on the Monday open.

Source: IC Markets

To stay updated on all economic events of today, please check out our Economic calendar

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Samantha Luan

Cryptocurrency

Forex

Economic

Key Points:

● The initiative focuses on building national blockchain networks.

● State enterprises lead the project.

● Market impact remains minimal as the plan is in early stages.

China's $54.5 Billion Blockchain Initiative

China plans to build a national public blockchain by 2029, investing $54.5 billion. Central state-owned enterprises lead this initiative, guided by the National Development and Reform Commission and National Data Administration, focusing on infrastructure rather than global cryptocurrencies.China has embarked on a $54.5 billion blockchain initiative, spearheaded by central state-owned enterprises, to establish a national public blockchain infrastructure by 2029.This project reflects China's strategic ambition to create influential blockchain networks, driven by substantial government investment and managed by state agencies, with significant long-term global implications.

National Development and Reform Commission and National Data Administration

China is launching a comprehensive plan under the National Development and Reform Commission (NDRC) and National Data Administration (NDA) to enhance its blockchain infrastructure. The $54.5 billion investment aims to establish a national blockchain network by 2029.

Involvement of Central State-Owned Enterprises

Central state-owned enterprises, including large telecom and infrastructure entities, are taking the lead. They are expected to pilot and scale blockchain infrastructure, underlining the project's national importance.

Global and Domestic Impact

The effects on global cryptocurrencies like ETH and BTC are negligible at present, as emphasis lies on data governance. Infrastructure development focuses on domestic and regulated environments rather than global public cryptocurrencies.

Potential Implications

The roadmap's implications span various sectors. Political and economic facets underscore the Chinese government's dedication to technological autonomy and national control, potentially reshaping global blockchain dynamics.Zhulin Shen, Deputy Director, National Data Administration, stated, "The project is expected to attract approximately 400 billion yuan ($54.5 billion) in annual investments over the next five years."Historically, China's strategies like "Made in China 2025" have mirrored this blueprint, prioritizing indigenous innovation. Future outcomes may involve enhanced regulatory frameworks, technological advances, and economic growth within the domestic market.

Source: CryptoSlate

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Daniel Carter

Commodity

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022.

A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories.

The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September.

The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule.

The move follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August. OPEC said the production adjustments may be paused or reversed as market conditions evolve.

When production increases, oil and gasoline prices may fall. But Brent crude oil, which is considered a global benchmark, has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, according to research firm Clearview Energy Partners.

"President Trump has not obviously relented from his threat to sanction Russian energy if the Kremlin does not reach a peace deal with Ukraine as of August 7, potentially via 'secondary tariffs' on buyers," Clearview Energy Partners said in an analyst note Sunday.

The eight countries will meet again on Sept. 7, OPEC said in a news release.

Source: Yahoo Finance

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Gerik

Economic

The Foundations Are Shifting, But Not Crumbling

Germany’s economic model, built on a strong backbone of small and medium-sized enterprises (SMEs), has long thrived under globalization and just-in-time production systems. These SMEs over 99% of German companies are known for innovation, high wages, and global market leadership in niche sectors. However, this model now faces pressure from rising energy costs, disrupted global supply chains, and changing geopolitical dynamics.

As economist Martin Lück points out, the shifting role of global superpowers is complicating trade-dependent economies like Germany. Firms are now forced to adapt to fragmented markets, protectionist policies, and technological disruption.

Economic Forecasts Paint a Bleak Picture But Not for All

The OECD projects that Germany will experience the slowest growth among major industrialized nations in 2025. Yet Bundesbank President Joachim Nagel remains cautiously optimistic, suggesting the worst may be over: “The dry spell is gradually ending,” he noted, though challenges remain.

This aligns with historical cycles according to economic historian Werner Plumpe, crises are recurring but necessary. From the global financial crisis of 2008 to the eurozone turmoil and the COVID-19 pandemic, Germany has repeatedly emerged from turbulence with a redefined economic outlook.

Painful Adjustments and the Need for Bold Reform

German businesses are now revisiting outdated business models, restructuring departments, and in some cases closing or selling subsidiaries. For employees, especially long-serving ones, this shift is jarring. Yet from a strategic standpoint, these adjustments are often essential for survival in a changing market.

Economists argue that throwing money at problems isn’t enough Germany must become bolder in embracing innovation. Chris-Oliver Schickentanz of Capitell AG stresses the importance of technological openness, especially toward AI. Holger Schmieding of Berenberg Bank calls for less regulatory rigidity and more targeted investment in infrastructure and research.

Learning from the Agile: Digital Lessons from the Baltics

One consistent critique is Germany’s regulatory conservatism. In contrast, countries like Estonia and Lithuania have rapidly become leaders in digital governance. Germany, with its strong educational institutions and research centers, has the intellectual capacity to catch up provided it can overcome bureaucratic inertia.

The recent federal fiscal stimulus and planned reform of the constitutional debt brake could reignite private sector investment. If implemented effectively, these moves may position Germany as a more attractive alternative to the U.S. for foreign capital, especially amid rising trade tensions.

Germany’s path forward is far from guaranteed, but it is not doomed to decline. Its inherent economic strengths diverse industrial capabilities, a skilled workforce, and institutional stability can be leveraged for a strategic comeback. As economist Martin Lück suggests, if global conditions push investors away from the U.S., “Europe must step up especially Germany.” With cautious optimism and decisive reforms, the country may transform today’s stagnation into tomorrow’s resurgence.

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