Global News: Highlights from August 1, Including International Developments
In the realm of international trade, the ongoing trade war between the U.S. and Canada continues to shape the economic landscape. Ford, a key player in the automotive industry, is advocating for retaliation against Trump's tariffs, urging Canadian Prime Minister Mark Carney to increase tariffs on American steel and aluminum imports to 50% [3].
The tariffs are causing significant financial impact, with Ford expecting a $2 billion profit loss in 2025, despite efforts to adapt its supply chain and maintain domestic production [1][4]. The tariffs are also fueling the "Buy Canadian" movement, as consumers and policymakers reconsider their purchasing decisions in light of the economic disadvantages faced by Canadian automakers compared to foreign competitors [4].
However, the actual escalation of tariffs from Canada may be limited by trade agreement exemptions, such as those under the Canada-U.S.-Mexico Agreement (CUSMA) [3]. This creates a complex environment, where the "Buy Canadian" push is partly a response to economic pressures from tariffs, but any formal retaliation is still under strategic consideration by Canadian authorities [3].
Meanwhile, Canada's housing market is experiencing a 'new normal' that resembles the 'old normal'. After months of volatility, the market is showing signs of stabilisation, offering a glimmer of hope for home buyers and sellers [2].
Tune in to Global National with Dawna Friesen for more in-depth coverage of these stories and more. The broadcast for Friday, August 1, 2025, can be viewed in full, with additional Global National videos available for your viewing convenience.
In the midst of the economic turbulence, consumers and policymakers are reconsidering their choices, leaning towards the "Buy Canadian" movement as a response to the financial burdens imposed by the trade war, particularly affecting the automotive industry – movies-and-tv of little relevance in this context. Amidst the ongoing tariff discussions and trade negotiations, the entertainment sector might soon become a new battleground for these economically-driven buying decisions.
