Aluminum producers in Quebec are sending more of the metal to Europe as US tariffs make shipments more expensive. The US market accounted for 78% of aluminum exports in Q2 versus 95% in Q1, while Europe’s share rose to 18% from 0.2%. www.bloomberg.com/news/article...

WestJet will purchase 67 Boeing aircraft, placing its biggest-ever order in a push for future growth. The airline touted the “future economic benefits on both sides of the border,” as Canada and the US are currently negotiating a trade accord. www.bloomberg.com/news/article...

Dubai-based logistics company DP World is negotiating for a contract to operate a new container terminal that will increase the Montreal Port Authority’s capacity by more than 50%. www.bloomberg.com/news/article...

Air Canada proposed its flight attendant to increase total compensation, including benefits and bonuses, by about 20% in the first year of a contract and a total of 32.5% over four years. www.bloomberg.com/news/article...

Couche-Tard’s pursuit of Seven & i has come to an end. Now what? Shares of Couche-Tard soared as much as 18.5% in early trading Thursday, the most since 2002, before paring those gains. They were up 8% to C$74.48 as of 11:34 a.m. in Toronto. www.bloomberg.com/news/article...

Costs related to tariffs soared for Rio Tinto and Alcoa’s Canadian aluminum exports to the US in the first half of the year. Rio Tinto: US$300 million Alcoa: US$135 million www.bloomberg.com/news/article...

Le Québec accepterait-il des quotas sur le bois d'oeuvre exporté aux États-Unis? Canadian officials are open to considering limits on softwood lumber exports to the US to resolve trade friction, according to BC Premier David Eby, reports @twseal.bsky.social. www.bloomberg.com/news/article...

Quebec billionaire Pierre Karl Peladeau says he’s not giving up his long pursuit of Air Transat's parent company, arguing the travel company’s latest balance-sheet maneuvers still leave it with too much debt. “It’s not over until it’s over.” www.bloomberg.com/news/article...

*TRUMP TO IMPOSE 35% TARIFF ON GOODS FROM CANADA

Aluminerie Alouette, an aluminum maker that’s partially owned by Rio Tinto, is planning to commit as much as C$1.5 billion in Quebec, despite the ongoing trade war with the US. Scoop from earlier this week: www.bloomberg.com/news/article...

I sat down with Canada's finance minister Francois-Philippe Champagne. We talked about trade and the budget. He said the country can negotiate a better trade deal than other nations, pushing back on the idea that it may have to settle for a new baseline tariff. www.bloomberg.com/news/article...

Getting rid of the worst effects of tariffs is the real aim, said Jean Charest, who’s now a member of the council on Canada-US relations. “It’s doable, and there may be headline tariffs that are not applicable because there are quotas,” he said. www.bloomberg.com/news/article...

U.S. wine export markets have contracted substantially. In April, the year-over-year export value dropped by 41.4%, worsening the 28% decline recorded in March. The three main export destinations for U.S. wine—Canada (-93%), the UK (-29%), and China (-70%)—all reported significant decreases.

Why Couche-Tard is willing to pay as much as US$50 billion to own 7-Eleven? Great video produced by Bloomberg Originals! www.youtube.com/watch?v=dANV...

Montreal's aluminum trader Sinobec filed for creditor protection. It had been struggling to restructure, then the American trade war helped push the company over the edge. www.bloomberg.com/news/article...

Bankrupt battery maker Northvolt AB will stop production at its last remaining factory in northern Sweden at the end of June if it fails to find a buyer before then, a person familiar with the matter said. www.bloomberg.com/news/article...

The Bank of Canada warned that a severe and long-lasting global trade war may cause more mortgage borrowers to fall behind on their payments — even beyond levels reached in the global financial crisis. www.bloomberg.com/news/article...

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Quebec’s finance minister Eric Girard told Bloomberg he predicts an economic slowdown for Canada in the second quarter and recession later in the year if the countries can’t come to an agreement. “Why don’t we resolve all this?” www.bloomberg.com/news/article...

Finance minister Eric Girard told Bloomberg News that, despite Quebec’s credit downgrade, there is still important demand for the province’s bond issues. “We’ve seen no movement in spreads. Zero basis point.”

The Canadian dollar swings as the election results come in.

Economists at one of Canada’s biggest lenders are raising doubts about the fiscal plans offered by the leading parties in the country’s election, @erikhertzberg.bsky.social and Mario Baker Ramirez report. www.bloomberg.com/news/article...

1/ La décote du Québec n'a pas d'effet sur les coûts d'emprunt dans l'immédiat. Aujourd'hui, des obligations venant à échéance en 2034 ont été vendues à un prix moins élevé que la semaine dernière et des autres semaines avant. Données compilées par Bloomberg :

1:33 pm: *GOLDMAN SACHS SAYS 65% CHANCE OF US RECESSION IN NEXT 12 MONTHS 2:38 PM: *GOLDMAN SACHS RESCINDS RECESSION CALL AFTER TRUMP TARIFF PAUSE

US hits Canada lumber with 34% duties even before Trump tariffs. “At today’s prices, it’s an unequivocal dead end,” said Frederic Verreault of Les Chantiers de Chibougamau, a major Quebec wood processor selling roughly half of its products to the US. www.bloomberg.com/news/article...

Retaliation, a good idea? “If we start slapping tariffs on the US, which will not be optimal for the Canadian economy, then you’ll limit the ability of the central bank to cut rates,” said Stefane Marion, chief economist with National Bank. www.bloomberg.com/news/article...

(Bloomberg) -- US stock futures sank in early trading on Friday morning after China announcedextra tariffs on US goods, extending Thursday’s selloff. Futures contracts on the S&P 500 sank 2.5%, and Nasdaq 100 futures slumped 2.9%.

“It’s going very well.” - Donald Trump

Interesting report from National Bank of Canada: "We estimate that, under the current measures, the effective trade-weighted tariff rate on Canadian exports remains below 5%." www.nbc.ca/content/dam/...

Air Canada reports a 10% decline in bookings for transborder flights between Canada and the US for the April-to-September period compared to last year, as Canadians respond to the trade war by avoiding trips south. Shares are down by ~36% YTD. www.bloomberg.com/news/article...

Bankrupt battery maker Northvolt AB will continue to operate in Sweden with a staff of 1,700 while its remaining employees will be laid off. www.bloomberg.com/news/article...

"We agree on many things, and will be meeting immediately after Canada’s upcoming Election to work on elements of Politics, Business, and all other factors, that will end up being great for both the US and Canada,” Trump said after talking to Carney. CAD jumps:

Trump's tariffs on Canadian wood risk upsetting the supply chain for... toilet paper The kind of pulp mainly sourced from Canada is a key ingredient, experts tell me and @mathieudion.bsky.social

Trump’s promised tariffs on softwood lumber risk disrupting the supply chain for something nobody wants to be caught without: toilet paper. NBSK pulp constitutes about 30% of standard US bathroom tissue and is currently sourced primarily from Canada. www.bloomberg.com/news/article...

Private equity firms are showing strong interest in buying about 2,000 North American convenience stores that could be divested if Alimentation Couche-Tard Inc. succeeds in its $49 billion endeavor to buy out Seven & i, said the CFO in an interview. www.bloomberg.com/news/article...

Asked about the risk of a downgrade to Quebec’s credit rating, finance minister Girard acknowledged that credit agencies have taken a negative view on Canadian provinces. “We are confident that our plan to return to a balance budget is credible,” he said. www.bloomberg.com/news/article...

Petit update sur Northvolt :

Hi, This tariff tracker is amazing: www.bloomberg.com/graphics/tru...

THE MOTHER OF ALL PAIN TRADES In the newsletter, wrote about the simple chart that interests me more than anything else right now. Sub here to the newsletter: www.bloomberg.com/account/news...

“Canceling the F-35s might be a good idea, but we need to think about it,” Bombardier CEO Eric Martel told a business audience in Montreal Wednesday. “We have contracts with the Pentagon. Will there be reciprocity there?” www.bloomberg.com/news/article...

Après Northvolt, le chantier de l'usine d'Ecopro BM de 1,2 milliards $ à Bécancour pourrait ne jamais redémarrer. “If there are tariffs on Canadian products, there’s little difference from running a plant in Korea” and exporting directly to the US, the CEO of Ecopro Materials told Bloomberg News.

Glencore cherche à réduire davantage ses coûts au Québec. www.bloomberg.com/news/article...

Justin Trudeau is out. Mark Carney is in. And his arrival as Canada’s new leader creates an opening for the government in Ottawa to reset its tense relationship with the US and President Donald Trump. www.bloomberg.com/news/article... w/ @rtkwrites.bsky.social @brianplatt.bsky.social

Today, Couche-Tard's top executives, including the founder Alain Bouchard, were in Tokyo on a publicity blitz as they step up what they call a “friendly” pursuit of Seven & i. www.bloomberg.com/news/article...

Canada's 25% reciprocal tariffs apply to a hobby famously enjoyed by the tariff-advocating US president: golf balls and other golf equipment, reports @twseal.bsky.social. www.bloomberg.com/news/article...

(Bloomberg) -- Battery maker Northvolt AB is preparing to file for bankruptcy of its entire Swedish operations as soon as Wednesday, Dagens Nyheter reported, citing sources it didn’t identify.

American manufacturers are already paying much higher prices for aluminum, steel and copper than rival plants overseas, in a trend that’s sapping business confidence and stoking worries about inflation even before tariffs on metals come into effect. www.bloomberg.com/news/article...

What if Canadian pension funds had invested more in the economy here, instead of betting on assets all over the world? Would Canada be in a better position to deal with a trade war? www.bloomberg.com/news/article...