(Bloomberg) — The Republican-led US House passed legislation aimed at ending President Donald Trump’s tariffs on Canada, signaling a growing anxiety over the White House’s economic agenda ahead of a midterm election focused heavily on affordability.

This report has been good for a circa-20-pip dip (essentially nothing) in the Canadian dollar, showing that the boy-who-cried-wolf dynamic is still dominating markets.

Trump has been privately asking aides why he shouldn't just exit the USMCA, colleague Josh Wingrove reports. It's fairly typical behavior from Trump during trade talks -- but also a sign of how difficult and volatile this process will likely be. www.bloomberg.com/news/article...

At least 10 people are dead and 25 injured after a mass shooting in northeastern British Columbia, according to police

Some helpful background reading on the bridge: July 2025: www.bloomberg.com/news/feature... April 2018: www.bloomberg.com/news/article...

Canada put up the money for this international bridge because the US wouldn’t do it. The cost is to be repaid over time by tolls. Now that it’s close to opening, Trump says he wants half ownership

The US can't forever lock out China's low-cost and innovative vehicles. Recently, a number of signs point to something changing

Melanie Joly tells Bloomberg she wants to see a Canada-China joint venture auto plant: "We believe that these great Canadian champions can partner with Chinese EV companies to make a Canadian-Chinese car to export it around the world." www.bloomberg.com/news/article...

(Bloomberg) -- Bitcoin tumbled well below $70,000 as the unwinding of leveraged bets and broader market turbulence deepened a selloff that’s hammered cryptocurrencies over the past three weeks. The token fell as much as 8.3% Thursday to $66,596, the lowest since October 2024.

Exciting news: Postmedia is hiring a new Queen's Park reporter! Check out the details and apply at the link below: jobs.dayforcehcm.com/en-CA/postme...

Canada is bringing back its $5K consumer incentive for buying EVs, but it will decline each year and it is not eligible for any EV built in a country Canada doesn't have an FTA with. So that excludes Chinese built EVs -- including, for ex., Teslas built in Shanghai

(Bloomberg) -- Prime Minister Mark Carney’s government plans to change its tariff system to create a stronger financial incentive for automakers to invest in Canada, resisting US efforts to lure factory jobs away. www.bloomberg.com/news/article...

There are five endpoints in consideration for a new oil pipeline to the BC coast, Danielle Smith told colleague @twseal.bsky.social. A southern route is possible but she touted the benefits of a less congested northern port. www.bloomberg.com/news/article...

(Bloomberg) — Michael Burry, the money manager made famous in The Big Short, warned that Bitcoin’s plunge could deepen into a self-reinforcing “death spiral,” inflicting lasting damage on companies that have spent the past year stockpiling the token. www.bloomberg.com/news/article...

Higher food inflation last year was almost entirely due to rising import costs, research from the Bank of Canada suggests. The study pointed to Canadian dollar depreciation from late 2024, supply shortages caused by issues like extreme weather, and tariffs. @erikhertzberg.bsky.social reports:

The Trump administration is preparing for the president to nominate Kevin Warsh to be the next Federal Reserve chair, according to people familiar with the matter. Read more: bloom.bg/4t6GmUD 📷️: Tierney L. Cross/Bloomberg

“I don’t know what this is or where it’s coming from, but it’s beyond a bad idea for the president to get in the way of safety and certification,” said Richard Aboulafia, an aviation analyst and managing director at AeroDynamic Advisory. “And does he have any authority to do this?”

(Bloomberg) -- The Bank of Canada held interest rates steady, but officials made clear that they're not sure about the duration of their pause, nor in which direction borrowing costs are headed.

Leger has the Liberals out to a 9-point lead over the Conservatives now. The spring election speculation is not going away any time soon. leger360.com/wp-content/u...

(Bloomberg) -- Canadian Prime Minister Mark Carney said he stood by his Davos warning about great-power coercion in a call with President Donald Trump, pushing back on US Treasury Secretary Scott Bessent’s account of the conversation. www.bloomberg.com/news/article...

A Bloomberg Economics analysis shows Trump follows through on tariff threats only about a quarter of the time

Chart from Bloomberg Economics: Trump has fully followed through on only 27% of his tariff threats in his second term. And of those, only 20% are still in effect

And off we go

Trump: "Canada gets a lot of freebies from us. They should be grateful but they're not. He watched your prime minister yesterday. He wasn't so grateful. But they should be grateful to us. Canada. Canada lives because of the United States. Remember that, Mark, next time you make your statements"

This post went viral, so by iron law it has a typo in it

In a speech to the World Economic Forum, Mark Carney says middle powers such as Canada must accept that the rules-based international order is effectively dead, and great power rivalry with is here to stay. Key excerpt:

China doesn’t hold the solution for Canada’s economic issues and isn’t a trustworthy partner, Taiwan’s top representative to Ottawa said following Prime Minister Mark Carney’s tariff deal with Xi Jinping www.bloomberg.com/news/article... by @twseal.bsky.social @bloomberg.com

Canada is drafting a new automotive strategy that will give better market access to companies that build vehicles in the country, a move that fires back at Trump's push to get carmakers to move factories to the US www.bloomberg.com/news/article... by @brianplatt.bsky.social for @bloomberg.com

China will propose some agriculture tariff relief during Carney’s visit if Canada offers EV tariff relief. But while Canadian officials hope to make progress on trade irritants, they downplayed the prospect of major movement. Our report: www.bloomberg.com/news/article...

Across Canada, investors who poured billions into private real estate funds suddenly can’t touch their money. Stung by a deep downturn in the country’s housing market, many of the funds have restricted cash distributions, client withdrawals or both, in a process the industry calls 'gating.'

(Bloomberg) -- China’s refiners, all but cut off from Venezuelan crude in the past week as the US positions itself for access to the world’s largest oil reserves, are eying a pricier alternative source — Canada. www.bloomberg.com/news/article...

Prime Minister Mark Carney will make an official visit to China next week as his government tries to rebuild relations with the Asian superpower and reduce Canada’s economic reliance on the US www.bloomberg.com/news/article... @brianplatt.bsky.social @bloomberg.com

Excited for the chance to see my dumb hockey team make me miserable in person

(Bloomberg) -- Canada’s population fell by 0.2% in the third quarter to stand at 41.6 million, marking the only quarterly decline on record outside the Covid-19 era and a dramatic shift from explosive post-pandemic immigration growth.

NEW: I interviewed Canada fentanyl czar Kevin Brosseau * Canada looking to work with China to stop precursors * "There's very little north-south movement of produced fentanyl" across borders * Is he aware of a target that would end the fentanyl emergency used by Trump to justify tariffs? "I'm not"

*ANGLO AMERICAN, TECK RECEIVE CANADA APPROVAL FOR MERGER

Taylor Swift not touring in Toronto this year helped keep Canada's November inflation number lower www.bloomberg.com/news/article...

Carney one seat short of majority after second Tory jumps:

Whoa, we have a floor crossing! Conservative MP Michael Ma is joining the Liberals. He’s in the Markham-Unionville seat, in the Toronto suburbs

Regional breakdown in new Leger poll on support for a new bitumen pipeline running from Alberta to BC coast

If Mark Wiseman does get appointed as Canada's next US ambassador (which we've reported is likely), Carney will take some heat from Quebec on supply management, given USCMA talks are looming. Wiseman slammed supply management in a Globe op-ed last year: www.theglobeandmail.com/business/com...:

(Bloomberg) -- US Trade Representative Jamieson Greer says USMCA review upcoming in 2026 could lead to revisions or an end to the three-nation pact, but it’s too early to say how it will end up.

(Bloomberg) -- The Bank of Canada held interest rates steady and said although the economy appears to be more resilient than previously thought, keeping borrowing costs at their current level is still appropriate to mitigate the trade war damage.

NEW: Canada's US ambassador Kirsten Hillman is stepping down in the new year, and Mark Wiseman is likely to replace her, Bloomberg sources say. Story link to follow.

(Bloomberg) — The Canadian economy added 53,600 jobs in November, making it the third consecutive month of surprisingly strong job gains as US tariffs otherwise slow down activity. www.bloomberg.com/news/article...

The BC Conservative leader has been declared "professionally incapacitated" by his caucus

(Bloomberg) -- President Donald Trump is unveiling his administration’s plan to relax stringent Biden-era fuel efficiency standards, with the administration casting the change as a way to lower consumer costs. www.bloomberg.com/news/article...

But I think this is also self-inflicted. There was no big press conference when TMX opened, no ribbon-cutting ceremony. I don't think there was even a rote statement issued from the PMO. As far as I can tell it was a conscious political decision to avoid putting a spotlight on it.

The Jets are unwatchable. I need baseball back

(Bloomberg) -- Canadian steelmaker Algoma Steel Group Inc. will let go of 1,000 employees and close its blast furnace in northern Ontario within months as it seeks to stem losses resulting from US tariffs. www.bloomberg.com/news/article...