Journalism job alert: Bloomberg is hiring a Canadian real estate reporter, based in Toronto. bloomberg.avature.net/careers/Publ...

Prime Minister Mark Carney has touted early success in his push to diversify Canada's trade beyond the US. But the gains have largely been driven by surging gold prices, rather than firms breaking ground in new markets. www.bloomberg.com/news/article... @nojoudalmallees.bsky.social @bloomberg.com

I'm thrilled to say I'll be taking on a new position as Bloomberg's Ottawa bureau chief, though also daunted at having to succeed the indefatigable @ldhillonkane.bsky.social. This bureau is such a strong team and I can't wait to keep elevating our work higher.

Canada’s car industry is facing a double whammy from US tariffs and declining support for electric vehicles. Honda’s troubles aren’t helping sentiment. More in this week’s Bay Street Edition newsletter.

(Bloomberg) -- The Canadian economy shed 17,700 jobs in April while more people looked for work, pushing the unemployment rate up to 6.9%.

(Bloomberg) — President Donald Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda, several months after the US Supreme Court vacated earlier levies he’d imposed. www.bloomberg.com/news/article...

As of this week no Chinese-made EVs have been imported under the new tariff quota, but that's about to change as Tesla appears to be shifting to Chinese-made cars in Canada. The government doesn't want one company to dominate the quota, so caps are likely coming. www.bloomberg.com/news/article...

“We will look at options for the airports so that they better serve Canadians and so that the capital that is tied up in those airports can be redeployed potentially in other ventures that will grow our economy,” Carney told reporters www.bloomberg.com/news/article...

The Alberta government believes it will have Indigenous support for its plan to build a new oil pipeline to the Pacific coast. @brianplatt.bsky.social spoke exclusively with Energy Minister Brian Jean during his visit to Ottawa this week www.bloomberg.com/news/article... @bloomberg.com

With Canada now planning to create a sovereign wealth fund, it's a good time to read our feature from last weekend on the investment-banker mindset Mark Carney and his inner circle are trying to bring to government. Gift link: www.bloomberg.com/news/feature...

(Bloomberg) -- The Bank of Canada held interest rates steady, saying adjustments to borrowing costs would be likely be small if the economy and inflation evolve as expected.

So far there are very few details on how this fund will work. For example, we are told it will be arm's length from the government...but also invest in the projects the government wants it to invest in? We may get a clearer picture in the budget update that's coming tomorrow

As Canada grapples with economic strains and US tensions, Mark Carney is operating less like a traditional politician and more like a CEO. The mission is to expand trade networks and get deals done. @brianplatt.bsky.social @christinedobby.bsky.social @bloomberg.com www.bloomberg.com/news/feature...

Alberta is looking at 3 routes in northwest BC for a pipeline, and believes going south to Vancouver would be significantly more expensive because you can't fit a third pipe along parts of the TMX route. A carbon pricing deal is also close. Our story: www.bloomberg.com/news/article...

Lutnick is responding to reporting last week from our Ottawa reporter @brianplatt.bsky.social:

US Commerce Secretary Howard Lutnick on Canada: "They suck."

Canada's biggest satellite operator Telesat is getting a boost from billions of dollars in defense spending. CEO Dan Goldberg spoke to Bloomberg and told us how, shortly after he moved to Ottawa 20 years ago, he met a neighbour and fellow local dad — one Mark Carney

Carney is removing the federal excise tax on fuel until Labour Day weekend, a move he said will drop gas prices by 10 cents/litre and diesel prices by 4 cents/litre. It does not appear the GST is being removed on fuel.

CBC has called the University-Rosedale byelection for the Liberals, which means Mark Carney now has a majority government in parliament. Two more byelections still to go tonight, and Liberals will almost certainly win at least one of them

Interesting indeed: in 2021, Gladu opposed and voted against Bill C-6, an act that would end the practice of conversion therapy in Canada. In 2023,she introduced a bill that would declare December to be Christian Heritage Month.

ANOTHER Conservative MP has crossed the floor to the Liberals. Marilyn Gladu, who represents Sarnia. This...is an interesting one.

Carney on Trump/Iran: "Canada expects all parties in this conflict, in any conflict, to respect international laws, the rules of engagement, and that means not targeting certainly civilians or civilian infrastructure, and we urge all parties in this war to follow those responsibilities."

Industry Minister Melanie Joly laid out her conditions for Stellantis to build Chinese EVs (or any other car) in Brampton, and ruled out having the parts largely built in China beforehand. “We can’t bring cars in a kit to Canada,” she said. www.bloomberg.com/news/article...

Canadian officials are considering unusual measures to protect domestic producers of veg and wood products from low-priced imports. It threatens to complicate Carney’s efforts to fight US tariffs, strengthen Canada’s trade relationships with other countries, and tackle cost-of-living challenges

Minister Joly is in Vancouver so I just asked her about this. She said Stellantis has been "presenting different scenarios" and that Canada's conditions are good jobs w/strong labour standards, secure software, local suppliers. She highlighted Canadian parts companies Linamar, Martinrea and Magna

Bloomberg scoop: Chinese EVs could be built in the Stellantis plant in Brampton, where a planned Jeep production line was cancelled last year and moved to the US. Stellantis has discussed with Canadian officials the idea of building Leapmotor EVs there www.bloomberg.com/news/article...

At a news conference, Pierre Poilievre announces his opposition to the high speed rail project proposed to connect Quebec City, Montreal, Ottawa and Toronto, calling it a $90 billion "boondoggle"

I’ve seen enough: the Jays will be fun again this year, confirmed

Feature: For the first time, Alberta separatists might force a referendum on seceding from Canada. I spoke to separatists, Alberta's premier and its opposition leader, a Calgary MP, economist Trevor Tombe, "Forever Canada" petition organiser Thomas Lukaszuk, and business. Gift link:

Before the election, Conservative Leader Pierre Poilievre declined an invite to appear on Joe Rogan’s podcast. After losing to Mark Carney, he’s reversed course, taking his anti‑tariff, free‑market message to Rogan’s studio www.bloomberg.com/news/article... @brianplatt.bsky.social @bloomberg.com

Preliminary estimates show Canada's population declined over the entire calendar year, falling by 102,436 or 0.2% in 2025. That would be the first annual decline on record. @nojoudalmallees.bsky.social

ONCE MORE WITH FEELING

China's BYD is actively studying the Canadian market for a potential auto factory, a top executive tells Bloomberg. But BYD is less interested in the Carney's government plan that it be a joint venture with Canadian firms. “I don’t think a JV will work" www.bloomberg.com/news/article...

(Bloomberg) -- The Canadian economy lost the most jobs in more than four years last month, driving the unemployment rate up to 6.7%.

(Bloomberg) -- Canada’s trade deficit widened in January as exports of motor vehicles and parts fell to the lowest level in more than four years. www.bloomberg.com/news/article...

"Among the issues that will be investigated are taxes on digital services and alleged currency manipulation"

NEW: The Canadian government has asked oil companies to release some of their reserves to support the International Energy Agency’s plan to inject 400 million barrels of stockpiled oil into the market. www.bloomberg.com/news/article... My latest for @bloomberg.com

Canadian Prime Minister Mark Carney is closing in on a majority in Parliament after a fourth lawmaker defected to his ruling Liberal Party.

Mark Carney’s Liberals just got another floor-crosser, this time from the NDP: Nunavut MP Lori Idlout. Liberals now only need to win 2/3 byelections on April 13 to get majority.

(Bloomberg) -- Oil spiked above $100 a barrel as more major producers curbed production due to the war in Iran, with President Donald Trump threatening to deepen the conflict that’s upended global energy markets.

Speaking in Australia, Carney said he would “never categorically rule out” Canadian military involvement in defending allies from Iran, but added it’s distinct from offensive actions being taken by the US/Israel. “We will always stand by and defend our allies when called upon”

Mark Carney is giving an address to Australia’s parliament in which he calls for the two countries to shape middle-power coalitions: “In a world of great power rivalry, middle powers have a choice: compete for favour or combine for strength.”

Carney said his support for US action in Iran came “with regret” because the conflict is another example of the failure of the rules-based order — and he added it appears to violate international law www.bloomberg.com/news/article... @brianplatt.bsky.social @twseal.bsky.social @bloomberg.com

Mark Carney says “Canada stands with the Iranian people in their long and courageous struggle against the regime’s oppressive rule. Which is why we support efforts to prevent Iran from obtaining a nuclear weapon and to prevent its regime from further threatening international peace and security.” +

Carney invited Modi to visit Canada and Modi accepted, we were told. But no timeline yet on when that visit may happen. (Modi was briefly in Canada last year for the G7 summit)

(Bloomberg) — Canadian firm Cameco signed a $2.6 billion uranium supply deal with India on Monday during Prime Minister Mark Carney’s first official visit to the country.

(Bloomberg) — Canadian Prime Minister Mark Carney met Indian Prime Minister Narendra Modi in New Delhi on Monday to reset relations after years of strain, with both leaders looking to clinch deals to boost trade and supply chains.

(Bloomberg) -- Ayatollah Ali Khamenei, the Supreme Leader of Iran, is dead, Iran state TV confirms.

Statement from Canadian PM Mark Carney and Foreign Minister Anita Anand on Iran. They express support for the US “acting to prevent Iran from obtaining a nuclear weapon and to prevent its regime from further threatening international peace and security.”

(Bloomberg) -- Israel said it launched a preventative attack on Iran as explosions were reported in Tehran.