Canada

The U.S. Senate once again challenged President Donald Trump this week, voting 50–46 to approve a resolution blocking his new tariffs on Canadian goods.

It marks the second vote in just two days undermining Trump’s trade agenda and his use of emergency tariff powers.

Republican Rebellion Against Trump
Four Republican senators — Mitch McConnell, Susan Collins, Lisa Murkowski, and Rand Paul — joined Democrats in supporting the resolution.

The same group had already voted the day before to block tariffs on Brazil, and earlier in April they opposed similar duties targeting Canada.
According to McConnell, Trump’s trade wars are economically damaging and contradict core Republican values of free markets:
“The economic harm caused by trade wars is not an exception in history — it’s the rule,” he declared on the Senate floor.

“No selective reading of Reagan will show otherwise.”
McConnell confirmed he would support all resolutions aimed at curbing Trump’s emergency tariff powers.

Trump Breaks Off Talks with Canada After “Reagan Ad”
Tensions between Washington and Ottawa escalated after Trump called off trade negotiations with Canada following a controversial commercial aired in Ontario.

The baseball playoff ad featured late President Ronald Reagan’s 1987 speech, in which he warned:
“The road to prosperity lies in rejecting protectionism and embracing free and fair competition.”
The message struck a nerve. Trump angrily dismissed the ad as “fake,” insisting Reagan actually supported tariffs.

But McConnell refuted that claim, noting Reagan was in fact a staunch advocate of free trade.
Trump has also threatened to raise existing 35% tariffs on Canadian goods by another 10%, though he hasn’t acted yet. Canadian Prime Minister Mark Carney responded cautiously, saying he’s willing to return to the negotiating table.
“We had made substantial progress on issues like steel, aluminum, and energy tariffs,” Carney said after the talks collapsed.

Senate vs. White House: What’s Next
This week’s vote was the second of three planned Senate actions designed to challenge Trump’s trade strategy.

A final vote on his broader global tariff framework is expected on Thursday — and if the current trend continues, the Senate could symbolically overturn Trump’s entire tariff system.
However, the resolutions remain non-binding until approved by the House of Representatives, where Republican leaders have postponed the vote until March through a procedural delay.

Divided Republicans
Not all Republicans opposed the Canadian tariffs. Senator Thom Tillis of North Carolina defended them, even though he voted against the Brazilian tariffs the day before:
“The Brazil tariff was based on a dispute that had nothing to do with business or trade,” he explained.
By contrast, Susan Collins, representing a border state, highlighted the direct harm to local communities:
“I’ve seen firsthand the damage Canadian tariffs have caused,” she told reporters.

“And let’s be honest — most of the drugs entering the U.S. come from the southern border, not the northern one. So the justification for tariffs on Canada doesn’t hold up.”
Collins was joined by Murkowski and Paul, who co-sponsored the resolution — the same Republican trio that crossed party lines to block Tuesday’s Brazil tariffs.

Trump’s Grip Weakens
The string of Senate defeats shows that Trump is facing growing resistance within his own party, especially amid concerns over the impact on U.S. businesses and farmers.

While Trump insists tariffs “protect American jobs,” both Democrats and some Republicans warn that trade wars raise prices and hurt exporters.
Thursday’s vote could therefore serve as a pivotal signal — that Congress is no longer willing to stay silent as the president wields tariffs as a tool of political pressure.


#USPolitics , #TRUMP , #Canada , #economy , #GlobalTrade

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In a dramatic turn that jolts the already tense U.S.–Canada trade relationship, President Donald Trump declared that all trade negotiations with Canada are immediately terminated and stated he has no plans to meet Prime Minister Mark Carney during the upcoming summits. The provocation: a C$75 million television advertisement produced by Canada’s Ontario provincial government, which repurposed excerpts of Ronald Reagan’s 1987 radio address to critique U.S. tariffs. The ad aired in multiple U.S. markets, including during the World Series, prompting Trump to label the campaign “fraudulent,” accuse Canada of interfering with U.S. Supreme Court proceedings and call the tactic “dirty play”.


Trump’s move pulled the rug out from beneath months of diplomatic outreach. Earlier this year, Carney and Trump appeared to be stabilizing relations after Carney’s May White House meeting, yet the commercial campaign reignited hostilities. In response, the Canadian government shifted into damage-control mode. Premier Doug Ford agreed to withdraw the ad after weekend airtime, and Carney reiterated that the federal government—not a province—leads Canada’s trade negotiations with the U.S., leaving the door open for future talks once Washington is ready.


Economically, the fallout couldn’t come at a worse time. Canada, the U.S.’s second-largest trading partner, is already grappling with steep U.S. tariffs in the automotive and raw-materials sectors. The collapse of trade talks threatens cross-border supply chains, raises the risk of additional U.S. retaliatory measures, and adds uncertainty for manufacturers on both sides of the 49th parallel. Carney’s conciliatory stance may be wise, but industry insiders warn the strategic imbalance could leave Canada exposed if Trump decides to “play dirtier” as he threatened.


For now, the headline is clear: A province’s ad campaign has derailed national diplomacy, thrust Canada back into the crosshairs of tariff warfare, and left international markets watching nervously. The only question remains: Will talks resume on neutral ground, or has this become the opening salvo in a deeper trade conflict?
#WriteToEarnUpgrade #DonaldTrump #Tarrifsimpact #Canada

According to sources familiar with the matter, the Canadian government is accelerating efforts to regulate stablecoins, with a major policy update expected in the federal budget set to be released next week. Officials have reportedly been in closed-door discussions with regulators and industry stakeholders for several weeks, aiming to finalize a framework that could reshape how digital currencies are managed and classified within the country.

Canadian Finance Minister Chrystia Freeland is expected to address the issue directly in the upcoming November 4 federal budget, marking the first time stablecoin policy will feature at the national fiscal level. The move signals that Canada — which has so far maintained a cautious stance toward digital assets — is ready to take a more structured and proactive role in defining how fiat-backed tokens operate within its financial system.

The timing is crucial. In July, the United States passed the “Genius Act,” establishing a federal framework for stablecoin oversight, including reserve audits, issuer registration, and AML compliance. The law gave U.S. regulators broader authority over stablecoin issuers, setting a benchmark that neighboring Canada can no longer ignore.

Currently, Canadian regulators remain divided over how stablecoins should be classified. The Ontario Securities Commission (OSC) and other provincial regulators have previously indicated that certain stablecoins may fall under securities or derivatives law, while others in the payments sector argue they should be regulated as digital payment instruments, similar to e-money. This classification debate has left issuers and exchanges in a regulatory gray zone — where operating without clarity carries risk, but compliance remains undefined.

If the upcoming budget introduces a formal stablecoin policy, it would likely align Canada closer to international regulatory standards, enabling clearer rules for issuers and exchanges while enhancing consumer protection and financial stability. Industry experts suggest the framework might mirror the Genius Act’s core principles — focusing on reserve transparency, cross-border compliance, and AML enforcement — while tailoring oversight to Canada’s unique dual regulatory structure between federal and provincial authorities.

From my view, this moment feels like a long-overdue correction in Canada’s crypto approach. The ecosystem has been quietly growing under fragmented oversight, and stablecoins — as the bridge between fiat and Web3 — are now too large to be ignored. If Freeland’s budget delivers clear direction, it won’t just bring compliance; it could also unlock institutional participation that’s been waiting for regulatory certainty.

What started as a cautious discussion may soon turn into a defining chapter for Canada’s role in the next phase of global digital finance.

#Canada #Stablecoin