Good morning. At about 4 p.m. ET this afternoon, U.S. President Donald Trump is poised to unveil sweeping new tariffs that could upend the global trade system and send both Canada and the United States into recession. Today, we’re seeking clarity from the White House after weeks of unanswered questions.
In the news
Retail: Hudson’s Bay Co. has informed some former senior executives that their pension payments will be cut, as the retailer continues to liquidate the majority of its stores and the future of the company hangs in the balance.
Compensation: BCE paid bonuses to top executives despite declines in sales, profit and stock prices.
Care: The roll-out of a much-anticipated immigration program for nannies and personal support workers was marred by severe technical difficulties when it launched this week.
The Inside Track
Rogers is going all-in on hockey – again – but this time, the stakes are higher and the timing couldn’t be trickier. Chief executive Tony Staffieri inked a new 12-year, $11-billion deal with the NHL during an exclusive negotiation window that slammed shut just after Canada won gold at the Four Nations Cup and TV ratings soared.
- At a glance: With Commissioner Gary Bettman seeking a landmark agreement and hockey suddenly hot again, Rogers had to pay up – more than twice what it shelled out in 2013, Irene Galea and Tim Kiladze report.
- A costly power play: The new price tag has rattled investors, pushed shares down, and raised big questions about whether Sportsnet can deliver enough in revenue or retention to justify the spend, especially as cord-cutting accelerates, costs rise, and ad dollars look shakier. The deal might keep Rogers in the game – but it’s a costly power play in a shrinking rink.
Kensington Capital is diving headfirst into the defence-tech boom, snapping up the venture arm of Ottawa-based ONE9 in a bid to ride the wave of surging national security spending, James Bradshaw reports.
- Why it matters: With Canada poised to ramp up defence budgets no matter who wins the federal election, Kensington sees a “seismic shift” under way – from decades-long contracts with legacy giants to a Silicon Valley-style model of rapid innovation, driven by AI, drones and cybersecurity.
- The long view: Defence and national security technology is heating up as countries around the world ramp up defence spending as the U.S. pulls back. “This is where the action is right now,” said Rick Nathan, head of Kensington’s venture capital investment program.
Programming note: You might have noticed we’re trying something new today – a brief section we’re calling The Inside Track. The idea is to offer more intel to kick-start your morning: a wider range of stories, and a dash of context that doesn’t always fit in a headline.
This newsletter has always been shaped by reader input (we’re somehow almost a year in!), and that continues to be the case. As always, I’d be happy to hear what you think: cws@globeandmail.com.
Employees at ARD Outdoor Furniture's factory in Scarborough, ON. As patio season approaches, outdoor furniture makers face a Made-in-USA obstacle to their ‘buy Canadian’ efforts.Cole Burston/The Globe and Mail
In focus
On ‘Liberation Day,’ Canada awaits the bill
Canada is hours away from learning just how much further Donald Trump will go in redrawing the map of North American trade. At an event he’s calling “Liberation Day,” the President is expected to impose a 25-per-cent tariff on imported autos, unveil a list of “reciprocal” duties that could target Canadian dairy, and potentially revive other trade measures aimed squarely at America’s largest trading partner.
“It’s peak uncertainty right now,” Jean-François Perrault, chief economist at Bank of Nova Scotia, told The Globe’s Mark Rendell. The announcement will at least provide some clarity to business leaders and politicians, he said.
Today’s announcement is, by any measure, a consequential moment. For Canada, the stakes are existential: a test of economic resilience and global standing. In the U.S., though, it’s competing for attention in a news cycle dominated by Trump’s broader trade offensive – with Canada often folded into moves against China, Mexico, or the global system itself. And this week, that competition is especially fierce: a 25-hour Senate speech, oil markets on edge over Iran, and a stepped-up bombing campaign in Yemen – enough to push Canada’s plight down in social media feeds.
It brings to mind a Don Draper gif that, while perhaps an oversimplification, neatly captures the vibe.
- Polls show Americans have little appetite for conflict with Canada – but also little urgency to prevent one. A recent Angus Reid survey found that 52 per cent of Americans want their country to treat Canada as a “valued partner and ally,” and another 27 per cent favour a “friendly” approach. Just 3 per cent saw Canada as a threat.
- But economic perceptions complicate the picture. An Abacus Data poll showed a majority of Americans believe Canada benefits “way more” from free trade with the U.S. – a perception Trump has seized on to justify his “reciprocal” tariff strategy.
By seeing Canada as the bigger winner, many Americans could be more inclined to back tariffs meant to “rebalance” perceived inequalities. That mix of goodwill and perceived imbalance might help explain why a clash that feels pivotal here has not generated the same sense of urgency in the broader U.S. conversation. Certainly, not nearly the same sense of consequence.
That means Trump might still have more space to escalate the dispute. While 58 per cent of Americans oppose tariffs on Canadian goods, according to Angus Reid, the issue ranks low among their top concerns – leaving Trump free to act forcefully, even as economists warn of consequences for U.S. auto production and prices.
Fabrics for patio furniture are seen at ARD Outdoor Furniture's Scarborough factory in Toronto, Thursday, March 20, 2025 in Toronto. (Cole Burston/The Globe and Mail)Cole Burston/The Globe and Mail
Testing the fabric of a nation
As patio season looms, Canadian outdoor furniture makers are scrambling to swap out American suppliers. But as Jameson Berkow reports, they’re hitting a made-in-USA wall. Fire tables and Muskoka chairs are easy enough to source domestically, but one critical component remains out of reach: fabric.
The industry standard, Sunbrella, is so entrenched that even proudly local brands can’t quit it, despite the patriotic push sparked by the Canada-U.S. trade war. Manufacturers like Toronto’s ARD Outdoor have overhauled their supply chains to go all-Canadian, but without a domestic alternative to Sunbrella, the thread stops there. Industry officials say Canada could make the fabric – the infrastructure exists – but without guarantees the tariffs will stick, no one’s investing. For now, even the most loyal Buy Canadian converts are stuck stitching with stars and stripes. “It is a war without bombs and bullets,” ARD owner Richard Bockner said.
Maple-washing
Shoppers across Canada have been scrutinizing labels amid trade tensions with the U.S. But with businesses scrambling to tap into the “Buy Canadian” boom, some have also been caught red-handed in overstating their ties to Canada – or, if you prefer, “maple-washing.”
As of March 18, the Canadian Food Inspection Agency has found six companies to be non-compliant with country-of-origin labelling rules, after a more than eight-fold spike in complaints over the past two months. Mariya Postelnyak reports.
Charted
A gilded hedge
Gold prices blew past $3,100 an ounce earlier this week to notch yet another record, as investors piled into the metal amid growing fears that Trump’s latest tariff threats will stoke inflation and derail the economy. Perhaps that’s why everyone’s a gold bug now.
With more levies expected today – on cars and possibly even Russian oil – analysts say gold’s surge, now on track for its best quarter since 1986, still has room to run. Central banks are snapping it up, big banks are hiking their forecasts, and traders don’t seem too worried that the market looks technically overbought.
Bookmarked
On our reading list
Buy Japanese: The country is risking reputational damage if it were to block Alimentation Couche-Tard’s bid for retailer Seven & i Holdings on economic security grounds, the head of a government-backed fund said.
Single file: Flying solo at tax time? You’ve got more planning power than you think.
Rapley: There’s something of a cautionary tale unfolding in Britain which both Canadian politicians and voters would do well to watch.
Morning markets update
World markets retreated with investors on edge ahead of U.S. President Donald Trump’s reciprocal tariffs that are feared to herald an era of slow global growth and higher inflation. Wall Street futures were in negative territory after a mixed close yesterday, while TSX futures followed sentiment lower.
Overseas, the pan-European STOXX 600 was down 0.79 per cent in morning trading. Britain’s FTSE 100 declined 0.8 per cent, Germany’s DAX dropped 1.19 per cent and France’s CAC 40 gave back 0.57 per cent.
In Asia, Japan’s Nikkei closed 0.28 per cent higher, while Hong Kong’s Hang Seng slipped 0.02 per cent.
The Canadian dollar traded at 69.78 U.S. cents.