Good morning. In the past 24 hours, President Donald Trump has floated a US$5-million “gold card” visa for wealthy foreigners, threatened to impose 25-per-cent tariffs on EU goods, told Ukraine to “forget about” NATO, warned that about 1 million federal workers are at risk of losing their jobs if they don’t comply with Elon Musk’s demands, and personally vowed to investigate whether gold has been stolen from Fort Knox.
Trump also said tariffs on imports from Canada and Mexico would be pushed back by about a month, but a White House official said the March 4 plan remains on track.
Up and down, round and round, over and over again. No matter your politics, that’s a lot to digest — and maybe we shouldn’t always try. Today, we’re stepping off the tariffs wheel.
In the news
Red tape: National Bank of Canada’s chief executive is calling on Ottawa to appoint an official dedicated to removing regulatory barriers to economic growth.
DEI: McCarthy Tétrault LLP has “paused” a hiring program for Black and Indigenous law students.
Data: A changing relationship with the U.S. has thrust Canada’s data sovereignty into the spotlight.
On our radar
- Earnings include Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce.
- A pair of Statistics Canada reports on jobs and global finances offer a snapshot of individual and nationwide economic health. It’s hard to read much into them given the Threat that Shall Not Be Named.
A still from “Severance” on Apple TV+. This could be you! At least, a version of you. Hmm. Would it still be "you," if that variation of "you" had its own life, its own relationships, its own hopes, fears and dreams? Does it matter if "you" are burnt out? That other "you" is for them to worry about.APPLE TV+
In focus
Tired of the tariff show? There are other stories to watch.
The uncertainty Trump is creating over tariffs will likely continue for the foreseeable future. Okay, but is there anything else on?
When a warning sounds like a reasonable option
In Severance, Apple TV’s hit thriller, workers split their consciousness in two: their “outie” never experiences work, while their “innie” is trapped in an endless office grind. It’s a horror story about corporate control – so why do so many fans say they’d sign up? Burnout has people craving escape, even at a steep cost. Through my somewhat limited critical lens, Severance isn’t selling a dream, but warning us about a work culture so demanding that the idea of outsourcing our own suffering feels reasonable. A growing number of Canadians are running out of steam, Graham Isidor writes – and that exhaustion might explain why some see Severance as an escape rather than a cautionary tale. (And if severing isn’t your thing, perhaps you can at least work from more exotic climes.)
Swedish death cleaning: The art of decluttering before you die
When Andrea Halford lost her father, she inherited not just memories but an overwhelming amount of stuff – 100 elephant figurines, 80 photo albums, and a packed four-bedroom house. Watching her struggle, her stepfather and mother decided to spare her the same fate. Enter Swedish death cleaning: a decluttering practice that lightens both the home and the heart. Experts say it’s more than tidying – it’s smart estate planning and a kindness to loved ones. As one woman put it after asking her daughters what they’d want: “Nothing.” Swedish death cleaning isn’t morbid – it’s freeing. And, surprisingly, it might bring more joy than you’d expect.
One of two electric tug boats in the SAAM Towage fleet, seen leaving its dock in Vancouver's Burrard Inlet in November, 2024. It's adorable and I want one.Alison Boulier/The Globe and Mail
Tugboats of the future
In 2023, LNG Canada’s CEO wanted to make a splash at a global gas conference in Vancouver. He got his wish when the HaiSea Wamis, the world’s first fully electric working tug, arrived just in time – designed by Robert Allan Ltd., a 97-year-old Vancouver-based naval architectural company renowned for its tugboat designs worldwide. Though not a household name, Robert Allan tugs operate in major ports across the globe. Now, the company is leading a shift toward zero-emission maritime solutions, designing battery-powered tugs for coastal shipping and Indigenous-led ventures. As demand for cleaner shipping grows, Robert Allan is helping to shape the sector’s future.
Capturing carbon from the sky – before it’s too late
In Squamish, B.C., scientists at Carbon Engineering are perfecting a method to pull carbon from the sky. Their Texas-based partner, Occidental Petroleum, is building the world’s largest direct air capture (DAC) plant, aiming to remove 500,000 tonnes of CO2 annually. DAC works by pulling air through giant fans, where a chemical solution binds to carbon dioxide, forming a carbonate salt. The captured carbon is then processed, heated and released as a pure gas, which can be stored underground or repurposed for uses like synthetic fuel. Supporters see the technology as crucial for climate action, while critics argue it’s too expensive and could enable more fossil-fuel use. Its future hinges on private investment, carbon markets and political will, Jeffrey Jones writes.
Banks brace for the unknown
Okay, so we can’t avoid tariffs completely. It’s my fault for deciding to do this during the Big Six earnings week. But we’ll keep the issue focused on Canada, where the threat of those taxes on Canadian imports into the U.S. are weighing on the big lenders’ outlooks, Stefanie Marotta reports. The banks that have reported so far have said uncertainty south of the border, a looming federal election and a slowing Canadian economy are weighing on their expectations.
Scotiabank, BMO and National Bank have surpassed analyst estimates. But they’ve also increased their provisions for credit losses – money that the banks set aside for loans that could default – as they take a more cautious approach in the quarters ahead. Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce wrapped up the earnings season for the biggest lenders this morning.
Nearing the final stretch of 2024, analysts thought the lower cost of borrowing would provide consumers and businesses with relief – meaning banks would no longer keep their provisions as high as they had in recent years. The geopolitical uncertainty that followed the U.S. election changed their calculus.
Charted
Has affordable child care made a difference?
Affordable daycare might be rolling out unevenly across Canada, but early labour data suggests the measure has generally been a success, Holly McKenzie-Sutter writes. Introduced in 2021, the federal program aims to bring child-care costs down to $10 a day, and a new study finds that more mothers with young children are joining the work force. The reasons for the provincial differences aren’t entirely clear, though Alberta’s spike may be linked to previously high daycare costs. While economists say more data is needed to confirm the program’s full impact, early signs point to a meaningful shift in work-force participation.
Bookmarked
On our reading list
In the race: The Conservatives are accusing Mark Carney of misleading Canadians about his role in Brookfield’s move to New York.
On the road: Essential tips for a safe and successful road trip as climate change brings more challenges.
Unfollowed: The Supreme Court of Canada says it is moving away from social-media platform X.
Morning update
Global markets were mixed after investors shrugged off earnings from AI chipmaker Nvidia Corp. and assessed the outlook for tariffs and the economy under U.S. President Donald Trump. Wall Street futures were in positive territory, and TSX futures followed sentiment higher.
Overseas, the pan-European STOXX 600 was down 0.28 per cent in morning trading. Britain’s FTSE 100 gained 0.34 per cent, Germany’s DAX gave back 0.56 per cent and France’s CAC 40 retreated 0.28 per cent.
In Asia, Japan’s Nikkei closed 0.3 per cent higher, while Hong Kong’s Hang Seng slid 0.29 per cent.
The Canadian dollar traded at 69.68 U.S. cents.