Here are five things you need to know this morning
As the tariffs turn: Finance Minister Dominic LeBlanc and Ontario Premier Doug Ford are heading to Washington today to meet with U.S. Commerce Secretary Howard Lutnick. The late-afternoon meeting is expected to address tariffs, and the U.S.’s ultimate trade goals. The meeting was arranged with a phone call from Lutnick to Ford after Ontario announced – and then retracted – a 25-per-cent electricity surcharge on three U.S. states. Yesterday Ottawa announced counter-tariffs on $29.8 billion of U.S. goods, after 25 per cent American tariffs on aluminum and steel came into effect.
Empire to reduce U.S. imports: One of the primary tariff pressure points for Canadian consumers will be in prices at grocery stores. This morning, Empire Company, which owns grocery banners such as Sobeys, Farm Boy, and FreshCo, noted that 12 per cent of its annual sales comes from goods sourced from the U.S., and is working to reduce that amount because of the impact of U.S. tariffs.
Couche road show hits Tokyo: Top executives of Canadian convenience store and gas station operator Alimentation Couche-Tard held a news conference in Tokyo earlier today. It’s part of the company’s attempt to acquire Seven & i Holdings, the Japanese company that owns 7-Eleven stores. At the news conference, Couche-Tard’s founder and Chairman Alain Bouchard said the company could increase its offer, but only if Seven & i engages in takeover talks. Bouchard expressed disappointment at the lack of engagement with Seven & I so far. Couche-Tard also launched a new website to sell the proposed deal and make it clear that a hostile takeover isn’t under consideration.
Dodig retiring: One of Canada’s top CEOs is retiring. Victor Dodig will step down in November after leading CIBC for more than a decade. The bank has named Harry Culham, a former intern in CIBC’s Vancouver office who now leads its capital-markets arm, as Dodig’s successor. After handing the reins to Culham on Nov. 1, Dodig will remain as an adviser to the new CEO and the board through April 2026.
CEOs on BNN: And speaking of Canadian executives, we’ll have several notable CEOs on BNN Bloomberg today, beginning with an update from Algoma Steel CEO Michael Garcia. We will dig into the company’s latest quarterly results, as well as Algoma’s outlook in light of U.S. tariffs. We’ll also speak with the CEOs of Bird Construction and Propel Holdings – a financial technology company that was one of the hottest stocks on the TSX in 2024 but has seen a sharp pullback so far this year amid the broad market selloff. And to cap off the day, our Merella Fernandez will speak to the new CEO of Hyundai Canada to get his perspective on the evolving automative landscape in North America and beyond.
