Here are five things you need to know this morning
Trump tariff watch: Stock markets are under pressure again this morning, as investors await details of U.S. President Donald Trump’s so-called reciprocal tariffs and other levies on what he has labelled “Liberation Day.” The announcement is expected at 3 p.m. EDT on Wednesday at an event in the White House Rose Garden. White House Press Secretary Karoline Leavitt says that new tariffs will be imposed by country rather than by sector. There are reports a “reciprocal” tariff level of around 20 per cent will be imposed on most U.S. imports. BNN Bloomberg will have extensive live coverage of the tariff announcements tomorrow – including previews, analysis, and live reports from Canada and the U.S.
Carney’s housing plan: There have been more developments in Canada’s federal election campaign. Liberal leader Mark Carney says a reelected Liberal government would create a new entity called “Build Canada Homes,” which would act as a developer to build affordable housing, including on public lands. The entity would also provide more than $25 billion in financing to prefabricated-home builders in Canada. It would offer an additional $10 billion in low- cost financing and capital to affordable-home builders. Meanwhile, Conservative leader Pierre Poilievre says he would cut back on foreign aid and cap government spending to pay for his capital gains tax deferral measure that would cost $10.5 billion over two years. Speaking to BNN Bloomberg, Poilievre was asked what federal programs would be cut for his campaign pledge, which would allow the deferral of capital gains tax if reinvested in Canada. “We will get rid of bureaucracy, consultants, handouts to corporate insiders that ship jobs overseas. We will also cut back on foreign aid. We’ll bring in dollar-for-dollar law that caps government spending, requiring we find equal savings for every new expenditure,” Poilievre said. You can watch the full interview on BNNBloomberg.ca.
Gold keeps shining: The price of gold has hit a record high, as uncertainty about Trump’s trade tariffs heightened concerns about the global economy and fanned haven demand. Bullion is trading at around US$3,150 an ounce, on pace for a fourth day of gains. The precious metal has been one of the strongest performing commodities this year, posting its best quarter since 1986 in the opening three months. The ascent has been fuelled by consistent central bank buying, plus a rising tide of haven demand amid intensifying geopolitical and macro uncertainties.
Canada-U.S. travel drops: Air Canada says demand for flights between Canadian and U.S. cities is weak for the spring and summer months, as Canadians respond to the trade war by avoiding trips south. As Bloomberg’s Mathieu Dion reports, bookings for transborder flights were down 10 per cent for the April-to-September period compared with the same period last year as of mid-March, according to a presentation at the company’s annual meeting. And it’s not just Air Canada. WestJet has given similar indications, and yesterday Porter Airlines said it has altered its summer schedule so that domestic routes are 80 per cent of its total capacity, up from 75 per cent in its original plan.
Vacation flexing? While travel may be decreasing, some Canadians are still going on vacations – and aren’t shy when it comes to bragging about it. WestJet today announced a new program offering guests the chance to share their vacation posts beyond social media. WestJet says by selecting “Vacation Flex” at the time of booking, they can then select from the images they upload to their social media accounts while on vacation, which will be synced with digital billboards across Canada. However, interested travellers may wish to consider the program is being launched on April 1st before trying to sign up.
