Daily Pulse
One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.
Michel Doucet
Vice-President and
Portfolio Manager
July 7, 2025
Canada
Prime Minister Mark Carney says a new oil pipeline to Canada's West Coast is "highly likely" to be proposed as a nation-building project. Carney believes the private sector should propose the project, rather than the government taking a "top-down" approach. The Prime Minister also supports a proposed C$16.5 billion carbon capture system for Alberta's oil sands as a potential nation-building project.
The US ambassador to Canada, Pete Hoekstra, is optimistic about trade talks between the US and Canada, believing a fair deal will emerge soon.
United States
Donald Trump said any country aligning with BRICS’ “anti-American” policies will face an additional 10% tariff. The comment came as the US prepares to send letters to 12-15 countries setting out new tariff levels, starting at 12 p.m. ET today. Scott Bessent signaled that some nations without deals in place by Wednesday’s deadline may get a three-week extension to negotiate.
Tesla shares dropped premarket after Elon Musk said he formed a new “America Party” and hinted it may back a presidential candidate. Trump derided the effort, calling it “ridiculous.”
Europe
German industrial production unexpectedly rose 1.2% in May from a month earlier, suggesting companies rushed production before potentially much higher tariffs on exports to the US.
EU-China tensions ramped up. Beijing said it will exclude EU-based companies from Chinese government procurement for certain medical devices, while France’s Finance Minister urged tariff barriers to counter Chinese imports.
Asia
Trump will have dinner with Benjamin Netanyahu at the White House as he seeks to put Israel and Hamas on a path toward ending the war in Gaza this week. Indirect talks between the two sides started in Qatar, the AFP reported.
China and Brazil have signed MOUs to enhance cooperation in infrastructure, pharmaceuticals, new energy and AI.