Canada–U.S. Trade War: The talks are off and the tariffs are on. The U.S. imposed 50% duties on about $20B of Canadian goods, while Prime Minister Mark Carney says Canada will hit back with “dollar-for-dollar” measures starting Sept. 8; economists warn the renewed escalation could shave roughly 0.5 percentage points off growth and add inflation pressure. Auto & Steel Shock: Trump also threatened to raise tariffs on Canadian cars, trucks, auto parts and steel to 50% effective Jan. 1, 2027, ratcheting up uncertainty for manufacturers and supply chains. Regional Fallout: B.C. Premier David Eby says the province is the most exposed, with analysis pointing to major job risk in wood, pulp/paper, minerals, energy and agriculture. OSFI Leadership: OSFI appointed Jing Yang as Deputy Superintendent for Risk, Strategy and Policy, bringing experience from the Bank of Canada and international regulators. ETF Simplicity: Fidelity Canada highlights that with Canada’s ETF lineup topping $1T in assets, investors may want to focus on goals, risk and true holdings—not just fund names. Gold & Debt Mood: Gold jumped to a 3-month high as investors fretted about government debt and policy uncertainty. Cybersecurity: SickKids says a third-party software vulnerability exposed some employee data and job applications, while patient care systems were unaffected. AI in Finance: Goldman Sachs warned that over-reliance on AI could weaken bankers’ reasoning skills. Business & Investment Links: India’s Finance Minister Nirmala Sitharaman will visit Canada and the U.S. Aug. 25–Sept. 2 for an economic and financial dialogue and investment roundtables.