Canada

Fifty percent is not a negotiating opener, it's a number designed to stop trade rather than reprice it. Canada sends roughly three quarters of its exports south of the border, so a tariff at this level hits autos, lumber and energy hard enough to force Ottawa's hand within weeks, not months. Mark Carney's government now has to choose between retaliatory tariffs that hurt Canadian consumers or concessions that look like capitulation before an election cycle. UK exporters watching this should note the precedent: if Washington will do this to its closest security ally over trade grievances, the bar for hitting UK goods with similar measures just got lower.

The generic drugmaker priced at the top of its C$20-24 range and upsized the offering on strong demand, making it Canada's biggest listing in five years. SK Capital Partners, which acquired Apotex from the murdered Sherman family estate for US$3 billion in 2023, is using most proceeds to pay down C$800 million in debt. The company reported C$3.5 billion revenue and C$374 million earnings last year, implying a mid-single-digit earnings multiple typical for generics. The successful pricing could revive Canada's dormant IPO market after years of TSX neglect.