Canada chooses leaders who take on Trump
Canadian Elections 2025: Follow the live update of news and results.
Canadians will vote on Monday to decide which political parties form the next government.
But President Trump's tariff attacks on Canada and his pledge and the 51st state have turned federal elections into a referendum.
Last week's only English election debate began with the moderator asking Carney, who was prime minister for over a month.
“The starting point must be one of strength,” replied Carney.
Both candidates promise a tough response. Trump has downplayed Canada's sovereignty and his tariffs, already leading to layoffs and concerns over the closure of factories, but has spurred a surge in patriotism among Canadians and has opened up hostility towards the US's biggest trading partner. In contrast to Mexican approaches dealing with Trump, both Carney and Polyeve vowed to fight back.
Here are the strategies they campaigned for:
Hitback: Carney highlighted his commitment to retaliation tariffs. Poilliebre says they are necessary to “deter” Trump's trade attacks. Canada is imposing tariffs on imports from the US, which are expected to generate around Canadian dollars 38 billion, or about $27 billion a year.
Trump is imposing tariffs on key sectors of Canada's industrial economy. A similar taxation is on 25% of automobiles, aluminum and steel, and goods outside the scope of the US, Canada and Mexico trade agreements. Auto parts duties are expected to take effect on Saturday.
Automotive Parts and Automotive Parts are Canada's largest exports to the US other than oil and gas.
Diversify: Former Bank of England governor and Bank of Canada, Carney stood out for his first trip as prime minister to meet British and European leaders. Canada has a free trade agreement with Europe, but how unclear is the potential that Canada can significantly increase exports to its markets.
A lifelong politician, Poilliebre built pipelines across Canada and pushed hard to ship oil and liquefied natural gas to Europe. Canada currently exports more than 80% of its energy to the US. Kearney also suggests finding a new energy market and building a pipeline.
Canadianize: To end the current process of automated parts that cross the border several times, Carney proposed creating an “All In Canada” part manufacturing network. He has not provided details on how to persuade manufacturers to adjust their supply chain to fit their Canadian goals.
Neither candidate is specific. Carney's experience as a central banker and private investment experience (he has a PhD in economics, worked at Goldman Sachs, serving as chairman of Brookfield Asset Management and Bloomberg) makes him an ideal negotiator and economic crisis manager.
Poilliebre, who campaigned at food and housing crime, taxes and high prices before tariffs and elections, has not focused directly on the trade war. The Liberals are slightly ahead of conservatives in the popularity poll, but the Liberals are likely to form the next government with the majority of seats in the House of Representatives.
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This is what's going on
China's Huawei reportedly developed a new AI chip to take on Nvidia. It is intended to compete with Nvidia's most advanced semiconductors. Tiktok Parent Bytedance is in discussions to place an order, the Wall Street Journal reported. This is the latest example of Beijing's push to move away from US technology in the face of export controls.
American academic leaders are at odds with President Trump. After the White House freezes billions with federal funds for major universities, the group was formed to counter the president's widespread attacks, with more than 400 university leaders signing letters against Trump's move to audit the curriculum and oversee employment. Meanwhile, the private groups of top universities came together to plot strategies, according to the Wall Street Journal.
Gordon Brown has filed criminal charges against Rupert Murdoch's paper. The former British Prime Minister has claimed he was a “victim of obstructing the course of justice” in Murdoch's UK paper. His British company denied the charges.
Phone games
There is even more confusion about the status of US-China tariff talks on Monday, as new data shows that global trade has begun to acquire orthotics due to a massive revenue week.
Latest: Beijing in Beijing has completely denied President Trump's claim that Chinese leader Xi Jinping called him to discuss their trade conflict. Trump said last week that they actually talked about and the discussions are ongoing. A Beijing statement said Treasury Secretary Scott Bescent, who has become a point person in trade negotiations, on Sunday he doesn't know if the two leaders spoke “this week” for the ABC.
Who do you believe? Businesses are attracting attention on Wall Street and Washington. Several business leaders have used profit spotlights to warn about tariffs. The hope is that this message reaches Trump administration officials and finds off-ramps with trading partners, in addition to the pressures of the White House.
That said, Trump pushed back the notion that he was shaken by RESTIVE BONDHOLDERS when he decided to suspend mutual tariff implementation earlier this month. “The bond market was winning YIPS, but I wasn't,” Trump told time.
Meanwhile, trade fallouts get worse. Cargo transport between the two countries plummeted, and Temu, a popular Chinese retail app that was particularly hard hit by Trump's tariffs, has jacked the costs of US customers, Bloomberg reports. Economists predict that taxation can rekindle inflation and drive economic growth, but retailers are beginning to warn that it could lead to empty store shelves.
It focuses specifically on big weeks for revenue and economic data. What is in the store:
Personal consumption expenditure, the Fed's priority inflation gauge and first quarter GDP are scheduled to be released on Wednesday as fears of a recession grow.
Friday is work day. Some economists hope to see tariff-driven drop-offs in employment in April's salary report.
There is also a revenue parooza, with four spectacular seven stubborns set to report. The first of the group is Microsoft and Meta (Wednesday). Apple and Amazon will follow on Thursday.
Large tech revenues have fueled many market gatherings over the past two years, with Google's Alphabet and Tesla helping to boost stocks last week. Will the tech giants keep their winning streak alive, or will trade war tensions win?
Content Wars Latest: Spotify vs. YouTube
Spotify has paid more than $100 million since January to podcast publishers and creators. Jessica Testa first reported on the Dealbook.
Payments are the result of a program introduced this year that opened new revenue streams to eligible hosts. However, it is also an attempt to attract more creators (and their audience) to Spotify, as the rise of video podcasting has been driven to YouTube.
Videos now dominate podcasting. According to the January Edison Survey Report, more than half of Americans over the age of 12 watch video podcasts, but mostly on YouTube. The service reaches 1 billion podcast consumers each month, becoming the dominant platform for Media King and Kingmaker Podcasts, leaving ATIO-only platforms like Spotify and Apple Podcasts in the Dust. (Spotify introduced video podcasts in 2019.)
Compared to YouTube, Spotify has become a vulnerable podcaster, with 170 million podcast listeners per month within a general audience of 675 million. One indication of how far Spotify has to go to catch up with top players: YouTube paid more than $70 billion to creators and media companies from 2021 to 2024.
The company is reporting revenue for tomorrow, and is expected to earn around 540 million euros pre-tax revenues at 4.2 billion euros, according to S&P Capital IQ.
But Spotify remains a major player in the industry thanks to its talent roster. We distribute and sell advertisements for the world's largest podcast, The Joe Rogan Experience. And it achieved its first year of profitability in 2024 (Rogan's podcasts are also available on YouTube).
The new partner program aims to reduce YouTube's advantage. Spotify, like YouTube, was a creator previously paid only by sharing advertising revenue with them. They also offer incentives to upload videos. Qualified creators make additional money based on how much their premium subscribers are involved in the video.
The company is trying to attract more viewers. Spotify announced its partnership program in November, and announced that paid subscribers in certain markets do not need to watch dynamic ads on video podcasts. Video consumption has already increased by more than 40% since January, according to Spotify.
Can Spotify convince creators to change their priorities? David Coles, host of the horror fiction podcast “Just creepy: Scary Stories,” said he is reevaluating the “home platform” after Spotify's revenues have recently surpassed YouTube's revenues. Last quarter, Coles said he received about $45,500 from Spotify. After joining the company's new partner program, his quarterly Spotify revenue rose to around $81,600.
This increase could be even more dramatic for large shows and podcast companies like YMH Studios, a comedy network with 2.1 million YouTube subscribers that produce popular podcasts such as “2 Bears, 1 Cave.” YMH Studios said its quarterly Spotify revenue has more than tripled after joining the partner program, refusing to share accurate numbers.
The creators emphasized that these are still in their early days, but Alan Abin, head of advertising revenue at YMH Studios, called the new payment program a “game changer” and a “very happy surprise.”
“Our parent company, Paramount, is about to complete the merger. The Trump administration must approve it. Paramount has begun to oversee our content in a new way.
– Scott Perry, “60 Minutes” correspondent. He made an extraordinary on-air responsibility last night on the first episode of the news program since Bill Owens, who had led the award-winning CBS program since 2019. This is because Redstone is seeking government approval for the company's merger with Hollywood Studios Skydance.
Speed is read
artificial intelligence
Elon Musk's artificial intelligence business Xai hopes to raise $20 billion at a $120 billion valuation. (Bloomberg)
The UK's Google AI staff are planning to form a union to combat the company's plans to sell its services to defense contractors. (ft)
Politics, policy, regulation
President Trump's son Don Jr. and tech entrepreneur Omed Malik have started a private George Town Club for the super rich who want to get even closer to the president. (Politico)
Some Republican lawmakers can sink President Trump's tax bills on major issues such as the salt deduction and the Inflation Reduction Act. (WSJ)
Best remaining
Behind Signal and WhatsApp private group chats shaping tomorrow's conversations with podcasts, X, and Sacakk. (semafor)
Five years after Carlos Gosun escaped by wooden frame, the fugitive and former head of Nissan is now teaching business strategy at a Lebanese university. (WSJ)
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