Canada News Roundup: Tariffs, Telus, Hudson’s Bay & Defence
June 1, 2025
⚰️ The Tariffs Are (Partly, Temporarily) Dead, Sort of
On May 28, the U.S. Court of International Trade struck down a wide-ranging set of tariffs imposed by former President Donald Trump. These included the sweeping 10% levies on most Canadian imports introduced during his “Liberation Day” initiative, as well as additional sector-specific tariffs framed as a response to a fentanyl “emergency” at the Canadian border.
Our Take: This is a significant decision—for Canada and for the future of global trade governance. Effective immediately, the U.S. must cease collecting these particular tariffs. That includes the 10% duties on Canadian energy and petroleum products and the steep 25% tariffs on autos and auto parts. However, Trump is appealing the ruling, likely has other avenues through which to increase tariffs, and in fact announced the very next day that he plans to double tariffs on steel and aluminum. So this saga is far from over. As before, the best thing we can do is to Buy Canadian.
💲 Telus Investing $70B in 5G/AI
On May 27, TELUS announced a significant investment of over $70B over the next five years to enhance Canada’s digital infrastructure. This initiative focuses on expanding 5G and LTE services, and developing AI capabilities via two "Sovereign AI Factories" in Kamloops, BC, and Rimouski, QC.
Our Take: Updating Canada’s digital infrastructure and developing our data sovereignty should be critical priorities during Carney’s term as PM. The AI data centres will enhance domestic compute capacity and reduce reliance on U.S.-based cloud services (e.g., Amazon, Microsoft), which currently host 80% of Canada’s data. Nonetheless, this is just the tip of the iceberg. Much more is needed—at the governmental, business, and consumer levels.
🍁 Hudson’s Bay Collapse: Over 8,300 Jobs Lost
On June 1, HBC is terminating 90% of its workforce and closing all 96 of its stores nationwide. With over 8,300 jobs lost, this represents one of the largest retail layoffs in Canadian history.
Our Take: This collapse isn’t a result of Trump’s tariffs—it has been a long time coming. But the 8,300 job losses are a major blow to a retail sector already weakened by a 6.9% unemployment rate and TD Bank’s recent recession warning. Without bankruptcy protection, even severance may not be offered. For the rest of us, the best thing we can do is continue buying Canadian—it remains the most reliable way to keep the brands we love competitive in a global marketplace.
🪖 Canada Commits to ReArm Europe
On May 27, King Charles III delivered a throne speech in Ottawa announcing Canada’s commitment to join the ReArm Europe plan—a major European defence procurement initiative designed to reduce reliance on U.S. military suppliers. Canada is expected to finalize its participation by July 1, 2025, with a goal of diversifying defence partnerships and increasing domestic industrial capacity.
Our Take: At The CANADA List, we’re usually focused on pantry products—not tanks. But the principle is the same: 75% of our military procurement budget flows to the U.S. That’s not just spending—that’s dependency. While this plan won’t break that overnight, it is a financially and symbolically important step toward independence and sovereignty.
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