Here are five things you need to know this morning
Carney arrives in China: Prime Minister Mark Carney has landed in Beijing, marking the first visit by a Canadian prime minister to China in eight years. Carney will meet with senior communist leaders Thursday ahead of a Friday meeting with President Xi Jinping and a business banquet.
It’s the first visit by a Canadian prime minister since China detained two Canadians for nearly three years in 2019 in retaliation for the arrest of a Chinese tech executive in Vancouver on a U.S. extradition warrant. Carney has talked about advancing trade and environmental co-operation with China, while keeping Beijing away from sectors that touch on national security or the Arctic. A major issue this week will be China’s heavy tariffs on pork, canola and seafood, which were imposed after Ottawa ordered tariffs on Chinese electric vehicles, steel and aluminum.
Trump calls CUSMA “irrelevant”: U.S. President Donald Trump visited a Ford factory in Dearborn, Michigan Tuesday and dismissed the relevance of the Canada-U.S.-Mexico-Agreement (CUSMA), saying the U.S. doesn’t need a renewal of the trade deal, though “Canada would love it.” “The problem is we don’t need their product. We don’t need cars made in Canada, we don’t need cars made in Mexico, we want to make them here,” Trump said to reporters. Trump said CUSMA has no “real advantage” for the U.S and is “irrelevant” to him. The trade deal comes up for mandatory review this year with formal talks set in mid-January ahead of a July deadline.
Tariff ruling watch: Meanwhile, we may get a ruling from the U.S. Supreme Court today on the legality of Trump’s tariff regime. One trade analyst says countries subject to Trump’s broad use of tariffs would be wise to keep “calm” if he loses at the Supreme Court and is forced to change tack on the cornerstone of his deal-making strategy. “In a sense you should just continue as normal,” Sam Lowe, a partner with Flint Global in London and head of its trade and market access practice, said in an interview this morning on Bloomberg TV. “I don’t expect many governments to be openly critical or shouting about it.”
Revenue drop at Corus: Corus Entertainment saw revenue drop 18 per cent in its latest quarter, as a prolonged advertising slump continued to weigh on the company during its restructuring. The Toronto-based broadcaster posted a net loss of more than $11 million with television revenue taking the biggest hit. The company says the completion of its proposed recapitalisation transaction will deliver substantial balance sheet improvements.
Saks files for bankruptcy: Luxury retailer Saks has filed for bankruptcy . The American company is preparing to reposition itself after obtaining about US$1.75 billion in financing commitments. Saks’ top executive stepped down earlier this month as the firm struggled with debt from its acquisition of Neiman Marcus in 2024. The retailer is also facing increasing competition as customers resist price hikes.
