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“This is a very consequential moment for the G-7 in the world,” Canadian Finance Minister Francois-Philippe Champagne told reporters May 20.

Canada’s finance minister said the government kept 25% retaliatory tariffs on U.S. goods, disputing an Oxford Economics report that suggested it had paused the vast majority of those levies.

Canada has effectively suspended almost all of its retaliatory tariffs on U.S. products, tamping down inflation risks and improving its growth outlook, according to Oxford Economics.

President Donald Trump indicated that he would strike a friendlier relationship with Canadian Prime Minister Mark Carney than the one he had with Justin Trudeau, whom Trump “didn’t like.”

A General Motors assembly plant in Canada that makes pickup trucks mostly for export to the U.S. will cut down to two shifts from three because of the “evolving trade environment.”

Canadian National Railway kept its financial outlook for 2025 intact despite rising economic risks, but management acknowledged that uncertainty is leaving many customers in limbo.

Populist Conservative leader Pierre Poilievre — in the lead until U.S. President Donald Trump took aim at Canada with a trade war and annexation threats — was voted out of his Parliament seat.

While prices will rise for everyone, lower-income families are expected to lose a larger portion of their budgets because they tend to spend more of their earnings on goods.

“We don’t have to do a deal in the short term,” Carney told reporters April 24, as he campaigned in British Columbia ahead of the April 28 election. “My government will do the right deal.”

The strategy is one leg of a more wide-ranging plan to raise the logistics giant’s revenue by 50% by 2030 by focusing on fast-growing and high-margin niche markets.