The US reignites a trade war against Canada with 50% tariffs
Morning Brew Daily
Jul 21, 2026
The Trump administration has announced 50% tariffs on select Canadian goods, including dairy and hockey equipment, citing unfair trade practices. While major exports like energy and steel remain untouched, the move signals a shift toward individual trade agreements and injects significant uncertainty into the USMCA framework, potentially signaling a broader protectionist strategy.
Key insight: Despite the rise in physical music sales driven by Gen Z, half of the young consumers purchasing CDs do not actually own a CD player, recontextualizing the format as an affordable collectible rather than a functional audio device.
