The latest US trade escalation has more bark than bite, with items removed from the tariff list offsetting those added - leaving just under $1B of import bans…

… which were primarily concentrated around alcohol. With Peller now private, there’s limited public company exposure - and the economic impact is small at ~0.3% of total US exports.

Similarly, Trump’s threat to cut us out of the ~$50B GSA Multiple Award Schedule market would have some impact - but at 6% of US federal government contract spending (DoW, DoE, etc.) and a small fraction of that tied to Canada…

… CGI Inc. (GIB-A) might be the only TSX issuer to feel it, given they did $521M through the program in 2025 - representing 4% of total revenue (32% of US federal revenue).

While the impact of this round is more on the news cycle than anything, we’ll see if the rumoured expansion of our EU relationship is also posturing…

… when details come out mid-month, given the region would have to take meaningful share above its current ~8% to offset lost US trade - should escalation continue.

Canada’s international investment position grew by a record $619B in Q2…

… driven by strong markets and a weaker loonie, given equities represent ~70% of our assets and ~50% of our liabilities.

That strength was broad-based geographically - with American (up 15%), European (up 14%), and Japanese (up 37%) markets all contributing meaningfully.

With mixed markets so far in Q3, that tailwind might not be there for the next print - but the liabilities side of the balance sheet is likely to keep growing…

… as foreign investors continue to gobble up government paper.

Enbridge is paying US$2.6B for Tallgrass Energy’s crude oil business, a price tag that represents 10-11× EBITDA before synergies…

… enabling the company to finance the deal with equity and maintain balance sheet flexibility. While the financial impact is small (2-3% of incremental EBITDA), the deal has strategic value…

… with the acquired infrastructure connecting three basins and providing direct access to 500 kbpd of refining capacity. Alongside its recent $600M Salt Creek deal, Enbridge is selectively bulking up its US footprint…

… at a time when the value of North American energy infrastructure rising.

Groupe Dynamite (GRGD) closed up 4% after beating big in Q2, with same-store sales growth of 10% translating to sequential improvement on a two-year stack basis…

… and margins expanding to a new record (GRGD aims to hike prices at 2x inflation).

Combined with a slightly stronger start to Q3, management raised its full-year guide…

… which should ease investor growth concerns, bringing GRGD’s valuation closer to Canadian peers like Aritzia (ATZ).

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