Can Disney Magic Save the Kraft Heinz Kingdom?
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What is the main topic discussed in this episode?
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The U.S.
What new 50% tariffs did the U.S. impose on Canadian goods and why?
slaps new 50% tariffs on Canada, hurting already lukewarm trade talks. Plus, Mickey Mouse, meat, mac and cheese, as Kraft Heinz hopes that Disney can sprinkle some magic on its brands. And we'll look at whether AI-native startups offer clues about how all companies could one day be structured.
One executive I talked to compared the efficiencies gained with AI to taking a GLP-1 weight loss drug. You can do a lot more with a smaller staff.
It's Tuesday, July 21st. I'm Luke Varkas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. President Trump has imposed new 50 percent tariffs on certain goods from Canada, which the White House said was a response to the country's discriminatory treatment of American products. That designation allows the president to impose levies under an obscure section of U.S.
Which Canadian products and industries are most affected by the tariffs?
trade law and comes after the Supreme Court ruled earlier this year that emergency tariffs imposed on Canada for its alleged role in the fentanyl trade were illegal.
These levies would hit about $20 billion worth of Canadian goods, including industrial products like cement and consumer goods like wine and hockey sticks. And that's only a small slice of total U.S. imports from Canada, which last year totaled more than $380 billion.
That's Journal trade and economics reporter Gavin Bade in Washington, who says the new tariffs come as the two countries remain at loggerheads for the future of the U.S.-Mexico-Canada agreement.
That is the trade deal that Trump negotiated in his first term to replace NAFTA and is up for renegotiation this year. Now, the US and Mexico have been making steady progress and American officials are in Mexico City this week for talks. But the US and Canada have not even opened formal negotiations on the deal yet. That's a problem for the Trump administration, which is trying to extract concessions from the trading partners quickly before the midterm elections could allow Democrats more oversight. In previous rounds of tariffs on Canada and Mexico, the U.S.
How do the tariffs relate to the future of the USMCA trade talks?
has largely exempted products that comply with the USMCA agreement, so they were not hit by previous tariffs. But this time, Trump's team said the goods would not be spared and would be hit by the new 50% levy. At the same time, the administration is leaving the door open for negotiations with Canada to begin. The new levies won't take effect for 30 days, and administration officials have emphasized that they remain open to talks with Ottawa. Trump, of course, has routinely threatened tariffs on scores of nations throughout his second term, but has often relented when relations improved. So we'll continue watching this space.
Why are wildfires and air-quality issues tied to the U.S.-Canada tensions?
The White House said the latest round of tariffs won't apply to products already hit with so-called national security tariffs, including steel, aluminum, auto parts, and lumber. Last year, Prime Minister Mark Carney rolled back many of the counter-tariffs Canada had imposed on U.S. goods, but several provinces kept in place their own bans on U.S. wine and spirits, something U.S. officials have repeatedly complained about. In a statement, Carney said Ottawa is ready to address outstanding issues with the U.S. to the benefit of both countries. Well, those new tariffs come after Trump accused Canada of poisoning U.S. air after wildfire smoke blanketed Ontario and several U.S. states last week. Wildfires are continuing to blaze this week across both sides of the country's shared border, with most of them caused by lightning strikes in remote forested areas.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:34
2
What new 50% tariffs did the U.S. impose on Canadian goods and why?
0:34–1:40
3
Which Canadian products and industries are most affected by the tariffs?
1:40–2:46
4
How do the tariffs relate to the future of the USMCA trade talks?
2:46–3:24
5
Why are wildfires and air-quality issues tied to the U.S.-Canada tensions?
3:24–4:22
6
What intelligence developments are reported about Iran and Pickaxe Mountain?
4:22–6:03
7
How is the UAE investing in natural gas and why does it matter for energy markets?
6:03–7:52
8
What does the Kraft Heinz–Disney partnership include and how could it revive sales?
7:52–13:52
Speakers
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