This week, U.S. President Joe Biden and former president Donald Trump faced off in a debate, making history as the oldest presidential opponents in American history. The debate, hosted by CNN in Atlanta, focused on key issues that are expected to shape the upcoming election in November. Both candidates faced questions about their mental and physical fitness for the job, highlighting the high stakes of the election that will likely be determined by a small fraction of voters in battleground states.
In Canada, the Liberal Party suffered a significant loss in a key byelection, with the Conservatives winning the Toronto-St. Paul’s seat for the first time in three decades. Despite this defeat, Deputy Prime Minister Chrystia Freeland expressed faith in Prime Minister Justin Trudeau’s leadership. However, former cabinet minister Catherine McKenna called for Trudeau to step down as Liberal Leader, stating that the party should focus on its values and improving the lives of Canadians rather than one individual.
Controversial changes to how capital gains are taxed went into effect in Canada, causing individuals realizing more than $250,000 in capital gains annually to face an increased inclusion rate for taxable capital gains. This change led to a rush among individuals to get their financial affairs in order before the new rules took effect. Additionally, inflation in Canada ticked up to 2.9% in May, leading to speculation about the possibility of a rate cut in July by the Bank of Canada.
The Canadian government is considering imposing tariffs on Chinese-made electric vehicles to address the oversupply of these vehicles in the global market. Finance Minister Chrystia Freeland announced a consultation process to explore potential policy options, including tariffs and a surtax on Chinese-made EVs. The implications of these tariffs on consumers and the overall EV market remain unclear, but experts suggest it could lead to higher costs for cheap, Chinese-made EVs to align with international economic partners.
In the automotive industry, cyberattacks targeted CDK Global, a provider of software for thousands of auto dealerships, leading to outages that impacted dealers in Canada and the U.S. This disruption highlights the vulnerability of businesses to cyber threats and the need for increased cybersecurity measures. Additionally, a growing number of individuals in Canada and globally are physically inactive, posing a silent threat to public health. Changing transportation patterns and sedentary lifestyles are contributing to the rise in physical inactivity, emphasizing the importance of promoting active lifestyles.
As Canadians gear up for barbecue season, Europe’s recent ban on smoked flavors due to potential health concerns prompts a closer look at the safety of smoked-flavored snacks. While these snacks are popular during summer gatherings, concerns about genotoxicity have raised awareness about potential health risks associated with consuming smoked-flavored chips and barbecue treats. Overall, the week’s top stories in politics, finance, health, and consumer trends highlight ongoing challenges and developments shaping the Canadian and global landscape.
