Consensus among those consulted by the Business Council of Canada was that federal finances are not in a state of crisis, but the government is stretched, leaving less room to manoeuvre in the face of U.S. tariffs. (The Logic)

Talking point: The council consulted with more than 50 chief executives and nearly 20 economists, investors and former government officials, who described the tax system as overly complex, uncompetitive and outdated, and issued a “universal” call for reform. Respondents broadly support government spending to finance “economy-enhancing initiatives,” but recognize the financial picture doesn’t leave much room for sustained deficits, the council said in a report. Tax reforms could be used to discourage brain drain and boost competitiveness—and the government’s financial prospects at the same time, respondents suggested.