Uncertainty over the North American trade pact is weighing on business confidence, says the latest quarterly outlook from Deloitte, as firms remain in wait-and-see mode before investing. (The Logic)

Talking point: Deloitte now expects Canada’s GDP to rise 0.7 per cent in 2026, lower than the 1.2 per cent the firm forecast in its April outlook. Yet even if the review of the trilateral trade goes beyond July 1, Canada is likely to keep its duty-free access to the U.S. for most goods. Speeding up major infrastructure projects and expanded capital cost allowances could also help drive investment next year. “We still feel confident that we’re going to see the ground settle,” said chief economist Dawn Desjardins. One area where businesses are spending more: intellectual property and software, which the report said is likely linked to investments in artificial intelligence.