Tariffs on drones weighing more than 25 kilograms or equipped with thermal cameras kicked in right after midnight Thursday morning, doubling the cost of imports to the United States from most sources. The new rules put lower tariffs on some countries, including Japan, South Korea and European Union members, but not Canada. Additional tariffs on drone parts are to apply starting Feb. 9, 2027. (The Logic)
“We have observed exactly what the U.S. position was,” AI Minister Evan Solomon said. He was responding to The Logic’s question about Trump administration officials and AI CEOs urging other countries to minimize new regulation. “Our responsibility will always be and is currently to protect Canadians on our own terms,” Solomon said. (The Logic, Bloomberg, The Wall Street Journal)
The maker of radio-jamming devices used against drones and remote-controlled bombs owes creditors more than US$80 million, says a court order, amid a decade of declining sales as western troops have withdrawn from the Middle East. (The Logic)
The Valcourt, Que.-based company reported stronger-than-expected off-road vehicle sales that helped offset the impact of U.S. tariffs. It had suspended its forecast in April. (The Logic)
Judge Edward Morgan found “ample evidence” that the then-TSX listed crypto investment firm misled investors, promoting the linked Terra and Luna crypto assets while failing to disclose key information about their risks. The collapse of Terra and Luna sparked contagion in the crypto market in 2022. (The Logic)
A U.S. withdrawal from the Canada-United States-Mexico Agreement (CUSMA) would represent a total loss of $402 billion in real GDP by 2036 relative to the status quo baseline, says a new report from Deloitte Canada that imagines several scenarios for Canada-U.S. trade. (The Logic)
The federal government is to spend $4.7 billion to build and maintain the new cars for Via Rail’s regional and long-distance services like the Toronto-Vancouver Canadian and the Montreal-Halifax Ocean lines, Prime Minister Mark Carney announced. Besides the direct industrial impact, he touted travelling by rail as important to Canadian life and culture. (The Logic)
U.S. Treasury Secretary Scott Bessent, who chaired the ministers’ meeting, secured support from the other 19 countries to “take steps to eliminate non-market policies and practices that exacerbate imbalances.” (The Logic)
U.S. law firm Edelson PC is filing additional suits on behalf of teachers, a principal and students who were in the B.C. school during the Feb. 10 attack but were not shot. The filings follow seven lawsuits against the company and its CEO filed in April on behalf of victims’ families. (TechCrunch)
The insurer’s Canadian group benefits business, which works with businesses on supplemental employee health plans, said there has been a 228 per cent spike in hormone replacement therapy claims in the past five years among women in the 45 to 54 age range. (The Logic)