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Good morning! 🌊 Canada’s north is being invaded—by water. But builders are fighting back. After an investment of $50 million and the placement of roughly 200,000 tonnes of rock, the 'Great Wall of Tuktoyaktuk' in North West Territories is now complete. The massive barrier is designed to shield the NWT hamlet from ongoing coastal erosion.

⏰ Today’s read: 5 ½ minutes

MARKETS

Economy: Prime Minister Mark Carney says trade negotiations between Canada and the U.S. remain ongoing ahead of an Aug. 1 deadline, but cautioned that a deal similar to the recent U.S.-EU agreement—which includes significant tariffs—may not be possible. Responding to U.S. President Donald Trump's threat to impose steep tariffs on Canadian goods not covered by NAFTA, Carney emphasized that Canada's geographic and energy ties to the U.S. create a different context for talks.

NEED TO KNOW

The week's headlines

🏂 Whistler village: The First Nations Bank of Canada has announced its largest financing deal to date to support the Lílwat Nation’s Tseqwtsúqum development in Whistler, B.C.—a major Indigenous-led project that will provide commercial space and workforce housing in the Function Junction area. Canada Infrastructure Bank CEO Ehren Cory said the project aligns with its broader mission of supporting Indigenous infrastructure.

🪵 Wood wars: The U.S. has increased anti-dumping duties on Canadian softwood lumber to 20.56%, triggering strong backlash from British Columbia officials and forestry leaders who warn the move endangers jobs and economic stability. B.C. Forests Minister Ravi Parmar blamed Donald Trump for escalating the dispute, while the Council of Forest Industries (COFI) urged immediate provincial action to boost harvest levels and support struggling mills.

⚒️ Steel deal: Algoma Steel is seeking up to $600 million in federal financing as it struggles with mounting financial pressure from escalating U.S. steel tariffs, which have effectively cut off access to its largest export market. CEO Michael Garcia said the Sault Ste. Marie-based company, which once sold 60% of its output to the U.S., is in talks with Ottawa for a more favourable loan package after initially rejecting government terms as overly punitive.

🏗️ Bridge too far: The opening of the Gordie Howe International Bridge between Windsor, Ont., and Detroit may be delayed until 2026 due to setbacks in completing the Canadian and U.S. ports of entry, according to S&P Global. While the bridge structure itself is ahead of schedule, the contractor has missed key deadlines to hand over border facilities to Canada Border Services Agency and U.S. Customs and Border Protection, both of which need several months for pre-operational work.

THE BIG STORY

Provinces seal interprovincial deals as trade war intensifies

Canada’s premiers wrapped up their Council of the Federation meeting in Ontario this month with sweeping commitments. The economic stakes are high with U.S. President Trump threatening 35% tariffs on Canadian exports as of Aug. 1, premiers are betting on cohesion at home to buffer external shocks.

What deals went down: 

• Alberta and Saskatchewan signed a memorandum calling for the construction of new pipelines using Ontario steel, plus rail lines to transport critical minerals from Ontario’s Ring of Fire to western ports.
  

• Ontario added three new internal trade agreements—with B.C., Yukon, Northwest Territories, and Nunavut—to a roster now numbering ten provincial-territorial trade pacts. These seek to harmonize technical standards, streamline certifications for skilled trades, and enable labour mobility.

Quebec remains outside these MOUs, while Manitoba did sign a trade agreement but did not join the pipeline deal due to concerns over Indigenous consultation.

A ticking clock: With U.S. tariffs threatening to strike steel, aluminum, auto, lumber, and other sectors by Aug. 1, provinces are choosing internal resilience over reliance on uncertain negotiations. These deals aim to smooth supply chains and workforce flows, while the infrastructure pact delivers jobs and local-stamped materials – all timed to cut reliance on the U.S. market.

Why it matters: The pipeline and rail deal will boost demand for struggling Ontario steelmakers, fabricators, and rail suppliers. Meanwhile, the trade MOUs mean reduced red tape for credentialed tradespeople moving between provinces—a welder in Kelowna might now qualify for work in Toronto faster—and more coordinated access to materials like cement, lumber, or prefabricated components.

No quick fix: When it comes to ending the trade war, Prime Minister Mark Carney summed it up: “We want a good deal, not a fast deal — and we’ll use all the time that’s necessary,” signaling preference for substance over speed in renewing Canada‑U.S. trade ties as premiers prepare to build Canada’s internal strength. 

PROJECT SPOTLIGHT

Making a point

The $130-million OpenROM project is a major renovation and expansion of the Royal Ontario Museum in Toronto, set for completion in 2027. Crews will overhaul 86,000 square feet of the main floor and add 6,000+ square feet of new gallery space. Designed by Hariri Pontarini Architects and funded largely through private donations, the project includes a four-storey atrium with a diagrid glass ceiling, a multi-level “lily pad” staircase, and a redesigned entrance to the Michael Lee-Chin Crystal.

PROJECT UPDATES

Saint John Theatre work to begin this fall

Alberta issues RFP to repurpose Royal Alberta Museum

Ground breaks on massive Edmonton housing community 

Kelowna airport launches$155M in upgrade work

WHAT WE’RE TALKING ABOUT

🐦 READ: Chimney swifts slow housing 

🏗️ VIDEO: Relax. Cranes are meant to spin

🏠 VIDEO: Why drywall replaced plaster in homes

📦 READ: The rise of shippable ‘microfactories’

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Here’s to a great rest of the week!

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