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Canada’s Chrystia Freeland on preparing for the trade war with Trump

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  • In today’s CEO Daily: Diane Brady talks to Canada’s minister of transport and internal trade Chrystia Freeland about preparing for the upcoming trade war.
  • The big story: The White House accidentally leaked plans for a military strike on Yemen in a Signal group chat with the editor-in-chief of The Atlantic.
  • The markets: Risk on!
  • Analyst notes from JPMorgan and EY on recession risk, Convera of the dollar, and Goldman Sachs on equities.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. Business leaders are bracing for tariffs, but they’re still struggling to figure out what exactly those will look like. President Trump’s 25% levy on goods from Canada and Mexico, for example, went into effect on March 4, only for him to pause it for many products two days later. That delay expires on April 2, but no matter what Trump decides, other countries are already making their own plans. To get a better sense of what kind of international environment CEOs should expect moving forward, I spoke with Chrystia Freeland, Canada’s minister of transport and internal trade, who joined us last week at the Fortune CEO Initiative dinner in New York.

Freeland is currently serving under Prime Minister Mark Carney, who just called a national election for April 28. But before that, she was deputy prime minister and minister of finance under Justin Trudeau, and helped negotiate the United States-Mexico-Canada Agreement (USMCA). Her break with Trudeau over what to do about Trump’s “grave” tariff threats prompted her to leave his cabinet in December, and ultimately helped spark his own resignation announcement in January.

Freeland told me that the tariff war against Canada has reinforced the urgency of removing interprovincial trade barriers. “We don’t have a single Canadian economy; we have 13 economies,” she said, estimating that getting rid of such divisions could add 4% to the country’s GDP. “We are determined,” she added. “I predict we will get it done by July 1,”  which, of course, is Canada Day.

In that vein, the Canadian national government announced on March 21 that it would invest C$175 million over the next five years to support operations and maintenance of the Hudson Bay Railway and pre-development activities at the Port of Churchill in Northern Manitoba. The goal: to boost the trade infrastructure and transportation corridor through northern communities. The government also signed a contract for high-speed rail between Quebec City and Toronto.

Freeland emphasized that Canadians feel deeply betrayed by Trump’s trade policies and threats to annex the country as a 51st state, noting that those issues prompted the call for an election later this spring.    

“President Trump has upended politics in our country,” she said. “The next prime minister of Canada will be elected based on Canadians’ perception of who can meet that challenge.” 

“We want to have a good and respectful relationship. There is a real win-win possible, and it will be great to get back to it.”

More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This story was originally featured on Fortune.com



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Trump won’t rule out seeking third term, says there are ways

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President Donald Trump said he wouldn’t rule out seeking a third term in the White House, telling NBC News in a phone interview on Sunday that “there are methods” that would allow him to do so

“I’m not joking,” Trump said. “But I’m not — it is far too early to think about it.” 

The 22nd Amendment to the US Constitution, enacted after Franklin D. Roosevelt was elected to a fourth term in 1944, prohibits US presidents from serving more than two terms. The process for amending the Constitution takes years.

“A lot of people want me to do it,” said Trump, who will be 81 at the end of his current term. He declined to specify the methods by which he could legally serve a third term. He was elected in 2016, defeated in 2020 by Joe Biden and reelected in 2024. 

This story was originally featured on Fortune.com



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The winner from auto tariffs is ‘no one’ as ‘pure chaos’ will reign over the industry, analysts say

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Anti-American sentiment rises in Europe as Trump fuels anger

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Rising anti-American sentiment in Europe as President Donald Trump’s policies ruffle feathers is ushering in a shift in consumer behavior, not least in attitudes toward American goods.

Trump’s threats to impose punitive tariffs on Europe, seize territories and pull military support in the region — including his handling of the war in Ukraine — have irked European consumers, fueling campaigns to boycott US products. 

There’s currently no country in Europe where more than half of the population has a positive attitude toward the US, according to a YouGov poll published March 4. Opinion soured the most in Denmark, where leaders and residents were riled by Trump’s plans to take control of Greenland.

Facebook groups urging the boycott of US goods have sprung up and amassed thousands of followers. One such Danish group, Boykot varer fra USA (Boycott products from USA) has drawn more than 92,000 members since it was created Feb. 3.

“I got more and more upset with his ways of declaring what is right and what is wrong,” Bo Albertus, one of the administrators of the group, said in an interview. “I began to feel like I need to do something.” 

Albertus, a Danish school principal, said he canceled all his streaming services in favor of European or Danish ones and no longer eats at American fast-food chains. 

Read more: French Companies Asked to Drop DEI to Keep US Government Work

“I thought the best way is to stop putting money in their pockets,” Albertus said. Almost every second Dane has deliberately refrained from buying an American product since Trump’s inauguration, a survey from Megafon for Danish broadcaster TV 2 shows. 

A similar Swedish group, Bojkotta varor från USA, has grown just as fast. 

“I was just angry, I didn’t know what to do,” said Jannike Kohinoor, a Swedish teacher and one of the creators of the group. Following Trump’s insinuations that Ukrainian President Volodymyr Zelenskiy was to blame for the war, “our brains were just exploding,” she said. “Starting the group gave us an opportunity to do something.” 

Some 70% of Swedes have or are considering refraining from buying American products as a form of political protest, according to a survey from Verian conducted for Swedish state broadcaster SVT. One in 10 have boycotted US goods completely within the past month, while 19% have only stopped buying certain goods.

Salling Group AS, Denmark’s largest grocery group and the operator of supermarkets Bilka, Fotex and Netto, started marking whether a product is owned by a European company on its electronic price tags. That was in response to an increasing number of customers wanting to buy groceries from exclusively European brands, Chief Executive Officer Anders Hagh said in a LinkedIn post.

Still, any visible impact on European retail earnings would take a while to materialize, Bloomberg Intelligence Senior Analyst Charles Allen said. “These market share shifts tend to take time.”

A growing number of US companies, already rattled by boycotts in Canada, have flagged the potential business risk of more discontent further afield.

The change in consumer behavior has been swift and dramatic for Tesla Inc., fueled by Europeans’ reaction to CEO Elon Musk’s antics and unwelcome involvement in European politics. Tesla’s sales plunged 76% in Germany last month as Musk angered voters taking part in the country’s closely contested federal election. Across Europe, sales of Tesla vehicles fell 45% in January and dropped 40% in February.

Demonstrators from London to Berlin joined a global anti-Tesla protest on Saturday, displaying their opposition to what they perceive as Musk’s undermining of democracy. 

Groupe Roy Energie SAS, which has ordered between five and 15 Tesla cars annually since 2021, has taken a stand by canceling an order of 15 cars in favor of European models despite their higher cost.

“Individual consumers, society, our countries, Europe must react,” Romain Roy, the company’s CEO, told French broadcaster Sud Radio.

In Norway, oil and shipping company Haltbakk Bunkers AS said it would no longer sell fuel to US forces or ships, a reaction to the Oval Office spat between Trump and Zelenskiy, according to public broadcaster NRK. “No fuel for Americans!” the company said in a now-deleted Facebook post. 

The reports prompted Norway’s Defense Minister Tore O. Sandvik to issue a statement saying that the reported boycott isn’t in line with Norwegian government policy.

At the grassroots level, it’s about doing what one can.

“I don’t know if we’re going to have an economic impact, I think that’s longer than a marathon,” Kohinoor said. “But maybe we can have a social impact.”

This story was originally featured on Fortune.com



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