Getting caught up on a week that got away? Here\u2019s your weekly digest of The Globe\u2019s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.<\/p>\n
Trump threatens 35% tariffs on Canadian goods starting Aug. 1Open this photo in gallery:<\/a><\/p>\n U.S. President Donald Trump says the U.S. will impose 35 per cent tariffs on Canada starting Aug. 1 in a letter posted on his social media site Truth Social.Evan Vucci\/The Associated Press<\/p>\n U.S. President Donald Trump said Thursday he would impose 35-per-cent tariffs on Canadian imports<\/a> starting Aug. 1. In a letter addressed to Prime Minister Mark Carney posted on Truth Social, Mr. Trump justified the levies \u2013 which don\u2019t apply to goods that comply with continental free trade agreement rules<\/a> \u2013 as an effort to force Canada to do more to address U.S complaints about fentanyl trafficking and illegal migration (A recent Globe and Mail investigation found that the Trump administration is using misleading fentanyl figures<\/a> to justify tariffs against Canada.) Mr. Carney defended Canada\u2019s record in a social media post<\/a>, saying the country has \u201cmade vital progress to stop the scourge of fentanyl\u201d in North America. He added that Canada is looking after its interests too by reducing internal barriers to trade and planning big economic projects, and is working towards a revised deadline of Aug. 1 in reaching a new trade deal with the U.S. <\/p>\n Earlier in the week, Mr. Trump said he would also impose a 50-per-cent tariff on copper<\/a> and 200 per cent on pharmaceuticals<\/a> \u2013 potentially piling even more pressure on a Canadian economy reeling from levies on aluminum, steel and autos.<\/p>\n Generic version of Ozempic, Wegovy to launch in CanadaOpen this photo in gallery:<\/a><\/p>\n U.S. telehealth platform Hims & Hers Health Inc. is coming to Canada to take advantage of the patents for blockbuster weight-loss and diabetes drug Ozempic expiring in January.Tom Little\/Reuters<\/p>\n U.S. telehealth platform Hims & Hers Health Inc. plans to enter the Canadian market in the new year<\/a> by selling generic forms of the blockbuster weight-loss and diabetes drugs Ozempic and Wegovy. It is among the first companies to publicize efforts to take advantage of the Canadian patents on those drugs expiring in January, 2026. As Chris Hannay reports, Ozempic, which is by far the best-selling drug in Canada, contains the active ingredient semaglutide and generic versions of that ingredient will sell at a fraction of the cost of the brand-name version.<\/p>\n Hims & Hers said it will work with another company that is producing the drug, while also providing \u201c24\/7\u2033 patient access to licensed providers through its digital health platforms. The company did not name the manufacturer, but four have so far applied to Health Canada for approval to make generic semaglutide, including Apotex Inc. and Sandoz Canada Inc. When the patent for Ozempic expires on Jan. 4, 2026, Canada will be the first major market in the world for generic versions of the drug.<\/p>\n @globeandmail<\/a> <\/p>\n Other companies will be able to make generic versions of #Ozempic in Canada by January 2026. Those generic versions are expected to be a fraction of the price of the name brand, meaning it will be way more accessible to the public. Business reporter Chris Hannay explains. <\/p>\n \u266c original sound – The Globe and Mail<\/a> Decoder: Quebec braces for biggest hit from Trump\u2019s metal tariffs<\/p>\n Donald Trump\u2019s proposed 50-per-cent tariff on all copper entering the U.S. will disproportionately hit Canada. The U.S. is a major market for Canadian copper exports, accounting for $4.8-billion, or 52 per cent, of all the country\u2019s exports of the metal in 2023, according to Natural Resources Canada. Canada is America\u2019s second-largest source of imported copper after Chile. Copper is widely used in everything from construction to automobiles to appliances.<\/p>\n The levy, which is set to kick in on Aug. 1, will fall heaviest on Central Canada \u2013 in particular, Quebec. Quebec accounts for most of Canada\u2019s U.S. copper shipments though The impact of the tariff on jobs in Quebec, home to Canada\u2019s sole copper smelting facility and a major copper refinery, is still unclear. Jason Kirby takes a closer look at the numbers<\/a> in this week\u2019s Decoder series.<\/p>\n<\/p>\n Even as office hours ramp up, downtown foot traffic is slow to reboundOpen this photo in gallery:<\/a><\/p>\n People walk in Toronto’s financial district downtown. A broad swath of white-collar employees do hybrid work, hindering the rebound of downtown cores.Cole Burston\/The Globe and Mail<\/p>\n Canadian downtowns still haven\u2019t recovered from the COVID-19 pandemic<\/a>, according to new data. New data from the Toronto-based analytics company Environics Analytics shows foot traffic in the downtown cores across Canada is still approximately half of what it was before the pandemic. As of April, foot traffic in downtown Toronto is about 43 per cent less than what it was in January, 2020, while that number hovers at approximately 50 per cent for both Montreal and Vancouver.<\/p>\n Despite the slow rebound, major employers are now pushing to bring their white-collar work force into the office more frequently. Three of Canada\u2019s biggest banks \u2013 Royal Bank of Canada, Bank of Montreal and Bank of Nova Scotia \u2013 recently announced new rules that ramp up in-office days. But whether these more demanding return-to-office mandates point to a full rebound for Canada\u2019s downtowns remains to be seen, Vanmala Subramaniam reports. <\/p>\n More Canadians are buying their first homes later in life, and they\u2019re okay with thatOpen this photo in gallery:<\/a><\/p>\n Damon and Kafi Ealey bought their home in Brampton, Ont., just before the pandemic, after living in Japan for 10 years.Galit Rodan\/The Globe and Mail<\/p>\n Expensive housing is pushing a growing number of Canadians into buying their first home later in life \u2013 into their 40s and beyond, a time traditionally used to save for retirement. The average age of a first-time homebuyer in Canada is now just under 35, and homeownership among the 25- to 34-year-old set has been steadily declining. And while the under-35 group still makes up the largest share of first-time buyers today, the over-35 demographic keeps creeping higher, rising at a faster rate across the country.<\/p>\n So what are they doing in the meantime? They\u2019re building stable careers, prioritizing travel, saving for down payments and in some cases, starting families. Zahra Khozema spoke to various Canadians who bought in their 40s and 50s<\/a> about the decisions to buy their first homes later in life.<\/p>\n \nWhich company just became the first in the world to reach a market capitalization of US$4-trillion?\n <\/p>\n a. Microsoft<\/p>\n b. Nvidia<\/p>\n c. Berkshire Hathaway<\/p>\n d. Saudi Aramco<\/p>\n b. Nvidia, a leading designer of computer chips, broke through<\/a> the US$4-trillion barrier on Wednesday.<\/p>\n Get the rest of the questions from the weekly business and investing news quiz here<\/a>, and prepare for the week ahead with The Globe\u2019s investing calendar<\/a>.<\/p>\n