Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

1647 ET - The premier of Canada's Pacific-coast province of British Columbia says PM Mark Carney should give the U.S. an ultimatum in trade talks ahead of the threat of a 50% tariff on certain goods. David Eby says U.S. can't "on one hand attack one group of families and workers, while hoping to get access" to Canada's rare earths. "The U.S. needs to make up its mind," says Eby at a press conference with his provincial counterparts. He adds Carney must demand whether the U.S. wants to be a strong partner with Canada. If the U.S. doesn't want that, Eby adds, "then we need to be looking to the rest of the world" to deepen economic ties. British Columbia is Canada's third-most populous province and fourth-largest by GDP. (paul.vieira@wsj.com; @paulvieira)

1335 ET - Oxford Economics is the latest forecasting firm to play down the economic impact for Canada from President Trump's plan to impose a 50% tariff on a range of Canadian-made goods. The 50% tariff targets a select group of goods. Should they be implemented as planned on Aug. 19, the impact would shave about 0.2 percentage points from Canada's level of GDP in 2027, Oxford says. Further, the tariff could reduce growth next year by up to 0.2 percentage points, through weaker exports and business investment. "The targeted nature of the tariffs means the biggest impacts would be at the sectoral and regional level," Oxford says. The firm projects Canada-based plastics, electrical machinery, forest products and beverage companies to be most affected. (paul.vieira@wsj.com; @paulvieira)

1043 ET - Oil prices slightly trim earlier gains as investors closely watch developments in the Middle East amid escalating attacks between the U.S. and Iran and threats to Red Sea shipping by the Houthi rebels. In early U.S. trading, Brent crude is up 3.4% to $94.11 a barrel after reaching $95, while WTI futures rise 3.2% to $87.01 a barrel. President Trump said on a social-media post on Wednesday that the U.S. would "bomb and destroy one bridge or power plant" any time Iran targets a ship in the Strait of Hormuz. Meanwhile, the Houthis's announced maritime blockade on Saudi Arabia has already affected commercial behavior in the Red Sea, with several tankers altering course or pausing their voyages as owners assess the security situation, according to Kpler. (giulia.petroni@wsj.com)

1037 ET - Apotex could find itself in a bind after President Trump's threat to impose tariffs up to 200% on generic drugs made outside the U.S. Apotex, which recently went public, is down about 10% at C$35.72 as Trump says the levies would begin at 100% in August 2028 and rise a year later, giving drugmakers time to shift manufacturing. The plan targets generic medicines largely produced in India and China. Most of Apotex's production is in Canada, with additional facilities in Mexico and India, and only two U.S. sites focused on warehousing, distribution and its U.S. affiliate headquarters. (adriano.marchese@wsj.com)

1030 ET - Bank of Nova Scotia sticks to its call for Bank of Canada rate increases later this year despite the threat of new U.S. tariffs. Economist Derek Holt says the threat of 50% tariffs likely represents a negotiating ploy -- something that USTR Jamieson Greer hinted at in remarks to CNBC. Holt reckons Trump may want a USMCA deal before the midterms because "he needs some wins" given fallout from Iran war and affordability. Further, Holt says Canada has shock observers to withstand this latest trade hit. First, a weaker Canadian dollar would buoy exports; and elevated commodity prices stemming from the war in Iran, which will lift national income. Holt adds risks are building that firms eventually pass on the higher fuel costs to stop profit-margin deterioration. (paul.vieira@wsj.com; @paulvieira)

0848 ET - The dollar could remain little affected by the latest bout of U.S. trade uncertainty in the near term, MUFG Bank's Derek Halpenny says in a note. President Trump's plans for new tariffs should broadly replicate the Section 122 tariffs which are due to expire on Friday, meaning the currency implications should be limited, he says. Moreover, it comes at a time when markets are pricing in U.S. interest-rate rises and Middle East risks are higher, providing some support to the dollar, he says. However, if trade uncertainty becomes more pronounced, dollar selling could re-emerge as investors become more concerned over unpredictable policies and the damage to the U.S. economy, he says. The DXY dollar index trades flat at 101.135. (renae.dyer@wsj.com)

0550 ET - Sandoz Group is unlikely to suffer a major hit from President Trump's plans to impose 100% tariffs on generics imported into the U.S. from August 2028, J.P. Morgan analysts say in a research note. The Swiss company generates about a fifth of its revenue from the U.S., and about 55% of this is forecast to come from generic drugs in 2028, according JPM. Generics makers might struggle to reshore manufacturing to the U.S. given pricing pressures, the analysts say. Trump's post might be the starting point for negotiations, they add. "While a degree of uncertainty remains over what a final proposal could constitute, we see the ultimate impact on Sandoz as likely to be limited." Sandoz shares fall 4%. (adria.calatayud@wsj.com)

0357 ET - Oil prices extend gains, with Brent crude topping $94 a barrel after President Trump minimized the prospect of immediate talks with Iran. In early European trading, the global oil benchmark climbs 4.1% to $94.72 a barrel, the highest in nearly seven weeks, while WTI futures are up 4.1% to $87.78 a barrel. Traffic through the Strait of Hormuz has declined sharply, while several tankers are moving to avoid the Bab el-Mandeb Strait, market watchers say. Meanwhile, the Caspian Pipeline Consortium stopped receiving oil from Kazakhstan after suspending loadings due to attacks on oil tankers at its Black Sea terminal, according to reports. "Factoring in the renewed disruptions from the Persian Gulf, risks to Saudi crude exports from the Red Sea, and developments in the Black Sea, one may argue that Brent at just over $91 a barrel is undervalued," analysts at ING say. "Particularly if these disruptions persist into August." (giulia.petroni@wsj.com)

0004 ET - Malaysia's economic outlook isn't expected to shift significantly if the proposed Section 301 U.S. tariff is implemented, Kenanga Investment Bank economists say in a note. A new 10% duty would replace rather than be stacked on top of the temporary levy enacted under Section 122, effectively keeping the overall tariff burden at similar levels, they say. Malaysia could also retain a relative trade advantage if it remains in the lower tariff tier versus regional peers, the economists add. Investors are expected to focus on the final list of product exclusions and whether the planned 10% tariff on Malaysia is maintained after the U.S. concludes its review, they write. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

July 22, 2026 16:47 ET (20:47 GMT)

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