Good morning. A spate of earnings reports today offers a snapshot of how key Canadian industries are navigating trade uncertainty and signs of cooling consumer demand. That’s in focus today – along with a look at why I’m hot about coffee.

Investing: Brookfield Asset Management Ltd. is poised to chase a new wave of growth from wealthy individuals and everyday savers who want to invest in private assets. The Trump administration announced this morning it is throwing open the gates to a multitrillion-dollar change in investing markets.

Telecoms: An Ontario judge has sided with shareholders of a shuttered telecom startup in a court battle that has stretched over a decade.

E-commerce: Shopify Inc. regained its position as the most valuable company in Canada after reporting double-digit revenue growth and profit for the second quarter and projected continued growth in the coming months.

U.S. President Donald Trump’s sweeping new tariff regime took effect at 12:01 a.m. ET, marking the biggest escalation in American trade protectionism in a century. The levies will hit nearly all U.S. trading partners, ushering in what analysts call a new global trade order.

• In Canada, where tariffs have already risen, Prime Minister Mark Carney is citing the United States-Mexico-Canada Agreement – which shields most Canadian exports – as grounds to hold off on retaliation.
• Ontario Premier Doug Ford is warning Trump could scrap the USMCA “with one signature” and says Ottawa must prepare for early talks.
• Dominic LeBlanc, the federal cabinet minister in charge of U.S.-Canada trade, said he expected Carney and Trump to speak “over the next number of days.”

What a cross-section of Canadian companies is telling us about households, headcounts and priorities

Restaurant Brands International

Menu inflation in Canada and the U.S. has cut into lower-income traffic, even as higher-income customers spend more per visit.

• The results: Restaurant Brands reported an adjusted profit of 94 cents per share, missing analysts’ estimates of 97 cents, owing to increased advertising expenses coupled with higher costs from supply chain and commodities such as beef and coffee.
• The backdrop: The owner of Tim Hortons, Burger King and Popeyes has faced a dip in consumer confidence and broader uncertainty in the economy.
• Winging it: Investors aren’t likely to spend too much time on allegations of fowl play. But clandestine surveillance, allegations of unsafe chicken and a broken business relationship are chronicled in Susan Krashinsky Robertson’s recent story behind a Canadian lawsuit against Popeyes Louisiana Kitchen.

Canadian Tire

The 102-year-old retailer’s report offers a read on the health of Canadian household spending across both essential and discretionary goods, making it a useful gauge of consumer resilience in a shifting economic environment.

• The results: The Toronto-based retailer reported a 5.6-per-cent rise in comparable sales last quarter, led by demand for seasonal goods and auto supplies. Earnings dipped slightly as it ramped up spending on store upgrades, tech investments and loyalty expansion.
• The backdrop: The company is undergoing a major restructuring to address internal issues and brace for external shocks.
• The roadmap: Its $2-billion “True North” strategy includes store upgrades, tech investment (including AI), and an undisclosed number of layoffs. It confirmed cutting corporate‑level jobs last week without saying how many.

BCE Inc.

Canada’s telecommunications companies are facing competitive and inflationary pressures, a slowdown in immigration and an uncertain trade outlook.

• The results: BCE’s profit rose 6.6 per cent last quarter, but adjusted earnings fell nearly 20 per cent as restructuring costs and shifting revenue streams weighed on results. The company is cutting jobs and streamlining operations while staying invested in wireless and fibre expansion.
• Losing the signal: Bell Canada parent company BCE added 44,500 net postpaid mobile customers, down 43 per cent from last year, and 49,900 prepaid mobile customers, down three per cent.
• That compares to rival Rogers Communication Inc.’s 61,000 total net adds and Telus Corp.’s 55,000 adds in the quarter.
• Dashed hopes: Bell had lagged peers in wireless for recent quarters, and analysts had been hopeful the company would make up ground as mobile pricing stabilized during the quarter.
• Traditional home services like internet, TV, and landline phones declined, and the company expects earnings to fall again this year even as free cash flow improves.

With a file from Irena Galea

Canadian Natural Resources

The vast majority of Canadian oil and gas exports are compliant under the USMCA, so major producers have maintained a relatively positive outlook.