Canada’s federal government has unveiled its retaliatory tariffs against the U.S. alongside $7.5 billion in relief measures for workers and businesses, matching American levies on more than 700 imported goods as the trade war escalates.

Plus, Canadian universities are spending more on research but making less from intellectual property, raising fresh questions about why so many campus discoveries struggle to become commercially successful businesses.

And in The Big Picture: Kepler launches a space data relay service, OpenAI says its in-house chip outperforms Nvidia, Honda warns of trade-war price hikes, Fitbit founders target elder care, WestJet flight attendants ratify a deal, and more.

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Trump is threatening to crank tariffs on Canadian autos, auto parts, and steel to 50% in January, a sign the White House is prepared to drag the trade war into the new year after talks with Canada collapsed.

Plus, Thomson Reuters has launched its own custom AI model for legal and accounting customers, betting that cheaper, specialized tools can win back enterprise clients from frontier AI labs.

And in The Big Picture: Canada awards an $11 billion icebreaker contract, the U.S. proposes a six-figure H-1B visa fee, Iran threatens ships in the Strait of Hormuz, Hugging Face talks acquisition, Shein heads to market, and more.

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Canada-U.S. trade negotiations have collapsed after last-minute American demands, prompting Mark Carney to accuse the U.S. of waging a trade war and setting up retaliatory Canadian tariffs if new duties on exports remain in place.

Plus, Walmart is taking another run at fashion with a new in-house women’s clothing line aimed at younger, more affluent shoppers, hoping its massive customer base can turn cheap-but-trendy apparel into a much bigger business.

And in The Big Picture: Anthropic’s Fable model underwhelms, Zelenskyy rejects wartime elections in Ukraine, Unifor reaches a tentative deal with GM, Nvidia raises AI server prices, Paramount talks settlement, and more.

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Anthropic is hiring in Canada as it looks to build AI data centres here, including an Alberta-based community engagement role meant to win over towns where residents are increasingly wary of the facilities’ costs, noise, emissions, and local impacts.

Plus, Canadian banks are tightening employee rules around prediction markets over fears finance workers could use insider information to bet on economic forecasts, financial indicators, and company outcomes.

And in The Big Picture: U.S. booze returns to Canadian shelves as trade talks progress, China’s Bilibili pushes into Western markets, Australia takes on big tech over news payments, and more.

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Trump is pausing a major tariff hike on Canadian imports after a tentative deal was reached, giving negotiators three more days to hammer out the details — including possible concessions on Keystone XL, autos, dairy, and alcohol.

Plus, John Tavares is taking the CRA to court over an $8 million tax bill tied to his Maple Leafs signing bonus, in a case that could make it even harder for Canadian teams to attract top U.S.-based athletes.

And in The Lab: Moderna and Merck report a major breakthrough for personalized mRNA cancer treatment after a late-stage trial showed their vaccine-and-immunotherapy combo could delay the return of melanoma.

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Meta is defending itself against a landmark lawsuit from 29 U.S. states accusing Facebook and Instagram of harming young users, a case that could bring massive penalties and force a redesign of core social media features.

Plus, long-term government bond yields are hitting multi-decade highs as inflation fears, war-driven oil pressures, and rising deficits push up borrowing costs — including in Canada, where higher yields could put more pressure on mortgage rates.

And in The Big Picture: the Parti Québécois pledges an independence referendum after Trump leaves office, OpenAI launches a teen version of ChatGPT, Disney sues the FCC, and Curaleaf bids for Aurora Cannabis.

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Movie theatres are “Imax-maxxing” as Christopher Nolan’s The Odyssey drives a boom in premium-format ticket sales, giving the Canadian large-screen company its strongest stretch in years.

Plus, new research finds Russian disinformation farms targeting Albertans with pro-separation propaganda, amplifying a movement that still has limited support but outsized online noise.

And in The Big Picture: inflation ticks up on higher gas prices, NexGen courts BHP for a stake in its massive Saskatchewan uranium project, and Mark Walter explores selling part of Chelsea after a record Lakers deal.

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Volatility Shares wants to launch ETFs that let investors bet on the performance of NHL teams, turning sports fandom into a tradable product that could fit inside registered accounts and blur the line between investing and gambling.

Plus, Calgary-based De Havilland is weighing a second production line for Canadair water bombers as demand surges from countries facing worsening wildfires, potentially making the aircraft a bigger piece of Canada’s critical infrastructure and defence strategy.

And in The Big Picture: Alibaba’s AI models hit 3 billion downloads, Ontario and Ottawa put $1 billion toward housing infrastructure, Quebec and Newfoundland near a new power deal, and Stripe finalizes a major OpenRouter acquisition.

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Surveillance tech company Flock is adding new guardrails after reports that police officers used its licence-plate tracking system to stalk women, raising fresh concerns about how AI-powered camera networks can be abused as the company’s technology eyes a potential move into Canada.

Plus, Amazon is asking B.C.’s labour board to pause bargaining with Unifor at its only unionized Canadian warehouse, as a group of workers pushes to decertify the union and potentially derail a hard-fought organizing win.

And in The Big Picture: Anthropic’s expected IPO could value it at US$2 trillion, Canada and the U.S. race toward a trade deal, Ontario proposes new data-centre power rules, and the world’s largest electric plane completes its first flight.

The Peak Daily is produced in partnership with reframevid.com

Air Canada is selling a 25% stake in Aeroplan to a group led by Blackstone and CDPQ in a deal that values the loyalty program at more than $10 billion — more than the airline itself — as carriers increasingly lean on points programs to keep their businesses flying.

Plus, youth unemployment is rising around the world as weaker growth and AI disruption squeeze entry-level hiring, with Canada’s youth jobless rate still nearly double the national average.

And in The Big Picture: Canada and the U.S. remain far apart on a trade deal ahead of looming tariffs, the Lakers sell for a record $12.5 billion, Canada tests homegrown drone tech, and Google unveils wearables that can track insulin resistance.

The Peak Daily is produced in partnership with reframevid.com