Wall Street Breakfast Podcast: Canada's Tariffs Go Live

Canada’s retaliatory tariffs on U.S. goods are officially in effect. This escalates an 18-month trade dispute and puts additional pressure on North American manufacturers, retailers, and cross-border supply chains. Effective at 12:01 a.m. today, the measures impose 15%, 25%, and 50% tariffs on about C$27.6B ($20B) of U.S. imports, including steel and aluminum, dairy, appliances, agricultural equipment, pulp and paper, plastics, and electronics. Goods already in transit are exempt.

The latest action follows the collapse of trade negotiations between Ottawa and Washington last month. Canadian Prime Minister Mark Carney has said Canada remains open to negotiations; however, major trade talks remain stalled. The escalation follows the U.S. imposing new 50% duties on Canadian exports in August, affecting products including wine, furniture, and dairy.

ASML Holding (ASML) said the companies are moving forward with its latest High-NA extreme ultraviolet (EUV) lithography equipment. Samsung plans to begin using High-NA systems for computer memory by 2028, while TSMC plans to adopt the technology from 2030. Meanwhile, the system continues to be used in high-volume manufacturing production at Intel Foundry. The companies are also working with ASML on a shift from today’s 6-inch photomasks to 12-inch masks, which could improve productivity and lower costs as the industry races to keep up with soaring AI demand. Photomasks are a key component for producing semiconductors.

Novo Nordisk (NVO) said 40.4% of children aged 6 to under 12 treated with semaglutide were no longer classified as having obesity after 68 weeks in its phase 3 STEP Young trial. The trial enrolled 165 children and met its primary endpoint, with semaglutide producing a greater reduction in BMI than placebo. None of the children receiving the placebo moved below the obesity threshold. Novo Nordisk (NVO) said the safety and tolerability profile was consistent with previous semaglutide trials in children and adults, with no new safety concerns identified, including those related to growth or pubertal development. All participants also followed a reduced-calorie diet and increased physical activity. The company said detailed results from STEP Young will be presented at ObesityWeek 2026 in Washington, D.C., on November 14-17.