Business
Canadian business leader warns US trade uncertainty risks ‘capital chill’ amid global push
Business Council of Canada CEO Goldy Hyder warns trade uncertainty could chill investment as Canada diversifies, while arguing the U.S., Canada and Mexico should strengthen their economic ties.
Canada’s push to expand its economic relationships around the world should not be mistaken for a retreat from the U.S., a leading Canadian business voice told FOX Business, warning that continued uncertainty over North American trade risks creating a “capital chill” that could weigh on investment.
Goldy Hyder, president and CEO of the Business Council of Canada, said Canadian companies continue to view the U.S. as their most important market even as Prime Minister Mark Carney’s government accelerates efforts to attract investment and expand trade with Europe and other markets.
“Even a kid with a lemonade stand would know, it’s not good for business to just have one customer,” Hyder said, describing Canada’s approach as a “U.S. Plus” strategy.
“The United States is and will be our most important trading partner,” he added.
The push comes amid a sharp deterioration in the trading relationship between the longtime allies. Nearly 68% of Canadian exports have gone to the U.S. this year, with roughly 80% of those shipments moving duty-free under exemptions provided by the U.S.-Mexico-Canada Agreement, according to Canadian and U.S. government data cited by Reuters.
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Goldy Hyder, president and chief executive officer of Business Council of Canada, speaks at a panel discussion themed on “Revitalizing APEC: towards the Vision of an Asia-Pacific Community” during the Boao Forum for Asia BFA Annual Conference 2026 in (Wang Yiliang/Xinhua via Getty Images)
Washington and Ottawa have exchanged new trade restrictions in recent weeks after negotiations broke down, adding uncertainty over the future of USMCA. The agreement remains in force, although the U.S. declined to renew it in its current form during a July review and has continued negotiations with its North American partners.
“Business does not welcome uncertainty, it shuns uncertainty, and there’s too much of that,” Hyder said.
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“The key here is the uncertainty can create capital chill, it will create hesitancy because we just can’t be sure the environment in which we’re dealing.”
That concern is shared by the U.S. Chamber of Commerce, which is urging all three governments to quickly resolve the issue.
Canada’s Prime Minister Mark Carney (L) during the European Commission President’s annual State of the Union address at a plenary session of the European Parliament in Strasbourg, eastern France on Sept. 16, 2026. (Jean-Christophe VERHAEGEN / AFP via Getty Images)
“For businesses and investors, it is essential to restore certainty to a North American economic partnership on which 13 million U.S. jobs depend,” Neil Herrington, the Chamber’s senior vice president for the Americas, told FOX Business.
Herrington said the Chamber wants the process concluded in a way that eliminates tariffs and broader trade restrictions while ensuring the relationship “remains trilateral.”
Carney, meanwhile, is attempting to position Canada as a more diversified destination for global capital. His government has set a goal of helping catalyze 1 trillion Canadian dollars in investment over five years, with a focus on sectors including energy, mining, technology and infrastructure.
President Donald Trump meets with Canadian Prime Minister Mark Carney in the Oval Office at the White House on May 6, 2025, in Washington, DC. (Anna Moneymaker/Getty Images)
Canada has also pursued deeper ties with Europe. The EU is Canada’s second-largest trading partner after the U.S., accounting for $178 billion in total trade last year, Global Affairs Canada spokesperson Renelle Arsenault told FOX Business.
Arsenault said Ottawa remains committed to a “fair and stable economic relationship” with the U.S. while simultaneously diversifying its trade and investment relationships.
Hyder similarly cautioned against interpreting Canada’s outreach abroad as an alternative to North American economic integration.
“I don’t believe there’s any scenario in which we seek to have more regulatory and/or tax or other types of integration with Europe because it’s nowhere near as competitive as we are, and certainly you are in terms of what we have going when it comes to the USMCA,” he said.
“That is the foundational trade architecture under which we operate.”
Hyder also dismissed concerns that Washington’s separate negotiations with Canada and Mexico signal that the three-country framework is fragmenting.
Sections of the Enbridge Line 3 pipeline are seen on the construction site on the White Earth Nation Reservation near Wauburn, Minnesota, on June 5, 2021. (Kerem Yucel/AFP via Getty Images)
“All roads point to a merger. All roads point to this coming together trilaterally,” Hyder said, adding that businesses are seeking a “timely, trilateral, tariff-exempt” review and renewal of the USMCA.
Global Affairs Canada likewise said all three countries “would benefit from restoring greater certainty” to the North American free-trade arrangement.
Looking beyond the current dispute, Hyder pointed to energy, nuclear power, food security and critical minerals as areas where the three countries could deepen cooperation and strengthen North American supply chains.
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“It shouldn’t be… America at the expense of Mexico and Canada,” Hyder said. “It should be America, Mexico and Canada thinking as North Americans that we can work together to compete with the rest of the world.”
Reuters contributed to this report.
Operator
Good morning, ladies and gentlemen. Welcome to the video conference of Yduqs on the merger between Yduqs and Afya. This video conference is being recorded, and the replay can be accessed at the company’s website at www.yduqs.com.br. The presentation with the slides is available for download also on the company’s website.
This presentation has been prepared in connection with the business combination, the transaction involving Yduqs and Afya, and may contain statements and information that express forward-looking statements, assumptions or projections about future results or events. Such information includes outlook for combined business, operating and financial results as well as statements regarding the growth prospects of both companies and the combined entity resulting from the transaction.
The combined company information considers the 2Q ’26 metrics of both companies as available in their financial statements. These forward-looking statements and information do not constitute a guarantee of future performance because they are subject to risks, uncertainties and factors related to the operations and business environment of these companies. They depend substantially on external factors such as market conditions, the performance of the Brazilian company, macroeconomic variables, the industry or the companies operate in international markets, and all of them are subject to change without notice.
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Business
Snapdeal parent AceVector raises Rs 189 crore from anchors; Negen, Singularity among top investors
Turnaround Opportunities Fund was allotted 62.49 lakh shares worth about Rs 20 crore. Alchemy Long Term Ventures Fund Series 3, Mavira Growth Opportunities Fund and LC Pharos Multi Strategy Fund VCC were each allotted 46.87 lakh shares worth about Rs 15 crore.
Other investors in the anchor book include Helios Mid Cap Fund, Helios Small Cap Fund, Ashika Global Finance, Taurus Ethical Fund, Emerge Capital Opportunities Scheme, Saint Capital Fund, ASAS Global Fund Incorporated VCC Sub Fund and TMF Holdings.
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Out of the total anchor allocation, 93.74 lakh shares, or 15.87% of the anchor investor portion, were allotted to two domestic mutual funds through three schemes. These were Helios Mid Cap Fund, Helios Small Cap Fund and Taurus Ethical Fund. The mutual fund allocation was worth about Rs 30 crore.
The company reported no applications from insurance companies and pension funds, so no allocations were made to them.
AceVector’s IPO will open on Friday, September 25, and close on Tuesday, September 29. The anchor investor bidding opened and closed on September 24.Also Read | Missed the NSE IPO? Here are 5 of the largest issues in the pipeline to keep on your radar
The price band has been fixed at Rs 30-32 per share. Investors can bid for a minimum of 468 shares and in multiples of 468 shares thereafter. At the upper price band, the minimum retail application works out to Rs 14,976.
The public issue comprises a fresh issue of Rs 287 crore and an offer for sale of up to 4,15,62,500 shares by existing shareholders. At the upper price band, the OFS is worth about Rs 133 crore, taking the total issue size to around Rs 420 crore.
The fresh issue proceeds will be used for marketing and business promotion expenses of the company’s marketplace business, technology infrastructure costs, inorganic growth through acquisitions and general corporate purposes.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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SEATTLE — Awakened Grains has introduced a process for controlled germination and starch conversion that transforms whole grains into baking flour that provides better flavor, nutrition and performance, according to the Seattle-based grain technology company. Food manufacturers may use the process to make whole grain bread, pastries, snacks, breakfast cereal, pancake mixes, pizza crusts and pasta.
A patent for the process covers cereal and non-cereal grains, ancient grains, legumes, pulses and seeds. Two applications for the Awakened Grains processing technology are in the pipeline. Imperial Flour is available for licensing to baked foods companies, blenders and dry ingredient companies. The company also plans to introduce Power Flour, which is designed to deliver more protein and fiber, as well as less starch, than standard bread flour.
“Awakened Grains exists to help consumers enjoy the bread, cookies, cakes, donuts, pastries, pasta and pancakes they crave while getting more of the whole grain nutrition they need,” said David Naccarato, chief operating officer, inventor and founding partner of Awakened Grains. “Parents and schools no longer have to choose between foods kids will eat and foods that support better nutrition. Our patented process improves grains and legumes by removing natural digestive blockers, making more nutrients metabolically available and creating products that are both comfortable to digest and enjoyable to eat.”
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