Canada’s retaliatory tariffs on a range of US goods came into effect on Tuesday, with no sign of a trade deal on the horizon.

The counter-tariffs will apply to nearly C$28bn ($20bn; £15bn) worth of American products, from steel to furniture to cotton T-shirts, and will be as high as 50%.

Fresh fish and lobster were also on the list, but Canada later omitted them after pushback from its seafood industry – a sign of the tricky balance it has to strike as it retaliates against its largest trading partner.

Both US and Canadian officials have said they would like to strike a deal, but no movement has been made to resume talks after they collapsed in late August.

Speaking to reporters last week, Prime Minister Mark Carney said that Canada is still in search of a deal with the US that is “durable” and in the best interests of both countries.

“We’re ready to sit down and strike that deal when the Americans are ready,” Carney said.

US trade representative Jamieson Greer said on Thursday the ball is in Canada’s court.

“We offered them the best deal, they looked at it square in the face and turned around,” Greer said in an interview with Fox News, adding that there has been sparse communication with the Canadians since talks collapsed.

In a separate interview with Canadian broadcaster CBC, Greer cautioned against retaliation and suggested the US might hit back by banning the import of some Canadian products.

President Donald Trump threatened on Monday to halt all US business with Canada-based airplane maker Bombardier unless it moved its manufacturing south.

The aerospace giant is one of the largest in the country, contributing over C$7bn to Canada’s annual GDP in 2024, according to a report by accounting firm PwC.

The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0817 GMT – Novartis’s latest clinical-trial failure suggests the company might need more dealmaking to deliver on its ambition for steady growth beyond 2030, Jefferies analysts say in a research note. The Swiss drugmaker maintained its 2025-30 sales guidance as it said its neuromuscular drug del-desiran missed the main goal in a late-stage study. However, no comment was provided on the ambition to grow by mid-single percentage digits beyond 2030, the analysts say. Even with the recent success of a new multiple-sclerosis pill, it will be challenging to get confidence on the company’s growth for the 2030s without del-desiran and del-brax, two drugs Novartis acquired from Avidity Biosciences, Jefferies says. As a result, dealmaking will likely remain part of Novartis’s story, the analysts add. Shares fall 10%. (adria.calatayud@wsj.com)

The deals are part of Advanced Healthcare’s bid to become a leading healthcare and mobility group

A Newcastle-based healthcare and mobility investor has acquired two Scottish businesses using a six-figure backing from the Northern Powerhouse Investment Fund.

Advanced Healthcare Group bought mobility equipment providers Able Care and City Mobility serving communities in Scotland. Both companies will continued to operate under their existing brands with workforces remaining in place.

The investment, which comes from NPIF II – NEL Debt Finance, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II), follows Advanced Healthcare’s acquisition of Dundee-based Allardyce Healthcare last year.

By bringing the businesses into the stable, the group hopes to drive efficiencies and support future expansion. Advanced Healthcare is led by Gary Lynch, alongside healthcare investors James Oates and Ross Tomkins, and David Lynch, who co-founded NEL-backed Lynch Healthcare in 2009 before a private equity exit the following year.

Mr Oates said: ” These acquisitions represent another important milestone in our strategy to build a leading healthcare and mobility group with the scale, expertise and resources to serve customers across the UK and beyond. Able Care and City Mobility have built exceptional reputations over many decades, and we’re committed to supporting their continued success while preserving the values and customer relationships that have made them so highly regarded.

“It was a pleasure to work with James, Michael and the wider NEL team on this transaction. The process was seamless from start to finish and the support throughout was exceptional. I would highly recommend NEL as an investment partner.”

Mr Lynch added: “Adding Able Care and City Mobility to the Advanced Healthcare Group allows us to honour the fantastic legacy of both businesses while helping them continue to evolve and grow across Scotland. I’ve worked with NEL on a number of investments over the years, so I knew they would be the right partner for this transaction.”

The investment was led by Michael Williams, investment executive at NEL Fund Managers. He said: “The Advanced Healthcare team combines significant sector expertise with a clear strategy for growth. They understand how to build successful businesses while preserving the heritage, reputation and customer relationships that have made companies such as Able Care and City Mobility successful.

“We’re delighted to have supported these acquisitions and look forward to seeing the business continue its ambitious growth journey.”

Sarah Newbould, senior investment manager at the British Business Bank, said: “The Northern Powerhouse Investment Fund II is helping Advanced Healthcare Group take an important step forward in its growth journey. Through investments like this, we’re supporting ambitious businesses to grow, strengthening regional economies and helping to create new opportunities across the North.”

The investment opportunity was referred to NEL by Abu Ali of FRP Advisory and the legal side of the transaction was supported by Sophie Bailey of Sheppard & Wedderburn acting for Advanced Healthcare Group, Thomas Pullar of CMS acting for NEL, and Thomas McGahie of BBM Solicitors acting for the sellers.

The £660m Northern Powerhouse Investment Fund II is operated by the British Business Bank and covers the entire North of England, proving loans of between £25,000 to £2m and equity investments of up to £5m.