01 · Canada–U.S. trade
Trump reshuffles Canada tariffs: relief for Maine farm goods, new 50% duties on about 100 other lines
President Trump signed an order Friday removing the 50% tariff on some Canadian agricultural and forestry products — plywood sheets, some paper products, certain machinery and refrigeration equipment, packing crates and boxes, and fresh and dried seaweed — while adding a number of other Canadian products to the 50% list to offset the relief, including carpets, paints, shampoos, cocoa powder, wooden coffins, ice cream sticks, air-conditioning machines, chest freezers, archery equipment and canoes. Trade-lawyer reporting counted 22 lines removed and about 100 added. The changes take effect October 30, four days before the November 3 midterms. Maine Senator Susan Collins, in a tight re-election race against Democrat Troy Jackson, said she had lobbied for the relief and that it will aid Maine's blueberry, potato, apple and seaweed producers who rely on Canadian equipment and packaging unavailable or far costlier from U.S. suppliers. Democrats called it an 11th-hour bid to help Collins. The 50% levy was imposed on about $20 billion of Canadian goods after trade talks collapsed in August; Canada matched it dollar-for-dollar. Canada's Internal Trade Minister Dominic LeBlanc said Ottawa was assessing the steps and stood ready to work constructively toward a relationship respecting Canada's interests. Trump said Canada was "working very hard" on a deal; Prime Minister Mark Carney, in Istanbul, said Canada could sign that afternoon if the U.S. were there — or wait months, or for another administration, for a proper deal.
The Globe and Mail · CBC News
02 · Markets and oil
Oil spikes, stocks slip: Dow falls 653 points as Brent settles at $116.72 and the 10-year returns to 5%
Friday's close reversed Thursday's defensive rotation into an oil-driven selloff. The Dow fell 652.82 points (-1.23%) to 52,215.16, the S&P 500 fell 0.52% to 7,623.68 and the Nasdaq Composite slipped 0.21% to 25,955.34; the Russell 2000 fell 0.29% and the VIX rose 2.21% to 19.45. December Brent settled up $3.55 (+3.14%) at $116.72 — its highest since 2022, up about 6% on the week from below $97 at the start of October — and December WTI rose 3.8% to $103.27, as Houthi attacks on Saudi energy sites, a UAE-reported oil spill, and fears of renewed U.S.–Israel strikes on Iran rebuilt the supply premium. The 10-year Treasury yield rose 4bp to 5.00% (9bp lower on the week) and the 30-year to 5.33%, with the average 30-year mortgage at 7.32%. Energy was the only shelter: the S&P 500 energy sector rose 2.5–2.6% to a record, semiconductors stabilised (+0.4%) after Thursday's 6.7% plunge, and nearly three-quarters of S&P 500 stocks fell. American Express fell about 3.3–3.7% after raising its outlook but announcing cuts of about 5% of its workforce (~3,500 roles). S&P Global's flash PMI showed U.S. business activity cooling in October while demand fuelled inflation pressures; Michigan final consumer sentiment was 48.0. Next week: the Fed decides Wednesday, October 28, PCE follows, and Microsoft, Alphabet and Amazon report.
Associated Press · Dow Jones Newswires
03 · Alaska Senate
DOJ sues to block Alaska Senate certification if Republican Sullivan loses over a same-name candidate
The Justice Department filed suit in federal court in Anchorage on Thursday asking Judge Sharon Gleason to bar Alaska from certifying its U.S. Senate result if incumbent Republican Sen. Dan S. Sullivan loses to Democrat Mary Peltola by fewer votes than another candidate, Daniel J. Sullivan, receives. Trump said Friday he directed the filing ("I'm the one that said do it") after calling the second candidacy a "SCAM" on social media. The complaint invokes the National Voter Registration Act's electoral-integrity language and argues ranked-choice tabulation could magnify voter confusion; legal scholars quoted by The Washington Post and others called the theory novel and of doubtful merit, and asked how investigators could establish voter intent without compromising ballot secrecy. Alaska officials and courts already rejected attempts to remove Daniel J. Sullivan from the ballot in June. Primary totals cited in the complaint: Peltola about 49.5%, Sen. Sullivan about 41.4%, Daniel J. Sullivan about 2.5% (~4,107 votes). The case matters only if the November margin is narrower than the other Sullivan's total, but it sets up a conditional federal intervention in state certification ten days before the midterms. The New York Times and The Washington Post put the story on their Saturday front pages; USA Today carried it Friday. Peltola called the suit "frivolous" in reporting carried by BBC/NBC/The Hill.
The New York Times · The Washington Post
04 · B.C. votes today
B.C. votes today: final voting day in the snap provincial election, with a hand count that may leave the result incomplete tonight
British Columbians cast final ballots Saturday, October 24, 8 a.m.–8 p.m. PT, in the snap election called September 22 — all 93 seats, 47 for a majority, with David Eby's NDP facing Lorne Doerkson's Conservatives, Dallas Brodie's OneBC, Elenore Sturko's CentreBC and Emily Lowan's Greens. Elections BC warned complete results may not be available on election night: under its hybrid snap-election model, advance and district-office ballots (advance voting ran Oct 16–21) are counted by electronic tabulator and reported first, while Final Voting Day ballots are counted by hand, as in the 2020 snap election. Election-night results are preliminary and exclude absentee and mail-in ballots, which are added at the final count scheduled November 6–10, with writs returned November 18. Eby framed the snap call around Trump and tariffs; the count tonight will be reported by ballot box from 8 p.m. PT.
National Post · The Canadian Press
05 · Carney in Istanbul
Carney in Istanbul dismisses U.S. interference claims and says Canada can wait out Washington on trade
Prime Minister Mark Carney, in Istanbul Friday after Thursday's Ankara strategic-partnership signing, dismissed the U.S. Embassy's Wednesday claim that Canadian ministers and premiers openly describe plans to influence American politics: "There is no merit to these claims," he said, adding he was disappointed Ambassador Pete Hoekstra — who told a podcast Canadians should "keep your nose out of American politics" — sees that as his role. Carney said Canada has no intention of interfering in the November 3 elections, did not think a poor Republican result would likely bring more tariffs, and for the first time suggested Ottawa might wait until Trump's term is over for a proper trade deal. He also said AtkinsRéalis's Candu bid to supply reactors for two planned Turkish nuclear plants has "good chances," per Globe reporting from the trip. The visit — the first bilateral trip to Türkiye by a Canadian prime minister — produced the strategic partnership, the launch of free-trade negotiations and an expanded air-transport agreement, part of Ottawa's campaign to reduce reliance on the U.S. economy. Carney also issued a United Nations Day statement Saturday in Ottawa defending multilateralism.
The Globe and Mail
06 · Ukraine ceasefire
Russia and Ukraine agree a local ceasefire in Oleshky, brokered by Melania Trump, starting October 29
The White House said Friday that First Lady Melania Trump secured a temporary ceasefire between Russia and Ukraine in the Russian-occupied southern city of Oleshky, to begin October 29, halting all military action to allow humanitarian aid in and a civilian evacuation through a designated safe passage. Russia's chief of the general staff Valery Gerasimov said Russian troops would halt fire from 4 a.m. local time Tuesday to allow the humanitarian operation to start; Ukraine's negotiator David Arakhamia confirmed the accord on Telegram, crediting a long process involving Melania Trump and Pope Leo. The Kremlin welcomed the agreement and praised her role. Oleshky, occupied since February 2022, faces a deepening food crisis; its remaining population is mainly elderly residents with limited electricity, mined roads and regular attacks. Civilian representatives from both countries will visit residents at home to assess needs, and evacuees will be transported to their preferred destination in Russia or Ukraine. The Globe's Saturday edition carried "Ukraine, Russia agree to Oleshky ceasefire" among its world leads.
Reuters · Associated Press
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