Good morning, CFOs. Canada reveals steps to protect the steel sector under duress from Trump tariffs; food and agriculture executives sound warnings on MAHA overreach; and President Trump delays TikTok ban for a third time.

Canada unveiled on Thursday policies to support the domestic steel sector, including a curb on imports. The sector faces financial duress due to President Trump’s hefty 50% tariffs on the metal.

Prime Minister Mark Carney said the government would also consider higher tariffs on U.S. steel and aluminum depending on the progress made on a new economic-and-security deal between Ottawa and Washington. Carney and Trump agreed this week on a 30-day time frame to clinch a deal to resolve the current trade conflict between the countries.

Canada—the largest foreign supplier of steel and aluminum to the U.S.—has yet to retaliate after the Trump administration doubled the tariff, to 50%, on the metals. Carney said adjusted tariff rates, from the current 25% level, could come into effect starting July 21.

Senior officials, led by Carney, had signaled to reporters this week that they were ready to take steps to protect its domestic metals sectors, as they deal with abrupt changes to demand and trading patterns stemming from Trump’s trade policy. The president has said the tariffs are a way to persuade companies to relocate their manufacturing operations from abroad to the U.S. to access the U.S. market.

📆 Earnings

• CarMax
• Darden Restaurants
• Kroger

Health Secretary Robert F. Kennedy Jr.’s “Make America Healthy Again” mantra sounds simple. Food and agriculture leaders warned that reality is more complicated—and the stakes are high for the U.S. food supply.

The MAHA movement argues that a heavily consolidated and industrialized U.S. food industry is the central factor in Americans’ high rates of chronic illness. Kennedy and his allies are ratcheting up federal scrutiny on ultra-processed foods, artificial dyes, food additives and pesticides.

• ​​President Trump gave TikTok another 90-day reprieve Thursday, issuing an executive order deferring enforcement of the 2024 law requiring the Chinese-controlled video app to be sold or shut down for national security reasons.
• Hackers in recent months have disrupted retail sales in the U.K. and U.S. and stolen hundreds of millions of dollars from crypto holders by targeting the outsourced call centers that many American corporations use to save costs.

📰 Other headlines

• The Real Message Andy Jassy Is Sending to Employees on AI
• The Fed Waits Out the Tariff Economy
• Bank of England Mirrors Fed and Stands Pat
• Exclusive: Home Depot Bid Kicks Off a Battle for $5 Billion Building-Products Company
• Callum Borchers: Americans Are Side-Hustling Like We’re in a Recession
• Stablecoin Legislation Will Juice Demand for Treasurys—to a Point
• Canada’s Antitrust Watchdog Calls For Easing of Foreign-Ownership Limits in Airline Sector
• Mars Misses EU Deadline for Kellanova’s $30 Billion Deal Remedies
• Microsoft Plans to Cut Thousands More Employees
• How Do You Build a $500 Million Coffee Chain? By Selling Matcha to Teens.
• After a Bruising Year, Casual-Dining Chains Try to Stage a Comeback

• An Austin startup has gotten U.S. clearance to build a “guideway” on which autonomous hybrid shuttles would ferry freight between Mexico and Texas in an effort to speed up trade.
• Private equity accounts for about half of the companies in the “shadow IPO pipeline,” setting the stage for what could be a busy second half of companies going public.
• An Israeli startup is rethinking how to tackle two of the planet’s most stubborn environmental threats—toxic algae that can lead to dead zones in oceans and rising carbon levels.
• The ad world is obsessed with industry news videos from two 27-year-old guys.

Vodafone Group, the U.K.-based telecom group, appointed Pilar Lopez as its next CFO, putting a Microsoft executive with a telecommunications background in charge of the company's finances as it seeks to rein in debt. Lopez will succeed Luka Mucic, who is leaving to become chief executive of German property company Vonovia. Lopez, who will join Vodafone on Oct. 1 and formally start as CFO and board member on Dec. 1, spent the past decade at U.S. tech giant Microsoft, where she held several positions and was more recently in charge of the company's partnership with the London Stock Exchange Group.

Ciena, the Hanover, Md.-based high-speed connectivity company, has appointed tech industry veteran Marc Graff as its new CFO, effective at the beginning of August. Previously he was CFO at provider of hardware and software solutions Altera and before that, served as CFO and chief operating officer for Intel's Data Center and AI group. Graff will succeed James Moylan, who is set to retire shortly after.

—Adriano Marchese and Najat Kantouar contributed to today’s Ledger.

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