Morning Business Report: Canada eases tariffs on US goods, Fed signals rate cut

Canada has announced it will remove retaliatory tariffs on a wide range of U.S. products that comply with the North American trade deal.

(LILAMAX)- Canada has announced it will remove retaliatory tariffs on a wide range of U.S. products that comply with the North American trade deal. The move means many American-made consumer goods will no longer face a 25 percent tariff when imported into Canada. However, tariffs remain in place on U.S. steel, aluminum, cars, and trucks.

A new report from the Federal Reserve Bank of Atlanta shows staying at a job is now paying off more than switching. Annual wage growth is currently slightly higher for workers who remain in their roles, reversing a long-standing trend where job-switchers typically saw faster pay gains.

Wall Street rallied Friday after Federal Reserve Chair Jerome Powell signaled the central bank will likely cut interest rates in September. The Dow Jones Industrial Average closed at a record high as interest rates fell.

Workplace culture is also shifting. According to the Wall Street Journal, more employees are leaving the office as soon as they finish their tasks, even if they haven’t worked a full eight hours. Some are also leaving early and completing their responsibilities from home, reshaping post-pandemic work schedules.

Meanwhile, President Trump announced Friday that his administration is investigating imported furniture for potential tariffs. The news sent shares of major home goods retailers tumbling in after-hours trading. Wayfair, RH, and Williams-Sonoma all saw steep declines. But not all companies were hurt—La-Z-Boy shares rose nearly 2.5 percent, as most of its manufacturing takes place within the United States.