11AM Hour: Nova Scotia Premier on Trade War, The AI & Quantum Trade & Tanger CEO on the Consumer 8/25/26

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**Carl Quintanilla** (0:57)
Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker here at Post 9 of the New York Stock Exchange. Sara Eisen is off today. Canada fights back, said to retaliate against the president's latest round of tariffs. We're going to discuss with the premier of Nova Scotia, why he says Canada cannot trust or rely on the US anymore.

**Leslie Picker** (1:15)
Plus, chip stocks rebounding today. NVIDIA looking to snap its longest losing streak since 2022 BMO's chief AI officer is with us. Why, she says demand signals will be the most important signal from NVIDIA's earnings print tomorrow.

**Carl Quintanilla** (1:29)
Check out shares of Dick's Sporting Goods. This is the worst day on record for the stock. As the retailer says, consumers remain more cautious than expected. We're going to discuss the latest outlook for the sector with the CEO of Tanger as back-to-school shopping really starts to get into full swing now. Let's begin, though, with the escalating trade war between the US and Canada. We are expecting Canada to lay out its response in a news conference that just began. With that, we're going to turn to Megan Casella. Morning, Megan.

**Megan Casella** (1:55)
Good morning, Carl. That's right. So any moment now in that press conference, Canadian officials will be unveiling lists of US exports to Canada that will face steep tariffs set to take effect two weeks from today. Now, Ottawa has already said the retaliation will be dollar for dollar, meaning hitting around $20 billion worth of US goods. Some of the sectors that we expect to see tariffs include steel, dairy, farm equipment, and paper. The US and Canada guys do almost $900 billion annually in two-way trade. The goods caught up in this latest back and forth represent only about 5% of the relationship. So the economic impact in this short term will be real for certain industries. For the home builders, for example, Canadian lumber and concrete were both just hit with new 50% tariffs. But overall, the dispute remains fairly narrow for now. The concern is how much worse it could get, especially if the US escalates further in response to today's retaliation. President Trump clearly not happy with Canada's decision to push back at all. He's posted five times on Truth Social so far this morning about Canada. He called it easily the most difficult and unreasonable country that he deals with. And he threatened to cut off business with Ontario. He says the US is considering changing the name of Lake Ontario to Lake America.
Guys, we just really haven't quite seen this before. Canada is the first country in the West to stand up to the Trump administration's tariff agenda in this way. The country is essentially on war footing because of it. They're bracing for economic fallout, but they're unwilling to accept a bad deal. And they're saying that they're bearing down for the long haul. Backer for you.

**Leslie Picker** (3:22)
Yeah, Megan, the war of words is significant at this point in time. And you've got support from China essentially backing the moves and standing up to the US. Have we heard from any other allies about this decision from Canada? And do we have any suspicion as to whether they might take similar measures in the future?

**Megan Casella** (3:40)
Yeah, it's a really interesting question whether the EU, whether other nations across Asia will be looking at Canada as an example of something that they want to do. So far, most of those countries that we might expect to be closely aligned with Canada on this have already struck their own deals, the kind of deal that Canada just decided not to take. What they've been doing in Ottawa is striking trade deals with other countries across the globe in a way to diversify their economy and get some of the business that they're now no longer getting from the United States. So to my knowledge, we haven't heard any sort of explicit response. The EU is the one that's most interesting to me in this setting, but we do know that Canada is continuing to have negotiations with the EU. And you can imagine that those will be very well supported on both sides now, even more so than before, to try to help Canada get through this. I will say Canada definitely is feeling an economic impact because of this dispute with the US. These negotiations have already been ongoing since the start of President Trump's second term. They're feeling this, but the polling behind Carney's decision to stand up to President Trump is really, really high right now, in contrast to where President Trump's own approval rating stand. So he's got a lot of support for this and a lot of reason to keep pushing.