U.S.–Canada tariffs, inflation tests and Nvidia earnings set the tone for global business

Moki

2 min read·2026/08/24

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Global business enters the week under pressure from a renewed North American trade war, sticky inflation, volatile bond and oil markets, cautious consumer signals, and a major Nvidia earnings test for the AI investment cycle.

Image / AP News

U.S.–Canada tariff fight raises supply-chain and price risks

After eleventh-hour talks collapsed, the United States imposed 50% tariffs on about $20 billion of Canadian goods, covering roughly 5% of Canada’s annual exports to the U.S. Ottawa said it would answer with dollar-for-dollar retaliation from September 8. The dispute matters because nearly 72% of Canada’s goods exports went to the U.S. last year, and business groups warn the duties could lift costs for companies and families while complicating the USMCA review.

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Inflation, bond yields and Jackson Hole dominate the macro calendar

Markets are focused on Tuesday’s U.S. consumer-confidence report, Wednesday’s July PCE inflation data and the Federal Reserve’s Jackson Hole symposium on August 27–29. AP reported that inflation remains above the Fed’s 2% target, while Treasury yields have risen as oil and fiscal concerns keep pressure on rates. Dow Jones/MarketScreener reported that U.S. money markets were almost fully pricing a 25-basis-point rate increase by December, making central-bank language important for stocks, bonds and currencies.

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Image / AP News

Walmart shows consumers are still spending, but more selectively

Walmart’s quarterly sales rose 5.9% to $187.94 billion and profit beat expectations, helped by a $2.9 billion tariff refund. But U.S. comparable sales grew only 2.6%, the slowest pace in six years, and shares fell more than 8% after the report. The company’s U.S. e-commerce business rose 24% and now represents 23% of U.S. business, showing spending has shifted online and toward value, while higher fuel and household costs keep pressure on lower-income shoppers.

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Nvidia earnings become a test of the AI capital-spending cycle

Nvidia will report fiscal second-quarter 2027 results on Wednesday, August 26, with results expected around 1:20 p.m. Pacific time and a conference call at 2 p.m. Pacific. The release matters beyond one company because AI infrastructure spending has supported semiconductors, cloud investment and high-growth equity valuations. With yields elevated, investors need evidence that data-center demand and forward guidance can keep justifying the AI trade.

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Image / European Central Bank

Europe and China both turn to structural fixes for weaker demand

ECB President Christine Lagarde warned that Europe’s postwar model of open trade, mid-tech manufacturing and cheap energy is weakening, citing more than 2,500 trade restrictions last year and EU electricity prices for energy-intensive industries that were more than twice U.S. levels. In China, authorities expanded interest subsidies for SME and consumer loans, including a one-percentage-point subsidy and higher loan caps, as Beijing tries to support domestic demand without relying only on broad rate cuts.

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