Canada slashes tens of thousands of jobs in sharp economic shift after Trump imposed tariffs

 Canada shed tens of thousands of jobs in July, dragging the country’s employment rate to its lowest point in eight months as U.S. President Donald Trump’s tariffs rippled through key industries.

The labor market’s reversal came just weeks after a surge in hiring. Statistics Canada data, cited by Reuters, showed the economy created 83,000 jobs in June but lost 40,800 in July, erasing nearly half of that gain.

The share of working-age Canadians with jobs slipped to 60.7%, while the unemployment rate held steady at a near-multi-year high of 6.9%, according to the outlet.

Trump's sectoral tariffs on steel, aluminum and autos have hit the manufacturing sector hard and reduced the hiring intentions of companies, Reuters said, citing statements from the Bank of Canada.

As part of a broader "America First" trade policy, Trump introduced sector-specific tariffs in an effort to protect U.S. manufacturing and reduce trade deficits with key partners. 

Manufacturing employment fell by nearly 10,000 from a year earlier, according to Statistics Canada, Reuters said. 

Marty Warren, national director of the United Steelworkers union, confirmed to the outlet that about 1,000 of its members have been laid off.

Youth workers were hit especially hard. Unemployment among 15- to 24-year-olds jumped to 14.6%, while their employment rate fell to 53.6%, levels unseen since the late 1990s, excluding pandemic years, Reuters added.

Despite the setbacks, the national layoff rate stayed at 1.1%, suggesting some stability in other parts of the economy, the outlet said.

The Bank of Canada left its benchmark interest rate unchanged this week but reportedly hinted it could move to cut rates if growth continues to falter and inflation remains under control.

Oxford Economics economist Tony Davenport expects further job losses ahead, forecasting about 140,000 more layoffs and unemployment climbing into the mid-7% range later this year, according to Reuters.

https://www.foxbusiness.com/fox-news-global-economy/canada-slashes-tens-thousands-jobs-sharp-economic-shift-amid-trumps-tariffs

AI Can Be Used To Develop Biological And Chemical Weapons

 by David Gangemi via RealClearDefense,

The greatest threat to America may be something we cannot see.

Biological and chemical weapons can spread debilitating fear and wreak havoc on populations. Unfortunately, the threat of these kinds of attacks on American soil is only rising, empowered by the unique capabilities of artificial intelligence. To prevent catastrophe, we must use AI to counter the danger that this advanced technology can unleash.

We are only one misstep away from catastrophe. The most recent close call came last month when two Chinese nationals, who received funding from their communist government to work on a noxious fungus, were caught smuggling the pathogen into the United States. The FBI arrested them just in time, as this was no ordinary fungus—instead, it was what scientists call an “agroterrorism weapon” that would have decimated America’s grain farms, sickened the U.S. population, and disrupted our nation’s food supply.

Those who lived through the fraught days immediately after 9/11 likewise remember the anthrax scare, as toxic letters were sent through the postal service, killing five people and making everyday Americans terrified to open their mailboxes. 

Every few years, some new suspect threatens our military bases, political leaders, or someone else with ricin, a deadly poison derived from the castor plant.

And just a few short years ago, millions died and the entire world was thrown into a tailspin when COVID-19—which many experts now believe originated from questionable handling and a lab leak at the Wuhan Institute of Virology—crossed borders with abandon.

The rapid rise of AI is only making this problem more prevalent. In 2022—months before ChatGPT was released, bringing large language models to the masses—an AI designed to develop drugs invented 40,000 new chemical weapons in a mere six hours. In 2023, AI was used to provide a recipe for poisonous chloramine gas, which it called “Aromatic Water Mix.” AI experts and government officials have been warning for years that AI could spark the next pandemic and be an unparalleled tool in the hands of terrorists.

These facts are encouraging some to ask that AI developers give pause to the negative consequences of this powerful technology. We have enough problems with biological espionage, terrorism-by-mail, and lethal lab leaks. Why would we put potential biological and chemical weapons generators in the hands of anyone with a computer?

But responding to this threat is not so simple as pulling the plug. First, while AI has the potential to be used for evil, it also has immense power for good. The same tools that could be used to make biological weapons are also being applied to cure currently untreatable diseases. Additionally, America can’t stop others from developing AI for whatever uses they desire. COVID-19 and the recent agroterrorism fungus both came from China, and you can bet China will have no problem unleashing AI for even more destructive ends if it serves their interests, as will every other bad actor in the world.

So what else can we do?

First, the administration should continue to aggressively investigate and thwart potential acts of biological and chemical terrorism. The recent FBI arrest of the Chinese fungus smugglers proves that America’s law enforcement is aware of this threat and still capable of preventing attacks before they happen.

Likewise, President Donald Trump acted presciently in his first administration by launching the first-ever National Biodefense Strategy in 2018, which outlined how our nation can defend against natural outbreaks and intentional biological attacks. This strategy, coupled with the president’s swift military action against Syria for its use of biological weapons that same year, reveals that the current administration will still use the immense power of American deterrence to stop the use of these deadly weapons. 

Yet with AI poised to rapidly exacerbate biological and chemical weapon proliferation, traditional tools are not enough. We must use AI to respond to AI.

The private sector is already on the case. Companies like Renovaro, and OpenAI, two U.S.-based AI firms, are already applying machine learning to both prevent AI from producing recipes for weaponry and to identify and counter biological and chemical threats before they can spiral out of control. 

New coding produced by top AI experts can be applied to any large language model to prevent it from teaching users how to make weapons of mass destruction. For those pathogens that slip through the cracks, Renovaro’s AI has the potential to develop antidotes to biological and chemical samples within five days, lightyears faster than the long months it took to develop vaccines and effective treatments for COVID-19.

President Trump promised a golden dome to protect America from missile attacks—a worthwhile initiative. Yet the next war may be started not by a missile, but by a microbe. We need a biological golden dome, and AI can make it.

Dr. David Gangemi is a Professor Emeritus at Clemson University, Former Senior Science Advisor on health affairs to the Assistant Secretary of Defense, and a virologist at the U.S. Army Medical Research Institute of Infectious Diseases 

https://www.zerohedge.com/political/ai-can-be-used-develop-biological-and-chemical-weapons

Translation: Rates Too High! 'Everything’s Expensive. There’s Nowhere to Hide: Credit Weekly'

 

Credit market bargain shoppers are having the hardest time finding deals in at least a generation.

A relentless rally has left valuations stretched on just about all high-grade company debt globally. The difference between spreads on individual bonds and the average of the index is the lowest on record, according to data compiled by Bloomberg going back to 2009.

https://www.bloomberg.com/news/articles/2025-08-09/everything-s-expensive-there-s-nowhere-to-hide-credit-weekly

'These Are Dead Decisions' - Zelensky Rejects Ceding Territory After Trump Talks Land-Swap

 While the planned August 15 Trump-Putin summit set for Alaska is a very positive breakthough toward potentially ending the war in Ukriane, one wonders precisely how the sides aim to actually achieve this, given they look to already be back at square one regardless. What has substantially changed in the warring sides' positions that now makes peace possible?

Via The Australian

First, here is The Wall Street Journal clarifying what Putin wants, which hasn't changed:

Russian President Vladimir Putin presented the Trump administration this week with a sweeping proposal for a cease-fire in Ukraine, demanding major territorial concessions by Kyiv—and a push for global recognition of its claims—in exchange for a halt to the fighting, according to European and Ukrainian officials.

...European and Ukrainian officials, who were briefed by Trump and Witkoff in a series of calls this week, said they worry Putin is simply using the offer as a ploy to avoid new U.S. sanctions and tariffs while continuing the war.

Next, here's The New York Times presenting President Zelensky's Saturday firm rejection of giving up any land - and not even offering Crimea which has been fully controlled by Russia for many years, having been formally annexed in 2014 via a popular referendum:

President Volodymyr Zelensky of Ukraine on Saturday flatly rejected the idea that Ukraine could cede land to Russia after President Trump suggested that a peace deal between Ukraine and Russia could include “some swapping of territories.”

"Ukrainians will not gift their land to the occupier," Mr. Zelensky said in a video address from his office in Kyiv, several hours after Mr. Trump’s remarks, which appeared to overlook Ukraine’s role in the negotiations.

...His blunt rejection risks angering Mr. Trump, who has made a peace deal between Ukraine and Russia one of his signature foreign policy goals, even if it means accepting terms that are unfavorable to Kyiv. In the past, Mr. Trump has criticized Ukraine for clinging to what he suggested were stubborn cease-fire demands and for being “not ready for peace.”

Zelensky had further said in his video address, "Any decisions made against us, any decisions made without Ukraine, are at the same time decisions against peace." He then clarified Ukriane's position further, "They will bring nothing. These are dead decisions; they will never work."

If this is indeed the case, now what? What will Alaska achieve? Interestingly the Europeans have also been asking for a seat at the table regarding any Washington-Moscow talks to end the war.

If Trump wants to see this through, he'll have to cut of Zelensky - both in terms of arms supplies and pushing him out into the politicla cold, or isolation. But the European allies will of course revolt, and accuse Trump of being steamrolled by Putin's demands.

But President Trump actually did hint that he's read to finalize a land swap in his recent words to reporters, though it wasn't exactly clear which territories are being talked about here.

"We’re going to get some back, and we’re going to get some switched," Trump said during an event at the White House, as quoted in the NY Times. "There’ll be some swapping of territories to the betterment of both."

However, that's not the mood in Kiev, where Zelensky appears ready to keep fighting - especially along the front lines in the east. And some of the more hardline, neo-Nazi elements among Ukraine's military ranks and militia units certainly won't let Zelensky get away with ceding territory.

Still, Western mainstream media is noticing a definite mood shift, such as in this top Saturday headline from CNN...

WSJ's chief foreign correspondent Yaroslav Trofimov is probably correct in predicting the following: "No matter what Witkoff may have told Trump, there is no scenario under which the Ukrainian army voluntarily withdraws from Slovyansk and Kramatorsk and hands over these major cities to Russian occupation."

https://www.zerohedge.com/geopolitical/zelesnky-rejects-rejects-ceding-territory-after-trump-talks-land-swap-these-are-dead

Dark Side Of 'The Next AI Trade': Welcome To The People's Revolt

 A public backlash is brewing against "The Next AI Trade" as power bills surge nationwide, especially in the Mid-Atlantic and Northeast areas, where the Mag 7's massive CapEx boom is carpeting the region with data centers lined with rows of energy-hungry GPUs running chatbots and all things AI. 

What we know so far is that we're likely in the early innings of the revolt against the data center buildout supercharged by President Trump's AI Stargate project, as alarming internet search trends show more and more Americans in these regions Googling about the surge in power costs over just a few short years, with some even resorting to apps like "Deferit" to split their power bills into four interest-free installments. 

The epicenter of the people's revolt against the massive expansion of AI data centers, gobbling up local resources like power, land, and water, began in Central Maryland, where residents first pushed back in summer of 2024 against the risk of losing their properties to make way for new transmission lines needed to power data centers in Northern Virginia.

We first identified the 'dark side' of 'The Next AI Trade' one year ago:

• Dark Side Of 'The Next AI Trade': Seizing Private Property For Transmission Lines

Next, the power bill crisis in Maryland: According to local news station WBAL, over 264,000 in Central Maryland are behind on their power bills, which represents roughly one-fifth of all Baltimore Gas and Electric customers.

Power bills are spiraling out of control in counties just north of Washington, DC, because far-left Governor Wes Moore and crazed progressive lawmakers in Annapolis prioritized failed 'green' policies in the age of increasing baseload power demand from data centers, EVs, and other electrification trends.

The power crunch sparked by Democrats in Maryland is a "manufactured crisis" that has sent electric bills skyrocketing and crushed the pocketbooks of mom-and-pop businesses and working poor households the hardest. But it's not just Maryland residents burned by soaring power costs and data centers gobbling up local resources... It's happening in the Mid-Atlantic, Northeast, and other parts of the nation.

One of the main forces driving the nationwide data center boom is the AI arms race with China. What U.S. Energy Secretary Chris Wright has dubbed America's "next Manhattan Project" is aimed at keeping the U.S. ahead of China ahead of the 2030s.

U.S. hyperscalers are unleashing an ungodly amount of new capital towards the buildout of AI infrastructure nationwide. 

More power-intensive GPUs are coming online in the years ahead, as per a UBS note.

The timing of this buildout, as explained to us by one Blue Owl Capital executive, will remain in "sprint" mode through the end of the decade. Recall that Blue Owl is financing the massive AI data center in Abilene, Texas, the first Stargate project.  

The rapid expansion of data centers has sparked local growing resistance, with 142 grassroots groups across 28 states now organized to block construction and expansion efforts. So far, these local groups have managed to block $18 billion worth of proposed data centers and delay another $46 billion. 

New local resistance has also emerged in Arizona, with Tucson's City Council recently voting unanimously to end all discussions with Beale Infrastructure regarding Project Blue, a proposed Amazon Web Services (AWS) data center complex.

Tucson's City Council nuked Project Blue after weeks of intense public backlash, with residents protesting concerns over water use, environmental impact, and corporate secrecy.

Here is the summary of what happened:

• Unanimous Rejection: The 7–0 vote terminated the annexation process required to provide city water to the site and nullified a related land sale agreement with Pima County.

• Public Outcry: Thousands attended three public meetings opposing the $3.6 billion project. Concerns included transparency, AI surveillance, low job creation, and high water and energy consumption.

• Water Use Concerns: Documents revealed the two Tucson-area data centers would consume more water than four golf courses—up to 2,000 acre-feet annually, making them the city's largest water customer.

• Job Promises Scrutinized: Developers touted 3,000 temporary construction jobs and 180 permanent roles, but were only contractually obligated to hire 75.

• Amazon Confirmed as Client: While cloaked in NDAs, Councilmember Rocque Perez confirmed AWS as the end user during the meeting.

• Regulation Path Forward: Mayor Regina Romero proposed developing data center-specific regulations aligned with Tucson's 2045 carbon neutrality goals. The Council agreed.

• Larger Themes: Councilmembers criticized corporate influence, "tech bro" culture, and federal preemption over AI regulation. Some questioned the role of data centers in government surveillance and predictive policing.

• Activism Victory: The No Desert Data Center Coalition hailed the vote as a win for environmental justice and community activism, vowing to remain vigilant against future attempts by Amazon or its partners.

• Developers' Next Steps: Beale Infrastructure hinted it may pursue similar projects in neighboring jurisdictions like Marana or Sahuarita.

What's notable about Tucson is that it's among the first cities to reject a major AWS data center during the Stargate data center boom, with residents choosing to prioritize water conservation and other local resources.

But Tucson is just one spoke in the wheel of nationwide local resistance gaining momentum. Add to that the Baltimore-area residents burned by soaring power bills and land grab threats, along with many others across the country who will eventually realize that their rising power costs stem from a combination of new data centers coming online and failed green energy policies. The lawmakers asleep at the wheel over a 'climate crisis' hoax should've prioritized nuclear a decade ago for clean, reliable baseload capacity, not solar and wind, plus retiring reliable fossil fuel power generation was an epic mistake.

https://www.zerohedge.com/ai/dark-side-next-ai-trade-welcome-peoples-revolt

Novel Boehringer Drug for HER2-Mutant Lung Cancer Wins FDA Approval

 The FDA on Friday granted accelerated approval to zongertinib

opens in a new tab or window (Hernexeos) for non-squamous non-small cell lung cancer (NSCLC) patients harboring HER2 tyrosine kinase domain (TKD) activating mutations.

Approval of the tyrosine kinase inhibitor stipulates use in adults with unresectable or metastatic disease who have received prior systemic therapy and was based on results from the open-label, phase Ia/Ib Beamion LUNG-1 studyopens in a new tab or window.

Among 71 patients who received prior platinum-based chemotherapy but had not been previously treated with a HER2-targeted tyrosine kinase inhibitor or antibody-drug conjugate (ADC), the objective response rate (ORR) was 75%, with 58% having a duration of response of 6 months or longer.

Among 34 patients previously treated with platinum-based chemotherapy and a HER2-targeted ADC, the ORR was 44%, with 27% having a duration of response of 6 months or longer.

"With the approval of zongertinib, we have an effective, targeted, orally administered treatment option for patients with HER2-mutant non-small cell lung cancer in the U.S. that not only elicits a durable response but, importantly, has a manageable safety profile," said investigator John Heymach, MD, PhD, of the University of Texas MD Anderson Cancer Center in Houston, in a press releaseopens in a new tab or window from drugmaker Boehringer Ingelheim.

"In a patient population where there are currently limited treatment options, this approval represents a significant advancement in cancer care," he added.

Continued approval for the indication may be contingent upon results of a confirmatory trial.

The most common adverse reactions in the pooled safety population were diarrhea (53%), hepatotoxicity (27%), rash (27%), fatigue (22%), and nausea (21%). The discontinuation rate with zongertinib was 2.9%.

The prescribing information includes warnings and precautions for hepatotoxicity, left ventricular dysfunction, interstitial lung disease/pneumonitis, and embryo-fetal toxicity.

The Oncomine Dx Target Test was also approved as a companion diagnostic device to detect HER2 TKD activating mutations in patients with non-squamous NSCLC who may be eligible for treatment with zongertinib.

https://www.medpagetoday.com/hematologyoncology/lungcancer/116921

Air Embolism Deaths Tied to Watchman LAA Closure Device Access Systems

 More special care is needed when using the Watchman access systems used to deliver transcatheter left atrial appendage (LAA) closure devices due to a risk for air embolisms, according to an FDA alert

opens in a new tab or window.

Instructions for use have been updated for Boston Scientific's various access systems -- marketed as Watchman TruSeal, FXD, FXD Curve, TruSteer -- all used to provide vascular and transseptal access for Watchman FLX LAA occluders (the second generationopens in a new tab or window after the original Watchman).

Boston Scientific is warning users that patients under deep or conscious sedation, when procedures are performed without positive pressure-controlled ventilation, are at increased risk for negative left atrial pressures, which in turn increase the risk of air going through the hemostasis valve and potentially may result in air embolism. The risk is most notable in patients with pre-existing low left atrial pressure, hypovolemia, and partial upper airway collapse.

An investigation found that these air embolisms have led to severe events such as arrhythmia, hemodynamic collapse, stroke, and other end-organ failure caused by ischemia.

As of July 30, there have been 120 serious injuries and 17 deaths associated with this issue, the manufacturer reported.

Watchman LAA therapy has a rocky regulatory history, but nevertheless, the FDA approved the original in 2015opens in a new tab or window for stroke prevention in people with atrial fibrillation.

Updated instructions now state that going forward, to reduce the chances of air embolism, care should be taken that patients put under deep or conscious sedation are not hypovolemic.

Additionally, device exchanges with the Watchman access sheath valve should occur below the level of the heart or under fluid during insertion. To minimize vacuum, devices should be withdrawn slowly until near the valve, then exchanges made during expiration.

Not addressed in the safety communication were concerns of device-related thrombusopens in a new tab or window that have separately arisen from the Watchman reportsopens in a new tab or window.

https://www.medpagetoday.com/cardiology/interventionalcardiology/116865