Trump’s new tax bill, Canada Post union announces overtime ban and the G7 finance summit in Alberta: Business and investing stories for the week of May 25

Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Canada Post workers stay on job, refuse overtime as contract talks fall short

Canada Post workers will be staying on the job, despite contract talks falling short. But the union representing about 55,000 Canada Post employees has called for a countrywide halt to overtime work as of 12:01 a.m. Friday, saying its negotiators will continue to review the latest contract offers from the mail carrier. The Canadian Union of Postal Workers said members were being told to refuse any work beyond eight hours in a day and 40 hours in a week.

Canada Post and CUPW met with a mediator Thursday evening ahead of the midnight deadline. However, a spokesperson for Canada Post said the meeting lasted less than 30 minutes and “was unfortunately not enough to demonstrate meaningful progress,” Meera Raman reports. The Crown corporation has also said some customers had already begun shifting to other delivery providers or cancelling mailings in anticipation of potential service disruptions.

Trump’s new bill threatens major tax increases for Canadian companies

U.S. President Donald Trump‘s new tax bill is threatening to significantly hike rates for Canadian corporations and cost investors holding U.S. securities up to $81-billion in additional taxes over seven years. The U.S. House of Representatives passed the Republican legislation, titled the One, Big, Beautiful Bill, with a narrow vote of 215-214 on Thursday. If it becomes law, it will override the Canadian-U.S. tax treaty that has been in place since 1942. The 1,100-page document includes section 899, a tax proposal created as a retaliatory measure against what the U.S calls “discriminatory or unfair taxes” of foreign countries, including Canada’s digital services tax (DST), which was introduced in 2024.

The tax bill also removes long-standing tax exemptions for governments and related entities, meaning organizations such as the Canadian Pension Plan Investment Board and First Nation communities could be required to pay tax. The U.S legislation is still required to be passed by the Senate and receive presidential approval before it can become law. The White House expects the President to sign the final bill by July 4.

Decoder: More businesses weigh tariff surcharges as trade wars drag on

The costs from Mr. Trump’s tariffs are starting to pile up on global businesses, with many passing that pain down to the consumer. Walmart Inc. is among the companies that have warned it would have to increase prices this month owing to high tariffs – and it’s not alone. An analysis of corporate calls with investors and analysts using data service AlphaSense shows that the number of global public company calls mentioning tariff surcharges has skyrocketed since Mr. Trump’s so-called “Liberation Day” on April 2. U.S. companies account for roughly two-thirds of all those discussing the surcharges. Jason Kirby takes a closer look at the numbers in this week’s Decoder series.

G7 countries pledge to tackle ‘excessive imbalances’ in global economy

Earlier this week, finance ministers and central bank governors belonging to G7 countries gathered in Banff, Alta., to discuss a range of global economic and financial challenges against the backdrop of a global trade war launched by Mr. Trump. The three-day meeting in the Alberta resort town is a prelude to the main event next month, the G7 Leaders’ Summit, which Canada will host in Kananaskis, Alta.

The finance group came out with a joint communiqué on Thursday emphasizing a commitment to strong economic relationships in a period of global trade uncertainty and took aim at unfair economic practices that generate “excessive imbalances” in the global trading system. The group communiqué appeared to be targeting Beijing’s practice of subsidizing industries that have been overproducing and dumping excess inventory on world markets, to the detriment of private-sector competitors. But they largely brushed aside the devastating effects of the U.S. trade war launched by the United States. But it made no mention of the disruption to the global economy caused by the U.S. trade war.

TD’s unexpected new CEO Raymond Chun is facing a mountainous task

Raymond Chun, Toronto-Dominion Bank’s new chief executive, faces a mountainous task. He must turn around Canada’s second-largest bank after the most significant crisis in its history – when U.S. regulators announced more than US$3-billion in fines by the Department of Justice and a host of non-monetary penalties that will carve deep trenches in the bank for years to come. The money-laundering fracas means TD’s growth is stunted in the United States, regulators are watching its every move, the board and senior executive team have been overhauled, and employees are feeling weighed down after more than a year of uncertainty. But Mr. Chun’s big message to observers outside the bank: He’s moving fast to make major changes. Stefanie Marotta reports on TD’s new leadership and why some stakeholders are skeptical that he’s the right man for the job.

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