From Liberals losing key riding to Biden-Trump debate, this week’s top stories

U.S. President Joe Biden and his challenger, the former president Donald Trump, faced off in a debate, the Liberal Party lost a key byelection battle with the Conservatives and Ottawa is mulling tariffs on electric vehicles made in China.

Here are some of the top stories this week.

U.S. PRESIDENTIAL DEBATE

Biden, Trump become oldest presidential debate opponents

U.S. President Joe Biden and former president Donald Trump faced off Thursday in their first debate of 2024, which is expected to solidify the stakes of November’s election.

CNN hosted the debate in Atlanta, offering a rare opportunity for both sides to try to gain momentum in a race that will likely be decided by a small fraction of voters in a handful of battleground states.

The matchup set a record for the oldest presidential opponents in American history. Biden, 81, and Trump, 78, are both facing questions about their mental and physical fitness for the job.

Key debate takeaways

U.S. President Joe Biden and former president Donald Trump clashed in the first presidential debate in the 2024 presidential election campaign.

They argued over the fate of American democracy, abortion and the other candidate’s family and legal trials.

LIBERALS LOSE KEY BYELECTION

Despite Toronto-St. Paul’s loss, Freeland says Trudeau should stay as leader

The Liberals lost a key byelection in what was once considered one of the safest Liberal seats in the country. The Conservatives won a surprise victory Monday night, swiping the Toronto-St. Paul’s seat from the Liberals for the first time in three decades.

However, Deputy Prime Minister Chrystia Freeland says she still has faith in Prime Minister Justin Trudeau’s leadership.

Former cabinet minister calls for Trudeau to step down

But not everybody is convinced Trudeau should continue as Liberal Leader.

Prime Minister Justin Trudeau’s former environment minister Catherine McKenna says it’s time for the party to find a new leader after the Liberals suffered a stunning defeat this week in a former Toronto stronghold.

Breaking news from Canada and around the world sent to your email, as it happens.

“The Liberal party isn’t about one person. It’s about the values it stands for and it’s about improving the lives of Canadians,” McKenna said in a statement to Global News Friday.

FINANCE

Capital gains changes have Canadians rushing to get ‘affairs in order’

Controversial changes to how capital gains are taxed in Canada went into effect this week.

The changes, which have received pushback from business groups and doctors, have increased the inclusion rate for taxable capital gains from 50 to 67 per cent for individuals realizing more than $250,000 in capital gains annually.

In advance of the changes kicking in on June 25, John Oakey, vice-president of taxation at Chartered Professional Accountants of Canada, said accountants saw an influx of clients scrambling to get their “affairs in order.”

Inflation ticked up to 2.9% in May. Are July rate cut hopes still alive?

Inflation data is important for two big reasons. Firstly, it tells us where Canadians are feeling the pinch most in their household budgets — right now, that’s largely housing costs like rents and costly mortgages.

But it also gives us hints about what the Bank of Canada might do next after delivering its first interest rate cut in more than four years earlier this month.

Statistics Canada’s report on Tuesday that the annual inflation rate ticked up to 2.9 per cent in May led many economists and market watchers to slash the odds for a followup rate cut in July.

Stephen Brown, an economist with Capital Economics, says some bumpiness on the path back to two per cent inflation won’t cause the Bank of Canada to change course from lowering the cost of borrowing.

“It just maybe would take a tiny bit longer to get there,” he told Global News.

BUSINESS

Will Canada impose tariffs on Chinese EVs? Ottawa launches consultation

The Canadian government is launching a consultation process on how to tackle the “oversupply” of Chinese-made electric vehicles – including potential tariffs — in the global market, Finance Minister Chrystia Freeland said on Monday.

Freeland said the 30-day consultation process will begin on July 2. While tariffs and a surtax on Chinese-made EVs are likely to be the focus after the U.S. imposed tariffs on the vehicles, Freeland said they are considering a range of policy options.

Could the tariffs change how much you pay for an EV?

While the details of policy changes are yet to be seen, many experts agree this could mean more tariffs on cheap, Chinese-made EVs to keep policies in line with economic partners like the U.S. and European Union.

But will it impact consumers? And what is a good time for a prospective EV buyer in the current market?

Cyberattacks force ‘hundreds’ of car dealers offline in Canada as thousands hit in U.S.

If you’re hoping to purchase a new car in North America this week, you may be in for a bit longer of a process after back-to-back cyberattacks hit CDK Global, which provides software for thousands of auto dealerships, forcing many to look at alternative methods.

The company said the attacks led to an outage that is still impacting its operations, and consequently the work of dealers across Canada and the U.S.

HEALTH

Physical inactivity a ‘silent threat’ as countries, including Canada, off track

A growing number of people in Canada and globally are physically inactive, the World Health Organization said in a new study, calling it a “silent threat” that needs greater attention.

Data published in The Lancet Global Health journal on Tuesday showed that 37 per cent of adults in Canada were reported as physically inactive in 2022, going up from 31 per cent in 2010 and 25.6 per cent in 2000.

Experts say there are multiple reasons why physical inactivity is increasing globally, such as changing transportation patterns as well as work models and leisurely activities that have become more screen-based and sedentary.

Are smoky BBQ-flavoured chips a health risk? What’s behind a ban in Europe

With summer in full swing, Canadians are gearing up for barbecue season, eagerly reaching for their favourite smoked-flavoured chips and barbecue treats.

However, while these snacks are a staple of summer gatherings, Europe’s recent ban on smoked flavours due to potential genotoxicity concerns is prompting a closer look at their safety.