Lawrence Herman
Any lingering hope about the survival of any kind of North American free-trade area – let alone USMCA – was put to rest this week with Trump saying he is “not looking to renew”. While some could read this as a tactical ploy, his comments actually reflect a key part of the MAGA philosophy – a deep-seated antipathy to trade agreements. …The lofty words in the USMCA preamble about creating a “high standard new agreement to support mutually beneficial trade leading to freer, fairer markets, and to robust economic growth in the region” are gone. …The question is where do we go from here, even if the agreement continues in some way through the mandated review process? …Assuming the review goes ahead more or less as prescribed, it will involve separate US negotiations with Canada and with Mexico, aimed at extracting maximum concessions from each country, all the while with the threat of US.
- Related coverage by Mary O’Grady in the WSJ: The USMCA – A Trade Deal Trump Should Reaffirm
Corporate bosses are more relaxed about tariffs now than at any time since US President Trump’s return to power unleashed a spate of trade policy chaos. The share of corporate earnings calls in which tariffs were mentioned has fallen to the lowest level since Mr. Trump won the 2024 election, according to an analysis of transcripts. …The same pattern has played out on both sides of the border, even though companies have plenty of reasons to remain anxious on the trade front. The USMCA is set to enter uncharted territory on July 1. …Steep sectoral duties remain in place. …Meanwhile, Mr. Trump is expected to launch a wave of hefty tariffs next month to replace temporary duties he imposed after the U.S. Supreme Court struck down his earlier emergency tariffs. [to access the full story a Globe and Mail subscription is required]
A sprawling legislative package aimed at lowering the cost of housing and spurring more home construction won bipartisan approval from Congress this week, but it’s hit a major roadblock in becoming law: President Trump. The White House supported the 
The European Union has formally removed its remaining tariffs on American wood-based industrial products after the European Parliament approved legislation implementing the long-awaited 
A closely watched inflation report is set to reveal how much price growth picked up in May — and whether many American consumers remain mired in an affordability crunch. Wall Street forecasters expected the pace of personal consumption expenditures (PCE) to have quickened compared with April data amid higher oil prices and stronger consumer spending. The monthly PCE report is the Federal Reserve’s preferred inflation gauge. New Fed Chairman Kevin Warsh has said the central bank is committed to bringing inflation back to its 2% target — a level it has failed to reach for the past five years. Wall Street now anticipates the Fed will raise its key interest rate at least once by year’s end in a bid to counteract the stronger price growth.
ATLANTA — At 
A new lawsuit challenging a logging project in Oregon threatens to unravel the management plans governing hundreds of millions of acres of federal public land. At stake are thousands of leases and permits covering billions of dollars of economic activity — including mining, drilling, grazing, logging, ski resorts, wind and solar projects, outdoor recreation, hunting and fishing. If successful, the lawsuit could throw the management of huge swaths of the West into chaos. Some experts fear the new legal uncertainty around federal agencies’ management authority could unleash a tsunami of lawsuits targeting everything from mining to the conservation of wildlife habitat. “When you throw that whole system into chaos, it’s a problem whether you’re the oil and gas industry or the timber industry,” said Susan Jane Brown, the attorney who filed the lawsuit and serves as principal at Silvix Resources, a nonprofit environmental law firm.
Forest fires now burn ten times more acreage annually than in 1985, while wildfire severity has gotten even worse. In California, 30 times more acreage burned from high-severity, forest-killing fires, according to new UCLA research. In the 1980s and 1990s, California’s forest fires burned mostly at low or moderate severity, generally benefiting ecosystems. But as fires have grown in size, severe fires causing widespread tree death have overtaken beneficial fire as the most common fire type in California’s forests. Changes are tied to the increasingly warm and arid environment. These aridity-driven changes were also stronger in more densely forested areas, said senior author Park Williams. …The two main causes for the increase in fire severity are fuel density [and] environmental dryness. …The researcher’s conclusions show that the state can make some headway in protecting California’s forests with changes in forest management, such as doing more manual clearing of underbrush and conducting more prescribed burns.
PHOENIX — New technology is coming to Arizona to predict flooding and prevent wildfires. Moisture sensors are going in the ground to gauge just how dry the land is. Soil that is too dry cannot absorb water, which creates a higher risk for flooding and wildfires. This advancement should help predict wildfires and flooding across Arizona. Salt River Project (SRP) officials say plant moisture, in both dead and alive plants, is one of the most important indicators of wildfire danger. However, taking field samples by hand is tough, so this new technology will do the heavy lifting. SRP crews in the Tonto National Forest are planting tiny pieces of technology in the ground to provide data. …These moisture measurements should provide important clues, like the risk of a wildfire at a given location, how likely it is to spread, how big it might get, and predicting floods.
Ithaca, NY — Forests and land play an important role in absorbing carbon dioxide emissions, but current models and forecasts don’t incorporate a new and surprising ecological discovery: Despite more available carbon, climate change and warmer temperatures are slowing forest growth. A new study considers for the first time the impact of the discovery on climate models, finding that one of the most-used land models for determining the impacts of climate change may overestimate forests’ future potential for carbon storage by as much as 30%. “Knowing how well the land will be able to keep taking up carbon in the future is really important,” said first author Brendan Clark. “But the land models are probably underestimating the effects of hotter, drier air on actual growth.” …Clark first learned about the new ecological findings from co-author and ecologist Shan Kothari, at the University of Alberta, and immediately wondered how they might impact climate models. 
