The U.S. slaps new 50% tariffs on Canada, hurting already lukewarm trade talks.

Plus, Mickey Mouse, meat, mac, and cheese, as Kraft Hines hopes that Disney can sprinkle some magic on its brands.

And we'll look at whether AI-native startups offer clues about how all companies could one day be structured.

One executive I talked to compared the efficiencies gained with AI to taking a GLP1 weight loss drug.

You can do a lot more with a smaller staff. It's Tuesday, July 21st.

I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

President Trump has imposed new 50% tariffs on certain goods from Canada, which the White House said was a response to the country's discriminatory treatment of American products.

That designation allows the president to impose levies under an obscure section of U.S. trade law and comes after the Supreme Court ruled earlier this year that emergency tariffs imposed on Canada for its alleged role in the

fentanyl trade were illegal. These levies would hit about $20 billion worth of Canadian goods,

including industrial products like cement and consumer goods like wine and hockey sticks. And that's only a small

slice of total U.S. imports from Canada, which last year totaled more than $380 billion.

That's journal Trade and Economics reporter Gavin Bade in Washington, who says the new tariffs come as the

two countries remained loggerheads over the future of the U.S.-Mexico-Canada agreement.

That is the trade deal that Trump negotiated in his first term to replace NAFTA and is up for

renegotiation this year. Now, the U.S. and Mexico have been making steady progress, and American

officials are in Mexico City this week for talks. But the U.S. and Canada have not even opened formal negotiations on the deal yet.

That's a problem for the Trump administration, which is trying to extract concessions from the

trading partners quickly before the midterm elections could allow Democrats more oversight.

In previous rounds of tariffs on Canada and Mexico, the U.S. has largely exempted products that comply

with the U.S.MCA agreement, so they were not hit by previous tariffs. But this time, Trump's

team said the goods would not be spared and would be hit by the new 50% levy. At the same time,

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