Morning. In focus this week, we’re showing interest in the Bank of Canada, fighting a painful trade war and following the world’s financial leaders to another market-moving meeting in the United States. Fun times for Fedheds, at least.

Trade: The head of the federal agency organizing Prime Minister Mark Carney’s global investment summit has resigned, days ahead of the most high-profile event in the organization’s history.

Transportation: The Toronto-Quebec high-speed rail project could cost over $150-billion, an internal document shows.

Energy: Meta’s Alberta data centre could cause power bills to spike.

1. From the trade front: Ten days have passed since trade talks collapsed between Canada and the United States. As far as we can tell, Ottawa isn’t banging on the White House’s door to be let back in.

Prime Minister Mark Carney has said the U.S. offered a “bad deal,” and that American negotiators had an attitude that “Canada is a subsidiary of the United States.”

“That’s not something we’re going to accept,” he said.

Two days after those comments, U.S. President Donald Trump signed an executive order to rename Lake Ontario to Lake America. (Can he do that? Sure, but only in federal documents. It’s still Lake Ontario to the rest of the world.)

At least on the surface, these waters are decidedly frozen.

Regardless of what’s happening in the political sphere, business owners on both sides of the Canada-U.S. border are tiiiiiiired.

For those whose goods have been affected by the tariffs fired back and forth between the two countries over roughly the last year and a half, the latest and possibly most punitive round of levies announced by Trump only adds to the uncertainty, The Globe’s Pippa Norman, Alexandra Posadzki and Irene Galea report.

And American businesses that rely on Canadian tourism say they are bracing for fewer visitors after already seeing a drop-off last year as the bilateral relationship frayed.

2. Holding pattern: The collapse of the trade talks has complicated the Bank of Canada’s path just days before its next interest-rate decision, renewing concerns about economic growth while adding another potential source of inflation.

The central bank is widely expected to keep its trendsetting interest rate at 2.25 per cent on Wednesday, which would mark its seventh consecutive decision on the sidelines.

Minutes from the Bank’s July meeting show policy-makers were already divided over how sustainable Canada’s recent economic rebound would prove. Governing council members said they were “confident” the economy had strengthened in the second quarter, helped by higher global oil prices and signs of a housing recovery. They were less certain the momentum would last.

Officials at the meeting described the possibility of new tariffs as an “ever-present downside risk to growth,” even as exporters appeared to be adapting to the trade war.

That was before Trump imposed new 50-per-cent tariffs on roughly $28-billion of Canadian goods, escalating a dispute that had appeared close to a resolution.

Which is a shame, because Canada’s economy is otherwise showing positive signs. After six months of virtually no growth, solid consumer spending and business investment in the most recent quarter helped to propel a sharp rebound, a Statistics Canada report showed last Friday.

The renewed trade fight leaves the bank confronting a tough combination of modest economic growth and soaring oil prices caused by the war in Iran. On Friday, Canada’s monthly jobs report is expected to reflect a similar uncertainty among employers in August after larger gains over July and June.

Another hold would also further entrench elevated borrowing costs, leaving Canada’s housing market stuck in a bit of molasses.

The central bank will likely acknowledge both the growing strength of the economy and risks posed by tariffs in tomorrow’s meeting, RBC economists said in a note last Friday.

“Current U.S. tariffs and counter Canadian tariffs are not yet large enough to derail the Canadian economy’s recovery,” Nathan Janzen and Claire Fan wrote. ”But further escalation is a real threat that could prompt a delay of BoC rate hikes we had expected in 2027, or worse, push the central bank to cut rates. But, we’re not there yet.”

3. In the U.S.: Just a few days after the Jackson Hole Economic Policy Sympos