尽管美国最近提高了关税，但CUSMA豁免仍然有效；加拿大就业形势趋于稳定。《国际紧急经济权力法案》（IEEPA）关税从25%提高到35%，但仍仅适用于不符合自由贸易CUSMA/USMCA的贸易部分。根据我们的计算，这一豁免使加拿大大部分出口产品能够免税进入美国市场，并且仍然有效。

CUSMA Exemption Holds Up Despite Latest U.S. Tariff Hike; Canada's Jobs to Show Stabilization.The International Emergency Economic Powers Act (IEEPA) tariff increased from 25% to 35%, but still only applies to the portion of trade that is not compliant with the free trade CUSMA/USMCA. That exemption is maintaining duty free access to the U.S. market for the majority of Canadian exports by our calculations, and remains in place.

周五，标准普尔/多伦多证交所综合指数下跌0.9%，收于27020点，在特朗普总统突然颁布行政命令，对USMCA未涵盖的大多数加拿大出口产品征收35%的税，打击资源和行业名称后，该指数每周下跌1.7%。电子商务巨头Shopify是受影响最严重的公司之一，由于其服务的需求前景恶化，跌幅为3.4%，进一步受到同行亚马逊令人失望的收益的拖累。金融股也面临压力，权重股布鲁克菲尔德下跌2.9%，领跌该行业。与此同时，美国7月非农就业人数仅增加73000人，与前几个月相比大幅下调，令人失望，这降低了增长前景，加剧了人们对加拿大出口需求的担忧，尤其是能源需求。权重股加拿大天然气公司、森科尔公司和Cenovus公司的股价下跌了1.5%至3.1%。

The S&P/TSX Composite fell 0.9% to close at 27,020 on Friday, dragging weekly losses to 1.7% after President Trump’s abrupt executive order ushered in a 35% levy on most Canadian exports not covered by USMCA, hitting resource and industrial names. E-commerce giant Shopify was among the hardest hit, shedding 3.4% as the demand outlook for its services deteriorated, further weighed down by peer Amazon’s disappointing earnings. Financials also came under pressure, with heavyweight Brookfield losing 2.9% to lead the sector’s decline. At the same time, US July nonfarm payrolls disappointed with just 73,000 jobs added and deep downward revisions to prior months, dimming the growth outlook and fueling concerns over demand for Canadian exports, particularly energy. Heavyweights Canadian Natural, Suncor, and Cenovus lost between 1.5% and 3.1%.

周五，加元因NFP波动而连续下跌。周五，美国非农就业数据（NFP）的混乱发布打破了美元（USD）的全球定位，加元（CAD）位居榜首。美元全面下跌，此前几个月美国净新增就业人数远低于预期，面临大幅下行修正。

Canadian Dollar snaps losing streak on volatile NFP Friday.The Canadian Dollar (CAD) came out on top after a messy US Nonfarm Payrolls (NFP) release shattered global positioning in the US Dollar (USD) on Friday. The Greenback fell across the board after US net job additions fell well short of expectations, with previous months facing sharp downside revisions.

加元兑美元汇率突破1.38，从7月31日的两个月低点1.386反弹。7月非农就业人数仅增加73000人，而预期为110000人，向下修正削减258000人，加剧了对美联储9月降息的押注。与此同时，加拿大经济表现出令人惊讶的弹性，5月份0.1%的GDP收缩让位于6月份可能0.1%的反弹和0.7%的制造业产出激增，这支持了加拿大央行将政策利率保持在2.75%的决定，与美联储的鸽派转向形成鲜明对比。尽管特朗普总统突然宣布的35%关税令市场短暂动荡，但加拿大的《美墨加协定》豁免将出口有效征税限制在约5%，从而减少了对跨境贸易流动的任何重大打击。

The Canadian dollar strengthened past 1.38 per US dollar, rebounding from the two-month low of 1.386 seen July 31st, as the greenback tumbled following July’s nonfarm payrolls adding just 73,000 jobs versus 110,000 expected and downward revisions slashing 258,000 positions, intensifying bets on Fed rate cuts by September. At the same time, Canada’s economy showed surprising resilience, with May’s 0.1% GDP contraction giving way to a likely 0.1% rebound in June and a 0.7% surge in manufacturing output, bolstering the Bank of Canada’s decision to hold its policy rate at 2.75% and contrasting sharply with the Fed’s dovish pivot. Although President Trump’s abrupt 35% tariff announcement briefly rattled markets, Canada’s USMCA exemptions cap the effective levy on exports at roughly 5%, muting any major hit to cross-border trade flows.