Trade War Talk Turns Literal as Carney Says Canada Is At War

Carney told the FT overnight that Canada is now at war with Washington over trade. Leaders who use war language don't walk it back at the next summit, they escalate to protect face. September 8 is the date Ottawa's matching dollar-for-dollar retaliation lands, and that is when a rhetorical war becomes a costed one. This column had already flagged the yield pressure moving through the AI trade; today Fed governor Kevin Warsh tried to talk markets down ahead of Jackson Hole, confirming rate anxiety hasn't gone away, it has just changed venue. Kai Tanner's column on Microsoft's Entra ID patch is the morning's sharpest read: Microsoft fixed a maximum severity flaw already exploited in the wild and told customers no action was needed, but gave regulated banks no forensic hook to confirm they weren't already compromised before the patch landed. A bank CISO now has to decide by end of week whether to run its own compromise assessment anyway, since Microsoft's assurance is not evidence. Elsewhere, Alibaba's $10.2 billion placement funds AI capacity Beijing's own data center math may not let it use, and Dutch regulators fined Uber $1 billion for automated firing decisions, a warning shot at every firm running algorithmic HR at scale.