U.S.-Canada trade talks have broken down followed by new tariffs from each side. At the same time, 30-year U.S. Treasury yields hit their highest level since 2007—driven by persistent inflation concerns, and a national debt crossing US$40 trillion.

In this episode of the 10-Minute Take, RBC Economics' Claire Fan and Carrie Freestone discuss:

• What the latest tariffs and the counter measures mean for the broader Canadian economy.
• Why 30-year Treasury yields are at two-decade highs, and what its buyback program can and can’t fix.
• How inflation, fiscal deficits, and rising interest costs are creating a challenging bind for the U.S.