The 2026-27 El Niño weather pattern is emerging as one of the strongest in living memory, disrupting industries worldwide. The Panama Canal faces reduced vessel transits and surging auction prices for largest locks as Lake Gatún water levels drop. Chilean copper producer Antofagasta cut its production forecast after storms halted operations at its Los Pelambres mine in July, tightening an already constrained market. Economists project slower growth and higher inflation, particularly in Asia's emerging economies where rice crops face threats.

Meanwhile, Canada's small and midsize businesses producing honey, art, and cosmetics are expected to bear the brunt of President Trump's new 50% tariffs on $20 billion of Canadian goods. While the overall Canadian economy may withstand the impact, a Canadian Federation of Independent Business survey found 40% of exporters sell targeted products, with nearly 80% expecting revenue losses and over one-third projecting losses of at least 50%. Desjardins Group economists estimate unemployment could reach 7% by year-end from 6.4% in July, potentially costing 90,000 jobs if tariffs persist.