Good morning. Business and political leaders met at The Globe and Mail’s Intersect event yesterday to share their thoughts on building a better Canada. That’s in focus today – along with a look at why copper’s going missing at historic rates.

Oil: Strait of Hormuz standoff continues as Iran intensifies assaults on shipping in the key waterway.

Telecoms: Rogers plans to cut capital spending by up to $1.2B year over year, citing regulatory hurdles.

Deals: TMX deal to buy Cboe exchanges in Canada and Australia raises questions about competition.

Around this time last year, political and business leaders were less than a few weeks removed from U.S. President Donald Trump’s “Liberation Day,” in which he implemented the most sweeping global tariff hikes in nearly a century.

Those tariffs, which drew sharp condemnation and promises of retaliation from Mark Carney, proved a turning point in what had been, even in polling earlier that month, a tight federal election campaign. His “elbows up” message built on his reputation as a high-stakes negotiator and global economic leader.

Even if success isn’t easy to spot in the year since Liberation Day – followed a week later by the election of Carney and his Liberals – many in attendance at yesterday’s Intersect conference seemed to share a sense of both acceptance and optimism. The room felt different from last year – less anxious, more focused on using a disruptive moment to build unity across regions and politics, and to strengthen the national economy.

Lines in the sand: If the Trump administration is demanding upfront concessions as a condition of negotiations on the United States-Mexico-Canada Agreement, as my colleagues in Ottawa reported yesterday, Ottawa says it has red lines it won’t cross. Dominic LeBlanc, the federal minister responsible for trade talks with Washington, said Canada won’t give ground to U.S. demands around French-language labelling rules and dairy supply management.

Heading south? Former Alberta premier Jason Kenney warned that national unity could face a serious stress test later this year if frustration with Ottawa drives more people to reject federalism.

The need for speed: Carney’s high-level efforts to bolster Canada’s military capabilities are laudable, said Eliot Pence, founder and CEO of defence startup Dominion Dynamics, but defence procurement contracts are being awarded to the private sector at a sluggish pace.

• Algoma Steel Group Inc. chief executive Rajat Marwah said the company is competing to win more public contracts, particularly in the defence sector, but Canada is not moving fast enough to award that business.
• Citibank Canada CEO Raymond Gatcliffe said the country has about two years – “not five or 10″ – to make the most of a “once-in-a-generation opportunity” by speeding up approvals.

The importance of slowing down: First Nations Bank of Canada CEO Bill Lomax said companies looking to make partnerships with First Nations and accelerate resource or other projects need to take the differences between each First Nation into account, and “meet people where they are.”

Capital needs to be made available beyond the government’s major initiatives, he said.

Former Assembly of First Nations Yukon regional chief Kluane Adamek said representatives from private-sector companies need to make efforts to get to know Indigenous communities and cultures and listen to their concerns, she said.

“Take the time. Eat the bannock. Don’t say no to the meal. Try different foods if you go there,” she said. “… Put your jeans on, you know, drive there. Bring some Tim Hortons with you.”

Playing defence: John Graham, Canada Pension Plan Investment Board chief executive officer, said he is increasingly encouraged that Canada is creating more large-scale opportunities to invest, and the fund is “open for business” to the defence sector as the country ramps up spending on national security.

Graham said CPPIB, the country’s largest pension fund with $780-billion of assets, has been “curious and interested” to explore new options for investing domestically. Now, “we’re very encouraged on the discussions and the activity that’s starting to happen.”

Holding court

Ontario Premier Doug Ford thrives in personal settings, addressing questions about handling Trump and a recent plane-based controversy with familiar Fordisms. Sometimes he’ll get around to answering the question, but it’s hard to tell through the audience laughter.

On critics of his plans for Toronto’s waterfront: “The cheese has fallen off the cracker.”

On red tape: “You couldn’t get a doghouse [without waiting] five years.”