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Kraft Heinz may split up soon. Kraft Heinz’s grocery and sauces businesses may not go together like ketchup and fries for much longer. The Wall Street Journal reports that the company is planning to spin off the grocery side, including most Kraft products, into a business worth $20 billion, leaving sauces and spreads, like Heinz Ketchup and Grey Poupon mustard, as a separate company—though it’s also weighing other options. The move would effectively undo the 2015 megamerger that spawned Kraft Heinz, which was orchestrated by Warren Buffett and PE firm 3G Capital Partners. The deal was meant to dominate the packaged goods industry, but the brands struggled to hit the right blend as consumers turned toward less processed food.
Trump escalates US–Canada trade fight with 35% tariff threat. America is playing hardball in trade negotiations with its neighbor that invented poutine. In another tariff letter, President Trump announced late Thursday that he would impose a 35% tariff on Canadian goods as of Aug. 1, and would raise it further if Canada retaliates. Under the president’s current tariffs, there’s already a 25% levy on Canadian products not covered by the United States-Mexico-Canada Agreement. Canada is a major US trading partner, but President Trump criticized both its trade practices and what he views as its failure to stop shipments of fentanyl from entering the US. Canadian Prime Minister Mark Carney said Canada would keep negotiating with the US and had made “vital progress” in curbing fentanyl.
State Dept. fires more than 1,300 people. Putting into motion a reorganization plan that the administration says will cut down bureaucracy and bring the agency up-to-date, the State Department began notifying laid-off employees yesterday. Secretary of State Marco Rubio hopes to cut about 15% of the department’s workforce, and the layoffs are intended to get rid of duplicative or redundant operations. But current and former diplomats have criticized the reduction in staff, saying it will weaken US influence abroad, per the Associated Press.—AR
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