Good morning. Improving trade conditions took a turbulent turn yesterday. More on that below, along with suspected arson at a Liberal MP’s home and the delayed pursuit of justice in South Africa.

U.S. President Donald Trump set back signs of a détente in the trade war, declaring on Thursday that he was renaming Lake Ontario to Lake America. In a post on X, Prime Minister Mark Carney said that the name, from the Wendat word Ontari’io, predates the foundation of both countries. Canadians will be “calling it Lake Ontario – then, now and always,” he wrote.

Before that: Dominic LeBlanc, the federal minister in charge of Canada-U.S. trade, issued a statement that suggested Canada was open to new talks after receiving “clarifications” from his U.S. counterpart. He posted on X that that French language and Canadian culture will not be subject to future U.S. trade actions.

The fish: Canada reversed planned retaliatory tariffs targeting U.S. seafood after it was warned such tariffs could damage Atlantic Canada’s seafood industry, including the processing of lobsters caught by fishers from Maine.

Outside tariffs: Ottawa has tapped 64 world-leading scientists and scholars to bolster Canadian research, creating a well-timed opportunity to crow about poaching some of the U.S.’ brightest minds. Meanwhile, American businesses brace for another drop in Canadian tourism.

Canada’s securities and investment industry regulators are declining to oversee sports and entertainment bets on prediction markets. They say those trades don’t belong under securities law and won’t be offered through regulated investment platforms.

What’s next: The hotly debated decision draws a line around how far prediction markets can expand through the country’s investment industry. It remains unclear whether such types of prediction bets could still be made available by other means.

After months of delays, an inquest in South Africa has begun the daunting task of unravelling the full truth about the brutal killing of Steve Biko, one of the most celebrated heroes of the anti-apartheid struggle.

The context: Biko was a charismatic student leader who led the Black Consciousness Movement before he died in police custody in 1977 at the age of 30. An inquest by apartheid authorities sought to hide the truth by concluding he had died from a mere “scuffle” with police after becoming aggressive during his interrogation.

Using forensic science, an Ottawa team investigating Morrisseau fakes found paint-by-number-style codes in the canvas, among other clues that the works were forgeries. This coding system corroborated witness statements about fraudsters using an assembly-line-style operation to make fakes for financial gain.

The details: Additionally, microscopic samples of the base layers of paint were removed for analysis. The art fraud case involved thousands of fakes, estimated in the realm of $100-million.