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TTP Liquidity Brief | Issue 60 - Heatwaves, AI, and the future of payments
Plus: Canada's birthday, the dollar's dominance, carbon data, and how to survive a heatwave in an office with no A/C
Carter Hoffman
June 29, 2026
🌟 A note from the Deputy Editor
Did everyone manage to stay somewhat cool during the heatwave sweeping across Europe last week? The air conditioning at the TTP offices decided to quit midweek, so that was… sweaty.
In other company news, our Canadian team is gearing up for a holiday this week as the country celebrates its 159th anniversary on the first of July, which also happens to be the date of the first mandatory joint review of the USMCA free trade agreement. Eyes peeled for what will happen there!
Content-wise, we had a pretty exciting week! Our slow read this week explores whether AI can do more than think. Can it actually pay? You’ll have to give it a read to find out. We also covered the continued dominance of the US dollar in global trade finance, new efforts to expand supply chain finance in emerging markets, practical lessons on AI deployment, and how treasurers are preparing for the second half of 2026.
On the multimedia front, we released an interesting video looking at a new initiative to standardise carbon data across trade and treasury.
As always, there's plenty to read, watch, and learn.
Until next time — stay cool.
— The TTP Editorial Team
Country of the Week: Canada
Did you know that the fur trade helped shape modern Canada? Beginning in the 17th century, European demand for beaver pelts drove the exploration of vast areas of North America, establishing trading posts and canoe-centred transport routes that would later grow into many of Canada's towns and cities.
Canada trade stats (2024):
Total exports: $544B | Total Imports: $531B |
|---|---|
Largest export destination: United States ($400B) | Largest import partner: United States ($273B) |
Largest Export: Crude Petroleum ($106B) | Largest Import: Cars ($39B) |
Source: OEC
Slow Read
AI can think. But can it pay?
By: Bertrand Chen
Few technologies have captured the imagination of boardrooms quite like artificial intelligence.
In recent months, companies have rapidly expanded AI budgets in pursuit of competitive advantage. Uber recently admitted it had exhausted its annual AI budget within the first four months of the year, while hyperscalers continue to commit hundreds of billions of dollars towards infrastructure. Across boardrooms, AI is no longer one thing. It is about investment, competition, geopolitics, open versus closed models, even layoffs. Much of today’s anxiety seems to trace back to AI in one form or another.
But beneath all of this sits a simpler question. When the investment has been made, who will be the ones realising its value?
Trade digest
• The Government of Canada announced a provisional 10% surtax on global imports of canned vegetables, effective 19th June 2026 for up to 200 days.
• The measure aims to address critical challenges facing the Canadian canned vegetable industry and mitigate trade diversion impacts on domestic growers and processors.
• The Canadian International Trade Tribunal is conducting a safeguard inquiry into canned vegetable imports, examining whether increased imports are causing or threatening serious injury to Canadian processors.
• The Tribunal’s findings, expected by 9th September 2026, will guide recommendations on appropriate remedies, considering food affordability and security for Canadian households.
• Canned vegetables from the United States, Mexico, Israel, Chile, and developing countries are excluded from the surtax in accordance with Canada’s international trade obligations.
• If the Tribunal issues a negative injury finding, the provisional surtax will cease immediately.
Treasury, payment and global banking digest
• According to a new J.P. Morgan survey, treasury leaders from 26 countries and over 60 industries expect persistent volatility and emphasise continuous scenario management amid geopolitical tensions, inflation, interest-rate risks, and cybersecurity threats.
• Over 50% of respondents identify ongoing conflicts as the biggest barrier to long-term business planning, with cautious economic outlooks favouring stress-testing liquidity under adverse conditions.
• AI adoption is shifting from experimentation to operational use, targeting employee productivity, forecasting, automated reporting, and fraud detection to improve decision-making and reduce operational losses.
• Successful AI deployment depends on data quality, process documentation, and governance, while tokenisation is gaining traction for programmable payments, avoiding cutoff windows, and enhancing transaction security.
• Over 40% of treasurers anticipate increased M&A activity in 2H 2026, with capital structure management focusing on flexible leverage, liquidity buffers, and diversified funding aligned with strategic plans.
• Top priorities include improving cash flow and working capital, implementing new technologies, reducing costs, and streamlining processes, balancing modernisation with risk reduction amid resource constraints.
Topic of the week: Risk Management
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🗓️ Upcoming events
ITFA week 2026 – Educational seminar part 1 and part 2, London
| The Central Bank Payments Conference (CBPC)
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The ITFA 52nd Annual International Trade and Forfaiting Conference – Split, Croatia 2026
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Sibos 2026
| 60th FELABAN Annual Congress (Assembly)
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ICC Global Banking Commission Meeting
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