Browsing: Economy News

Brent crude topped US$100 a barrel Wednesday after U.S. strikes on Iranian tankers, the exact upside risk the Bank of Canada flagged a week ago.

Trump signed proclamations Tuesday barring Canadian alcohol, whey and large motorcycles from the U.S. market as of Sept. 29, using a 1930 law that cuts off access rather than raising prices.

Canada’s federal gas tax was set to return Sept. 8. Ottawa extended the pause instead, and the real increases now land on Feb. 1 and April 1, 2027.

Ottawa’s counter-tariffs on $27.6 billion of U.S. goods began Sept. 8. Seafood came off the list in 48 hours. The remission channel that did it is still open.

Duties of 15, 25 and 50 per cent now apply to more than 700 American products, with steel and aluminum doubling to 50 per cent and goods already in transit exempt.

Ottawa extended the fuel excise tax holiday to Jan. 31, 2027 at a cost of $2.9 billion, but diesel users get 4 cents a litre, not 10, and it is not law yet.

Canada’s counter-tariffs on $27.6B in U.S. goods start Sept. 8. Economists say households under $30,000 face double the average hit, and get no rebate.

Average hourly wages rose 2.0 per cent in August while consumer prices climbed 3.0 per cent. For Canada’s lowest-paid quarter of workers, the gap was wider.

Trump’s Venezuela oil deal targets the U.S. Gulf Coast, which takes only about 10 per cent of Canadian crude exports. The numbers behind the alarm.

The United States began enforcing 50 per cent tariffs on roughly $20 billion in Canadian goods on Aug. 22, five days after Statistics Canada reported annual inflation had climbed to 3.0 per cent, the top of the Bank of Canada’s target range.