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Canada’s Auto Industry Is Split on a U.S. Tariff Deal: What It Means for Your Wallet

  Canadian Money Brief • Tariffs & Trade • Saturday, November 14, 2026 Ottawa is once again trying to land a tariff deal with Washington. This time, the biggest fight may be inside Canada's own auto industry, and the outcome could reach your paycheque, your car purchase and your savings. Canada's auto manufacturers agree on the goal: get U.S. tariffs on Canadian-built vehicles down. They do not agree on how fast to move or what to accept. According to a Globe and Mail report published overnight, the Detroit Three (Ford, GM and Stellantis) want a deal sooner rather than later, even an imperfect one, while Honda and Toyota are pushing Ottawa toward a very different design. It matters now because of the clock. Canadian-built vehicles already face a 25% U.S. tariff on their non-American content, and Washington has threatened to double the headline rate to 50% on January 1, 2027. Honda has warned that doubling would be catastrophic for the North American industry. Prime Minister...
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Oil prices slump to six-month low amid weak demand and oversupply

 


Oil prices have fallen to their lowest level since June, as concerns about weak demand and oversupply weigh on the market. The spread of the Omicron variant of the coronavirus has led to new travel restrictions and lower economic growth expectations, reducing the outlook for oil consumption. At the same time, oil producers have increased their output, creating a glut of supply that exceeds demand.

According to the U.S. Energy Information Administration (EIA), U.S. crude oil inventories rose by 3.6 million barrels last week, while gasoline stocks jumped by 5.7 million barrels, indicating sluggish demand for fuel. The EIA also lowered its forecast for global oil demand growth in 2023 by 100,000 barrels per day (bpd) to 4.1 million bpd.

The International Energy Agency (IEA) echoed the bearish sentiment, saying that the Omicron variant is expected to temporarily slow the recovery in oil demand that is underway. The IEA also cut its demand projections for 2022 and 2023 by 100,000 bpd each, mainly due to the expected impact on jet fuel use from new travel curbs.

Oil prices have also been pressured by a stronger U.S. dollar, which makes oil more expensive for buyers using other currencies. The dollar has risen on expectations that the Federal Reserve will tighten its monetary policy sooner than expected to curb inflation, which hit an 11-year high in November.

Brent crude, the international benchmark, settled down $4.42, or 5.9%, at $70.62 a barrel on Wednesday, while West Texas Intermediate (WTI), the U.S. benchmark, dropped $4.60, or 6.2%, to $69.34 a barrel. Both benchmarks have lost more than 10% since hitting multi-year highs in October.

Some analysts expect oil prices to rebound in the coming months, as the impact of the Omicron variant fades and demand recovers. However, others warn that the market could remain volatile and oversupplied, especially if the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decide to increase their production further in January.

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