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5 Things to Know Today: Midterms Day, Oil Plunge, Trade Deal, Budget (Nov 3)

  Canadian Money Brief • Tuesday, November 3, 2026 It’s Election Day in the United States, oil just had its biggest one-day drop since late July, and Ottawa tables its budget on Thursday. Here are five things to know today, and what each one means for your wallet. 1. U.S. midterms: Canada is watching Americans vote in the midterm elections today. Markets are expecting Democrats to win the House of Representatives, while control of the Senate is still uncertain. Trade policy has been a campaign issue, especially in border states such as Michigan and Maine, where Republican candidates have faced pressure over tariffs that have hurt local businesses. What it means for you: The result could move the loonie, the TSX and the tariff talks over the coming days, but one election night is rarely a reason to rebuild your TFSA or RRSP. If you need to convert Canadian dollars to U.S. dollars soon, expect choppy exchange rates. 2. Oil plunges on Iran diplomacy, then bounces Oil fell sharply o...
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Tariff Tensions: Trump Threatens 25% on Canadian Goods, Hints at a 10% Oil Levy

 

In a provocative statement aimed at pressuring North American trade partners, President Donald Trump has warned that Canada could face a sweeping 25% tariff on its imports if its policies on border security and drug trafficking remain unchanged. However, in a notable twist, the President suggested that Canadian oil might be subject to a more moderate 10% levy rather than the full tariff rate, a move that could help cushion the blow for one of Canada’s key exports. citeturn0search2

Trump’s remarks underscore his administration’s strategy of using tariffs as a negotiating tool to enforce stricter border controls and compel reforms on issues such as the illegal flow of fentanyl into the United States. While the threat of a 25% tariff has raised concerns among Canadian officials about the potential for retaliatory measures, the possibility of a lower levy on oil imports appears to be a calculated effort to avoid disrupting an energy market that is critical to both economies.

Economic analysts caution that imposing such tariffs could trigger a ripple effect—raising prices for American consumers and unsettling the tightly woven trade ties between the two nations. As both sides prepare for what may be intense negotiations in the coming weeks, the broader implications of this tariff strategy are being closely watched by businesses and policymakers alike.

The coming days are expected to bring heated discussions as Canada and the United States seek a resolution that preserves mutual economic interests while addressing the contentious issues at the border.

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