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Canada’s Inflation Climbs to 2.4% as Gas Prices Surge to Record High

  Canada’s inflation rate accelerated to 2.4% in March , up from 1.8% in February, as the Iran war triggered the largest monthly gasoline price increase on record . Statistics Canada reported that gas prices surged 21.2% month‑over‑month , a supply‑shock response to Iran’s closure of the Strait of Hormuz and broader Middle East instability.  Energy costs were the dominant driver of March inflation, with overall energy prices rising 3.9% year‑over‑year after a sharp decline the month before. Excluding gasoline, inflation would have eased to 2.2% , highlighting how concentrated the price shock was.  Food inflation offered mixed relief: grocery prices rose 4.4% , while fresh vegetables jumped 7.8% due to difficult growing conditions. Restaurant inflation cooled sharply as last year’s tax‑holiday distortions fell out of the annual comparison.  Economists note that while headline inflation spiked, core measures remained relatively tame , giving the Bank of Canada ro...
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Trump Proposes New Agency to Collect Foreign Revenue

 


In a recent announcement, President-elect Donald Trump revealed plans to establish a new government agency called the External Revenue Service. This agency aims to collect tariffs, duties, and other revenues from foreign sources. Trump stated that this move is intended to shift the tax burden away from American citizens and onto foreign entities that benefit from trade with the United States.

The announcement has sparked significant debate. Supporters argue that it will ensure foreign companies pay their fair share, while critics warn that it could lead to increased costs for American consumers and potential retaliation from trade partners. The specifics of how this new agency will operate remain unclear, and it is uncertain whether it will replace existing functions performed by agencies like U.S. Customs and Border Protection.

Trump's proposal has also drawn criticism from some lawmakers, who view it as a rebranding effort that could result in a multi-trillion-dollar tax hike on American families and small businesses. As the inauguration approaches, the details and potential impacts of this new agency will be closely watched.


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