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5 Things to Know Today — June 19, 2026

Oil eases off war-driven highs, insolvencies hit a 17-year peak, and the CUSMA clock is ticking — here's your Canadian money briefing for Thursday. 1. 🛢️ Oil Slips Below $77 — But Don't Expect a Big Break at the Pump Yet Crude oil climbed back above $77 USD per barrel this morning after planned U.S.–Iran talks in Switzerland were cancelled by the Swiss Foreign Ministry — a reminder that the ceasefire deal struck last week is far from rock-solid. That said, the broader picture is improving: WTI is on track for its steepest weekly decline in months as conditions in the Strait of Hormuz gradually normalize following the interim peace agreement. The U.S. Central Command has lifted shipping restrictions from Iranian coastal waters, and tanker traffic is slowly resuming. What it means for you: Lower crude prices will eventually filter through to Canadian gas stations, but energy analysts caution that supply chains need weeks to months to fully unwind. Brent fell back to roughly $83...
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Trump Reaffirms Tariff Threats Against Canada at Davos

In a virtual address at the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump reiterated his stance on imposing tariffs against Canada. Trump emphasized that the United States does not need Canadian imports of oil, gas, vehicles, or lumber, and criticized Canada's trade policies as unfair.

Trump's comments come just days after his inauguration for a second term, marking his first international speech since returning to the White House. He characterized the trade relationship between the two nations as adversarial and blamed Canada's import policies for the U.S.'s trade deficit.

During his speech, Trump highlighted his administration's protectionist plans, including tariffs, deregulation, and tax cuts, aimed at reducing inflation and boosting the U.S. economy. He also mentioned that the U.S. would demand respect from other nations and would not tolerate trade deficits.

Canadian political leaders have expressed concern over Trump's remarks, with some advocating for diplomacy and others preparing for potential retaliation. Alberta Premier Danielle Smith, who recently met with Trump, emphasized the importance of cross-border trade within the oil and gas sectors.

Trump's speech has triggered widespread criticism and debate among political leaders and economists, who warn that tariffs on Canadian energy exports could drive up gasoline prices for Americans and threaten Trump's plans for "energy dominance".


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