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Oil Just Hit $110 — Could Canada's Energy Boom Offset the Tariff Pain?

  Published September 13, 2026 · 6 min read Brent crude touched nearly $110 US a barrel when trading opened Friday morning — its highest level since the spring — as renewed Iran-linked strikes on Saudi energy infrastructure rattled global supply. It settled back down to close the week around $104.61, but the direction of travel has been unmistakable: oil is up roughly 9-10% in the past week alone. That's bad news at the pump. But according to a CBC News analysis published this morning, it might not be bad news for Canada's economy overall. The argument: the roughly 0.5% hit to GDP from Trump's tariffs could be more than offset by the windfall Canada earns as one of the world's biggest oil exporters. For a personal finance reader, that's really two separate stories — one that costs you money, and one that might be quietly making some of your money back. Here's how to think about both sides of your own ledger. Why oil is spiking again The latest leg up traces to ...
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Trump’s Tariff Blitz Shakes Global Markets and Diplomacy

 

                                            US President Donald Trump’s ‘Liberation Day’ tariffs sparked massive protests across the                                                              United States when they were announced, causing stock markets to tumble

Markets Tumble as Trump Unleashes Sweeping Tariffs

In a sweeping move that has rattled global markets and strained diplomatic ties, U.S. President Donald Trump imposed steep new tariffs on dozens of countries, including key trading partners such as Canada, Brazil, South Korea, and the European Union. The tariffs, ranging from 10% to a staggering 50%, mark a dramatic escalation in Trump’s protectionist trade agenda.

Key Tariff Details

  • Canada: 35% on goods outside the USMCA agreement
  • Brazil: 50%, with some exemptions for aircraft and energy
  • South Korea: 15%, down from a threatened 25%
  • European Union: 15% on most products
  • India: 25%, plus an unspecified penalty over Russian trade ties

Global Market Reaction The announcement triggered a sharp sell-off across global stock markets:

  • The Stoxx 600 fell 1% in early trading, marking its worst week since April
  • Germany’s DAX and France’s CAC dropped 1.7% and 1.8%, respectively
  • India’s Sensex plunged 420 points, with pharma and IT stocks leading the decline
  • Nasdaq and S&P 500 futures both slipped around 1%

Economic Fallout and Criticism Economists and industry leaders warned of widespread disruption:

  • Prices for U.S. home furnishings and durable goods rose 1.3% in June, the largest jump since 2022
  • European winemakers and manufacturers expressed concern over job losses and reduced exports
  • Swiss officials called the tariffs “arbitrary” and vowed to negotiate

Geopolitical Undercurrents Trump’s tariff decisions were not purely economic. The 50% tariff on Brazil was widely seen as retaliation for the prosecution of Trump ally Jair Bolsonaro. Canada’s hike followed its announcement to recognize Palestinian statehood, drawing Trump’s ire.

As countries scramble to renegotiate terms before the August 7 implementation date, the world braces for a new era of trade uncertainty. Whether Trump’s aggressive strategy yields long-term gains or global backlash remains to be seen.


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