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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 Urges Supreme Court to Reinstate Sweeping Tariffs After Appeals Court Setback

 

                                            U.S. President Donald Trump


Former President Donald Trump’s administration has formally petitioned the U.S. Supreme Court to overturn a federal appeals court ruling that struck down most of his signature tariffs as unlawful under the International Emergency Economic Powers Act (IEEPA).

The Justice Department’s appeal follows an August 29 decision by the U.S. Court of Appeals for the Federal Circuit, which found that Trump exceeded his authority by using the 1977 emergency powers law to impose broad import levies on countries including China, Canada, and Mexico. The court ruled 7–4 that Congress retains the constitutional power to set tariffs, and that IEEPA was never intended to grant presidents unlimited authority in this area.

While the tariffs remain in place pending review, the administration has asked the Supreme Court to fast-track the case, proposing oral arguments in early November. Trump has warned that removing the tariffs could trigger what he calls an “economic catastrophe,” jeopardizing trade negotiations and potentially forcing the U.S. to refund billions collected from importers.

The case stems from challenges brought by small businesses and a coalition of 12 states, which argue the tariffs have hurt commerce, raised consumer prices, and strained relations with key trading partners. A ruling from the Supreme Court could have sweeping implications for presidential trade powers and the future of U.S. tariff policy.


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