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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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Lutnick Signals End of Old Free Trade Era as U.S. Pushes for Economic Dominance

 

            U.S. Commerce Secretary Howard Lutnick speaks in the Oval Office in Washington, D.C. 


U.S. Commerce Secretary Howard Lutnick has made it clear that the United States will not return to the free trade frameworks of the past, signaling a decisive shift in economic policy. Speaking on trade relations with Canada, Lutnick emphasized that tariffs are likely to remain in place, particularly in sensitive sectors such as auto manufacturing. He argued that the U.S. must prioritize domestic production and protect American workers, even if it means sidelining traditional free trade principles.

Lutnick’s remarks underscore the Trump administration’s broader strategy of economic nationalism, where trade agreements like the United States-Mexico-Canada Agreement (USMCA) are seen as tools to rebalance decades of perceived inequities. While nearly 80–90% of Canadian goods already enter the U.S. tariff-free under current rules, Lutnick insisted that Canada must further open its markets if it wants relief from tariffs.

The comments have sparked concern north of the border, particularly in Ontario’s auto sector, where leaders warn that U.S. protectionism could threaten jobs and investment. With renegotiations of USMCA looming, Lutnick’s stance suggests that the U.S. is preparing for a tougher, more unilateral approach to trade in the years ahead.


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