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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 Defends Tariffs as Carney Heads to Washington for High-Stakes Talks

U.S. President Donald Trump is doubling down on his tariff strategy ahead of a key meeting with Canadian Prime Minister Mark Carney in Washington. Speaking Monday, Trump insisted his sweeping tariffs on Canadian goods are “working,” pointing to companies relocating operations to the United States as evidence of success.

Carney, making his second visit to the White House since becoming prime minister, is expected to press for relief from duties that have hit Canada’s steel, aluminum, auto, and lumber sectors. Ottawa has already made concessions, including dropping its digital services tax and scaling back retaliatory tariffs, but Trump has shown little sign of easing his stance.

The talks come as both countries prepare for the first joint review of the Canada-U.S.-Mexico Agreement (CUSMA) next year. Canadian officials say they are cautiously optimistic about progress on sector-specific tariffs, though observers warn that Trump views tariffs as central to his trade agenda and is unlikely to roll them back quickly.

For Carney, the challenge will be balancing domestic pressure to secure relief with the realities of negotiating with a U.S. president who sees tariffs as leverage rather than a liability.


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