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CUSMA Review 2026: What Happens on July 1 — and What It Means for Your Wallet

The trade deal that governs nearly $1.3 trillion in Canada-U.S. commerce is up for review in less than a week. Here's what's at stake for Canadian families — and how to protect your budget whatever happens next. By MoneySavings.ca Staff  |   June 25, 2026 Canada Day is almost here — and this year, July 1 carries a lot more weight than fireworks and barbecues. On that same date, Canada, the United States, and Mexico are required to sit down for the first mandatory review of the Canada–United States–Mexico Agreement , known in Canada as CUSMA (and in the U.S. as the USMCA). The outcome of these talks will help shape the price of your groceries, your next car payment, Canadian jobs, and the overall cost of living for years to come. If you've heard the buzz but aren't sure what it all means for your household budget, you're in the right place. Here's your plain-language breakdown. What Is CUSMA — and Why Should You Care? CUSMA replaced the old NAFTA deal in 2020 an...
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Trump Slaps Extra 10% Tariff on Canada After Ontario Ad Sparks Fury

President Donald Trump speaks with reporters as White House press secretary Karoline Leavitt listens aboard Air Force One at Al Udeid Air Base in Doha, Qatar, Saturday, Oct. 25, 2025. 

U.S. President Donald Trump announced Saturday that he will impose an additional 10-per-cent tariff on Canadian imports, escalating tensions with America’s northern neighbor. The move comes in response to an Ontario government advertisement that Trump blasted as “fraudulent” and “hostile”.

The ad, part of a $75‑million campaign, featured former U.S. president Ronald Reagan criticizing tariffs. It aired during Game 1 of the World Series, despite Trump’s demand that it be pulled immediately.

“Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now,” Trump wrote on his social media platform Truth Social.

Ontario officials have since confirmed the ad will be removed, but the president’s announcement signals a sharp escalation in trade tensions. The tariff hike follows Trump’s earlier decision to suspend trade talks with Canada over the same issue.

Economists warn the move could further strain cross-border trade, with Canadian exporters bracing for higher costs and potential retaliation.


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