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Ottawa's Parliament Hill, where the Carney government is rolling out Canada's largest fiscal stimulus package since 1980. / Photo: Unsplash. MoneySavings.ca  ·  Economy & Policy Monday, April 13, 2026  ·  Daily Edition Canada at a crossroads: oil shock, frozen rates, and a trade deal on the clock Canada's economy is navigating a uniquely complicated moment in 2026. A Middle East conflict has sent oil prices surging past US$104 a barrel, a once-in-a-generation fiscal stimulus package is being rolled out in Ottawa, and the clock is ticking on a renegotiation of Canada's most important trade agreement. For everyday Canadians, this means uncertainty at the gas pump, a central bank with limited room to cut rates, and a federal government betting big on public spending to kick-start growth. Here is what you need to know about the forces shaping the Canadian economy right now. 1. The Bank of Canada is stuck — and oil is why The Bank of Canada has held it...
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Allies Hold Back: Japan and Australia Reject Trump’s Hormuz Naval Appeal

 

Dubai authorities said they had contained a fire but temporarily suspended flights at the airport after a drone attack hit a fuel tank.


Japan and Australia have firmly declined U.S. President Donald Trump’s request to deploy naval vessels to help secure the Strait of Hormuz, signaling a clear reluctance among key allies to join Washington’s proposed coalition.

Japan and Australia have publicly stated they will not send naval ships to the Middle East in response to President Donald Trump’s call for an international coalition to safeguard the Strait of Hormuz. The U.S. administration had urged several allied nations to contribute military support to reopen and secure the vital waterway, which has been disrupted amid ongoing regional conflict.

Despite Washington’s pressure, officials in Tokyo and Canberra emphasized that they currently have no plans to deploy warships to escort commercial vessels through the strait. Their refusal marks a significant setback for Trump’s efforts to assemble a broad maritime security coalition, especially as the strait remains a critical artery for global oil shipments. 

Both countries signaled caution, noting the complexities of the regional conflict and the need to prioritize their own strategic considerations. Their stance reflects a broader hesitancy among U.S. allies to become directly involved in the escalating tensions surrounding the waterway. 

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