Trump vows 50% tariffs on Canada

The U.S. said Monday it will be imposing an additional 50 per cent tariff on Canadian imports due to retaliatory and “discriminatory” measures Canada took in response to U.S. President Donald Trump’s tariffs last year.

Canada is “looking at all options” on how to respond to the threat, Prime Minister Mark Carney said on Tuesday.

“We will look at all options in terms of how we would respond if they do come into effect. That’s part of what we’ll be discussing with premiers,” Carney told reporters in Ottawa.

Carney said he also spoke with Trump on the latest threat. “We agreed to intensify discussions,” he said.

The boycotts of U.S. alcohol from the shelves was one taken by the provinces, he said.

Read more to find out how Canada is responding.

What do Trump’s new tariffs mean for jobs in Canada?

Canada’s job market faces further risk if new threatened tariffs hit businesses already reeling from a year of U.S. tariffs and trade war uncertainty, experts say.

U.S. President Donald Trump announced Monday night that tariffs of 50 per cent will take effect next month, targeting dozens of sectors, including Canada’s dairy and agriculture, alcohol and motor vehicle and parts manufacturing.

The tariffs will also hit hundreds of other Canadian products ranging from clothing to finished wood and paper products, hockey sticks, plants and even dog leashes that may have otherwise been shielded by the terms of the Canada-United States-Mexico Agreement (CUSMA).

If these new tariffs get implemented in 29 days, Canadian sectors that have been specifically targeted could face a drop in demand as those tariffs translate to higher costs for U.S. customers.

Read more to find out how the tariffs could affect the job market.

Oil breaches US$100 as Iran war drags on

The price of Brent crude, the global benchmark price for oil, breached US$100 a barrel on Thursday as the U.S. war on Iran dragged on for nearly five months.

Brent crude prices were around US$100.60 per barrel on Thursday, as conflict in the Red Sea between Saudi Arabia and the Houthi rebels in Yemen drove oil tanker traffic in the crucial Bab el-Mandeb strait down.

Gas prices in Canada hit a monthly high on Thursday, with gas costing an average of $1.77 per litre across the country.

This was up from $1.70 a week ago, $1.60 from the same time a month ago and $1.33 from the same time a year ago.

Read more to find out about oil prices and the Bab el-Mandeb Strait.