“We sell our oil in U.S. dollars, and get U.S. dollars for them, and then convert them back. So today, Surge is getting about $97-$98 Canadian per barrel for our oil, which is a very attractive price,” said Colborne. “I wouldn’t be too shocked if we were to get below 70 cents US and even perhaps all the way down to 68 cents at some point,” said Karl Schamotta, the chief market strategist of the financial payments company Corpay. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider.

Similarly, Trump said that China will face higher tariffs on its goods – by 10% above any existing tariffs – until it prevents the flow of illegal drugs into the United States. The Canadian dollar, the Loonie, has plunged in value since Trump vowed to impose tariffs on Canadian imports come January. Officials from Canada, Mexico and China have warned US President-elect Donald Trump’s pledge to impose sweeping tariffs on America’s three largest trading partners could upend the economies of all four countries. “It was a good discussion and they will stay in touch,” a Canadian official said of the Trudeau-Trump call.

Hit hard by inflation

The United States’ top import from Canada is oil, which reached a record 4.3 million barrels per day in July, according to the US Energy Information Administration. America also imports cars, machinery and other various commodities, plastics and wood from Canada, according to the United Nations’ Comtrade. That stunning shift could stymie economic growth, especially if inflation-weary consumers spend less in the face of higher costs.

• Global markets were muted after U.S. president-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.
• Ford was echoed by the premiers of Quebec, Saskatchewan and British Columbia, while a post on the X account of Alberta Premier Danielle Smith acknowledged that Trump had “valid concerns related to illegal activities at our shared border”.
• That’s just one small glimpse into the impact a low dollar can have on the way many Canadians see the economy and the politicians they blame for its woes.
• The Mexican peso fell to its lowest value this year, around 4.8 cents.

Megaport opens up Latin America to Chinese trade as US looks on

Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. Canadian Prime Minister Justin Trudeau called Trump shortly after his social media post, an official with the prime minister’s office said. The brief call was focused on border security and trade, a senior Canadian government source told CNN. They characterized the call as productive and said that Trudeau and Trump promised to stay in touch in the days to come.

“The market momentum is clearly against the Canadian dollar right now. And, you know, that market momentum does tend to build ahead of the inauguration date when new presidents take their office,” said Schamotta. Please bear with us as we address this and restore your personalized lists. He did just that when he was last in the White House, placing large tariffs on goods, primarily from China.

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Ontario Premier Doug Ford said on X that a 25 per cent tariff would be “devastating to workers and jobs” in both Canada and the U.S. Trudeau pointed that out to Trump during their call, the federal source said. Canada has also taken steps in recent months to address U.S. concerns, re-imposing visa requirements on travellers from Mexico, and announcing different cutbacks in immigration. “This Tariff will remain in effect until such time as Drugs, in etoro forex broker review particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Trump wrote on his social media platform Truth Social. Authors and topics you follow will be added to your personal news feed in Following.

No one will win a review: mergers & acquisitions for dummies trade war or a tariff war,” Liu said in a statement to CNN. The Canadian dollar dipped below 71 US cents, the lowest level the Loonie has fallen to since May 2020, when Trump threatened to impose tariffs on Canadian goods during his first stint as US president. The Mexican peso fell to its lowest value this year, around 4.8 cents.

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In a phone call with Trump, Trudeau said the pair discussed trade and border security, with the prime minister pointing out that the number of migrants crossing the Canadian border was much smaller compared with the US-Mexico border. Trump vowed on Monday night to introduce 25% tariffs on goods coming from Mexico and Canada and an additional 10% on beaxy goods coming from China. He said the duties were a bid to clamp down on drugs and illegal immigration. Oil prices rose in early trade after falling in the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil’s risk premium. Global markets were muted after U.S. president-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.

The U.S. dollar fell to a two-week low against a basket of major currencies. “Targeting both countries suggests the threat was likely a strategic opening move in renegotiating the existing free trade agreement between the three nations,” said Tony Valente, a senior FX dealer at AscendantFX. Schamotta says over the past couple of years the U.S. economy has expanded while economic growth has flatlined in Canada, giving currency traders a clear contrast. “It almost automatically leads to higher gasoline prices. It can filter right into food prices because much of the food that we buy now is imported or has to compete internationally,” said Porter. But it also means exporters who get paid in U.S. dollars bring in more money.

The Canadian dollar was down about 1.37 per cent against the greenback over the past month. “The market’s thinking, ‘well, what’s the one country or the one bloc that’s likely to be Trump’s next target? So naturally you’re going to be short European equities this morning,” Pepperstone senior market strategist Michael Brown said. Carman Louie, with Donald’s Market on East Hastings Street, said produce has become more expensive, along with products such as olive oil but there is a way to keep costs low. “When the currency gets on a roll, as it was, and then to have something else come along to give it another kick to the upside, like the election of Trump, the U.S. dollar then accelerated on the upside,” Adair added. Canadian third-quarter gross domestic product data, due on Friday, could offer clues on the pace of further interest rate cuts expected from the Bank of Canada.

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Tariffs effectively serve as a tax on goods imported to the United States. Although Trump has repeatedly said targeted foreign countries pay the tariffs, they are in fact paid by companies that purchase the imported goods – and those costs are typically passed onto American consumers. Although investors believed the tariffs could ultimately strengthen the dollar, America’s financial markets took a hit, too. The extraordinary tariffs would raise costs dramatically for Americans for everyday goods that had previously come over the border without any import taxes. Whether you need to make cross-border payments or FX risk management solutions, we’ve got you covered. Schedule international transfers and manage foreign exchange risk across 130 currencies in 190+ countries.

Sheinbaum, who took office last month, noted that US car manufacturers produce some of their parts in Mexico and Canada. She said Mexico had taken steps to tackle illegal migration into the US and that “caravans of migrants no longer reach the border”. But Trump spokesman Steven Cheung added that world leaders had sought to “develop stronger relationships” with Trump “because he represents global peace and stability”. But this is the first time in years he’s threatened Canada, specifically, and certainly the first time he’s threatened a tariff this large on every product. One former Canadian cabinet minister reacted to the news by recalling what it was like dealing with Trump in his first term. Yet in terms of overall numbers there’s no comparing the northern and southern borders.