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Original headline: Canadian lawmaker : Relationship with U . S . has completely changed
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USD/CAD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/19/2026 | 1.41108 |
| Change that session | -0.20% |
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Related news
- Trump tariffs on steel , aluminum a disaster for the U . S ., think tank says
A Montreal Economic Institute report, written mainly by University of Toronto economics professor Joseph Steinberg, argues that Trump's steel and aluminum tariffs have been a “disaster” for the U.S., fuelling inflation without the promised growth in those industries or new jobs. Since February 2025, U.S. steel prices have risen 33.9% and aluminum 58%, versus 1% and 26% in Canada. During the 19-month period in which the tariffs were in place (imposed in March 2025 and later raised from 25% to 50%), U.S. steel production rose 7.6% with employment up 0.7%, while aluminum production fell 0.1%. The new steel tariffs alone could raise costs by 6.5% in autos and 13% in fabricated metals, and the report says consumers and industrial buyers have paid the price. Tariffs remain a source of friction with Canada: New Jersey importer Gellert Global Group has sued over the 50% tariffs, while U.S. courts have already ruled some earlier tranches illegal.
- Trump tariffs on steel , aluminum a disaster for the U . S .: Think tank
A Montreal Economic Institute report says Trump's tariffs of 25%, later raised to 50%, on steel and aluminum have pushed prices up while barely increasing industry jobs. U.S. steel prices have risen 33.9% since February 2025 and aluminum prices 58%, versus only 1% and 26% in Canada. Over the 19 months, U.S. steel output rose 7.6% and employment 0.7%, while aluminum output fell 0.1%. Lead author Joseph Steinberg says consumers and industries that buy metals have paid the price, while the U.S. government and domestic producers are the only winners. A New Jersey importer has also sued over the 50% tariffs on Canadian goods, after some earlier tariff tranches were ruled illegal by U.S. courts.
- Trump's tariffs loom over Maine Senate race between Collins and Jackson
Tariffs are shaping the tight Maine Senate race between Republican incumbent Susan Collins and Democrat Troy Jackson. Lobster-trap maker Mark Brooks of Brooks Trap Mill has seen costs rise from 50% steel tariffs and a 20% supplier price increase, and his roughly $2 million in annual Canadian shipments dried up after Canada imposed 50% tariffs on U.S. lobster traps. Maine sends more than 40% of its exports to Canada, and seven in 10 likely voters say tariffs on Canadian goods are bad for the state, according to a CNN poll. Both candidates criticize the tariffs but disagree on responsibility: Collins points to exemptions she secured for items like concrete, wood pulp and road salt, while Jackson argues Congress should have prevented the tariffs. Polls show Jackson leading by an average of 2 percentage points.
- Canada economic growth to slow to 0.9 per cent in 2026
The Parliamentary Budget Officer projects Canada’s real GDP growth will slow to 0.9% in 2026 and 1.5% in 2027, down from 1.1% and 1.6% in its June outlook, due to U.S. tariffs and Canadian countermeasures. New U.S. Section 338 tariffs of 50% on $27.6 billion worth of Canadian goods are expected to weigh on growth until businesses adapt, with a pickup projected from 2028. Inflation is expected to stay at 2.8% by the end of 2026 due to higher energy prices, and the Bank of Canada is assumed to hold its rate at 2.25% through year-end before raising it to 2.75% by mid-2027; inflation reached 3.1% in September. Unemployment rose to 6.5% in September after the economy lost 68,000 jobs and is projected to reach 6.6% by the end of 2026. The report notes that actual outcomes will depend on commodity prices, global growth and the pace of business adjustment.
- Deficits to top $63 billion for years , budget watchdog warns
The Parliamentary Budget Office projects a $63.3 billion deficit this fiscal year, peaking at $70.2 billion in FY 2027-28 and staying above $63 billion through 2030-31, when it reaches $67.8 billion or 1.7% of GDP, $9.5 billion higher than its June outlook. The PBO cut real GDP growth forecasts to 0.9% this year and 1.5% in 2027, blaming the U.S. trade war and Canadian countermeasures. Although the operating budget is projected to show a $6.2 billion surplus by 2028-29, the deficit-to-GDP ratio is not expected to fall steadily. The Canadian Taxpayers Federation said interest costs would amount to $1,400 per Canadian this year, while the Finance Minister's office disputed the findings and said day-to-day spending will be balanced a year early.
- PBO trims economic forecast for 2026 and 2027 amid new U.S. tariffs
The Parliamentary Budget Office cut its real GDP growth forecast to 0.9% for 2026 and 1.5% for 2027, down from 1.1% and 1.6% projected in June. Parliamentary budget officer Annette Ryan said Canada faces a tougher economic and fiscal outlook after new U.S. tariffs and Canadian countermeasures followed the breakdown of trade talks at the end of August. The PBO now projects a $63.3 billion deficit in fiscal 2026-27, peaking at $70.2 billion in 2027-28, with deficits averaging $3 billion a year higher than its June outlook as new spending more than offsets stronger revenues. It assumes the Bank of Canada will start raising its policy rate in early 2027, reaching 2.75% by midyear, and expects inflation to average 2.8% in 2026 before easing to 2.4% in 2027.
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