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CUSMA Not Renewed: What the Trade Deal Impasse Means for Your Wallet

  July 2, 2026 | Trade & Economy The mandatory six-year review of Canada's most important trade agreement came and went this week — and it did not go the way Ottawa hoped. On July 1, U.S. Trade Representative Jamieson Greer confirmed that the United States will not renew the Canada-United States-Mexico Agreement (CUSMA) in its current form, sending the deal into a more uncertain, year-by-year footing right as Canadians are already navigating tariffs, a soft labour market, and a technical recession. Here is what actually happened, why it matters, and what it could mean for your budget in the months ahead. The short version CUSMA isn't dead. It remains legally in force until 2036. But instead of locking in a fresh 16-year term, the deal now shifts into annual reviews, with existing tariffs on steel, aluminum, autos and softwood lumber unresolved for now. What happened on July 1 CUSMA was built with a mandatory joint review every six years. If Canada, the U.S. and Mexico had a...
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New Tariffs on Canadian Oil and Gas Could Drive Up U.S. Energy Prices

Energy producers are sounding the alarm over proposed tariffs on Canadian oil and gas, warning that such measures could lead to higher prices for U.S. consumers. The Trump administration has announced plans to impose a 25% tariff on all imports from Canada, including energy products, as part of an effort to curb illegal immigration and drug trafficking. 

Canada is the largest supplier of crude oil to the United States, with over 3.8 million barrels per day being imported. Industry experts argue that tariffs would not only hurt the Canadian energy sector but also result in increased costs for American consumers. "Imposing tariffs on Canadian oil would lead to higher gasoline and diesel prices in the U.S.," said Richard Masson, an executive fellow at the University of Calgary's School of Public Policy.

The potential tariffs have sparked concern among U.S. energy producers, who fear that the increased costs could disrupt supply chains and lead to inflation. "This is a lose-lose situation for both countries, added Dennis McConaghy, a former executive with TC Energy. 

As negotiations continue, the energy industry is urging policymakers to consider the broader economic impact of such tariffs and to seek alternative solutions to address the underlying issues.




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