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The increase in rationing threatens to widen the discount for Canadian oil at a time when crude prices are already falling amid a glut of supplies.

Breaking with the United States, Canada has agreed to cut its 100% tariff on Chinese electric cars in return for lower tariffs on Canadian farm products, Prime Minister Mark Carney said Jan. 16.

Transportation companies such as C.H. Robinson and XPO have already added services and warehouse space to support customers in Mexico that are shipping or are planning to ship to the U.S.

USMCA was one of Trump’s signature achievements during his first term, replacing the 1992 North American Free Trade Agreement. The deal is subject to a mandatory review this year.

Several Canadian provinces, including Ontario and Quebec, pulled U.S. wine and spirits from stores after President Donald Trump started a trade war last year.

Canadian residents made 22.9 million visits to the U.S. by car or plane in 2025, compared with 31.9 million the previous year, according to preliminary Statistics Canada data.

The United States-Mexico-Canada trade pact is up for review in 2026. Prime Minister Mark Carney confirmed to provincial leaders that trade representative Dominic LeBlanc will attend the meetings.

Prime Minister Mark Carney said negotiations on sector tariffs are likely to be rolled into next year’s review of the U.S.-Mexico-Canada Agreement. 

“It does look like some more positive signs of underlying inflation slowing,” Citigroup economist Veronica Clark said, while adding that rent costs are showing “some stickiness.” 

Ambassador Kirsten Hillman said in a letter it is the right time to put in place someone who will oversee talks about the United States-Mexico-Canada Agreement that is up review in 2026.