1 MIN AGO: TRUMP SLAPS NEW ECONOMIC MEASURES ON CANADA — CARNEY FIRES BACK AS ENERGY MARKETS SHUDDER

The North American trade relationship was jolted this afternoon after U.S. President Donald Trump signed a surprise executive order imposing a 25% tariff on all Canadian crude oil imports. The move, announced without congressional consultation, marks the most aggressive escalation in U.S.–Canada economic relations in decades and immediately sent shockwaves through energy markets, political circles, and corporate boardrooms on both sides of the border.

The order targets the backbone of the integrated North American energy system, where Canadian heavy crude feeds refineries across the U.S. Midwest and Gulf Coast. Industry groups warned within minutes that more than half of American refining capacity is engineered specifically for Canadian oil and cannot be rapidly reconfigured. Markets reacted instantly: crude prices surged, gasoline futures spiked, and analysts began warning of imminent supply disruptions that could push U.S. fuel prices sharply higher within days.

In Ottawa, Prime Minister Mark Carney convened an emergency cabinet meeting and delivered a swift rebuttal. Carney accused Washington of reckless economic brinkmanship, stressing that Canadian energy exports have underpinned U.S. fuel stability for three decades. He made clear that Canada would not absorb the shock quietly, signaling that retaliatory measures and export controls were already under active review.

Behind the scenes, alarm spread through Washington. According to multiple reports, senior U.S. officials and refinery executives scrambled to assess whether shortages could hit key states within 72 hours. Energy CEOs privately warned that emergency oil releases would not solve the problem because U.S. stockpiles consist largely of lighter crude incompatible with existing refinery infrastructure. The concern quickly shifted from politics to logistics: how to keep gasoline flowing if Canadian supply is disrupted.

The political fallout has been just as severe. Several Republican lawmakers from energy-producing states reportedly distanced themselves from the decision, fearing voter backlash if gas prices surge ahead of the midterm elections. Major manufacturing and energy associations signaled potential legal action, arguing the executive order oversteps presidential authority and inflicts direct harm on American workers and consumers.

What began as a tariff announcement has now evolved into a full-blown energy confrontation with global implications. Canada and Mexico are openly discussing coordination that could sideline Washington, while markets brace for further volatility. As Carney prepares to address Parliament, one reality is already clear: the era of predictable U.S.–Canada energy cooperation has been shattered, and the consequences may soon be felt at gas pumps, factory floors, and ballot boxes across North America.