Canadians should be prepared to face U.S. tariffs once Donald Trump assumes the presidency next week, with no exemptions for oil, Alberta Premier Danielle Smith warned.

The automaker hasn’t decided where to build certain new vehicles such as the replacement for the Jeep Cherokee midsize SUV, which ceased production in the key segment in 2023.

Canada is drawing up plans for extensive tariffs against U.S. products if President-elect Donald Trump follows through on his threat to put 25% levies on Canadian goods.

Canada’s trade surplus with the U.S. widened as did its deficit with the rest of the world, underscoring the major role its biggest trading partner and southern neighbor plays in its economy.

Spot container rates for shipping goods to the U.S. from Asia have spiked over the past month as companies look to avoid higher tariffs and pad their inventories ahead of a threatened port strike.

What now seems certain is that Trump — who sees tariffs as a way to rebuild American manufacturing and make other countries hew to his policy priorities — is preparing a major package.

TORONTO — Canadian Prime Minister Justin Trudeau announced his resignation Jan. 6 after nearly a decade in power, bowing to discontent over his leadership and turmoil within his government.

This is the second high-level Canadian mission to Trump’s Mar-a-Lago resort in the past month, after Prime Minister Justin Trudeau met the incoming leader at the end of November.

Trump said on Truth Social that if the European Union does not up its imports, "it is TARIFFS all the way!!!" The U.S. goods and services trade deficit with the EU was $131.3 billion in 2022.

While economists expect the Fed to lower rates on Dec. 18 for a third straight meeting, they are now penciling in just three more quarter-point cuts in 2025.