August 26, 2026 – Canada pulls out of trade deal with America; Two Canadian Premiers call it a disastrous policy decision

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Cut or tariff Canada’s oil exports to the US? Horrible idea.

Alberta Premier Danielle Smith does a fantastic jobs breaking it down:

“I cannot think of a more disastrous policy decision than cutting off or taxing Alberta’s oil to the United States.”

> US will respond with a 50%–100% tariff on fuels supplied to Ontario and Quebec.
> US refineries would replace Alberta heavy crude with Venezuelan oil, cutting Canada off as a supplier permanently.
> At least 500,000 jobs would be wiped out across Alberta, Ontario, and Quebec.
> Retaliatory US cuts to gasoline and diesel exports would leave eastern Canada stranded without fuel right as fall and winter begin.
> Canada has no reserves to supply Ontario and Quebec.
> The Toronto Stock Exchange (TSX) would nose-dive, devastating Canadian investments, and pensions.

What most Canadians don’t seem to realize is that the current oil prices is generating substantial taxes for governments that softens the blow of the tariffs, and big portion of it comes from the US.