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Oil prices rise again after Trump threatens to strike Iran’s power plants

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Oil prices rose at market open after President Donald Trump leveled a profanity-laden threat against Iran on Sunday.

The president said if Iran didn’t open the Strait of Hormuz by Tuesday, the US would target its power plants and bridges.

As of 6 p.m. in New York, contracts for Brent crude were trading at $109.57 per barrel, after ending the session Friday at $109.24.

Contracts for West Texas Intermediate (WTI) were up 3% at $115 a barrel, after clearing $111.54 at market close on Friday.

“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH! Praise be to Allah,” the president posted to his Truth Social account on Sunday.

After the US and Israel began bombing Iran in late February, Iran retaliated by essentially closing the Strait of Hormuz, through which a fifth of the world’s oil and liquefied natural gas passes.

That closure and other war-related shocks have ripped through the global economy. The average price of gas in the US now exceeds $4 for the first time since 2022, when Russia invaded Ukraine. The cost of groceries in the US is also rising.

Jet fuel prices, too, are on the rise, reaching $195 at the end of March. Those rising costs, coupled with shortages, have pushed some airlines to pass on additional costs to travelers or cancel flights.




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Trump threatens to block the opening of a bridge between Ontario and Michigan in ongoing spat with Canada

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President Donald Trump is threatening to block the opening of the Gordie Howe International Bridge, a long-awaited new border crossing between Windsor, Ontario, and Detroit, Michigan.

In a Truth Social post on Monday, Trump said he would not allow the bridge to open until the US is “fully compensated for everything we have given them,” adding that Canada must treat the United States with what he described as “fairness and respect.”

“We will start negotiations, IMMEDIATELY. With all that we have given them, we should own, perhaps, at least one half of this asset,” Trump added.

The Gordie Howe International Bridge is expected to be completed in early 2026 and has been under construction since 2018. The $6.4 billion project is entirely funded by Canada’s Federal government, and will feature six lanes and a pedestrian and cycling path.

The University of Windsor’s Cross-Border Institute estimated in a 2021 study that the new route will save about 850,000 hours a year for trucks, which would mean billions of dollars in savings over the bridge’s lifetime. The study also found that the Windsor-Detroit corridor is the largest pathway for trade between the US and Canada.

Trump’s remarks mark the latest escalation in tensions with Canada, a key US trading partner, as the president steps up his criticism of the country.

In recent weeks, Trump has threatened to slap a 100% tariff on Canadian goods if Ottawa moves forward with a trade deal with China.

He also bristled at comments made by Canadian Prime Minister Mark Carney at the World Economic Forum in Davos, which were widely seen as an implicit rebuke of Trump’s foreign and economic policies. In January, Trump also warned that he could impose a 50% tariff on aircraft manufactured in Canada and revoke certification for newly produced planes.

The White House and the Ontario Premier’s office did not immediately respond to a request for comment.




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Nathan Rennolds

Trump threatens Canada with 100% tariffs over Beijing trade deal: ‘China will eat Canada alive’

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President Donald Trump on Saturday threatened to impose 100% tariffs on all Canadian goods and products exported to the US should Ottawa make a trade deal with China.

In a post on Truth Social, Trump warned Canadian Prime Minister Mark Carney, whom he called “Governor Carney,” against making a “drop off” deal with Beijing or face the levies.

“If Governor Carney thinks he is going to make Canada a ‘Drop Off Port’ for China to send goods and products into the United States, he is sorely mistaken,” Trump wrote.

“China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric, and general way of life,” he added.

Carney made an official visit to China last week — the first by a Canadian leader since 2017 — meeting with Chinese leader Xi Jinping to discuss economic and trade opportunities between the two countries.

In a joint statement following the meeting, Ottawa and Beijing said they had committed to expanding bilateral trade and investment, as well as building cooperation in areas such as energy and agriculture.

Carney also announced that Canada would now allow up to 49,000 Chinese electric vehicles into the Canadian market on the “most-favoured-nation tariff rate of 6.1%.” In return, he said Canada expected China to lower tariffs on Canadian canola seed to around 15% by March 1.

Trump had initially said that the deal was what Carney “should be doing” and that it was “a good thing for him to sign a trade deal.”

Trump’s changing tone comes days after Carney delivered an impassioned speech at the World Economic Forum in Davos, where he opined on the changing face of global politics since Trump’s election.

“We are in the midst of a rupture, not a transition,” Carney, who did not explicitly name Trump, said, adding that “middle powers must act together because if we’re not at the table, we’re on the menu.”

Trump did not miss the opportunity to snap back at Carney during his own speech at Davos, saying the prime minister “wasn’t so grateful.”

“Canada lives because of the United States. Remember that, Mark, the next time you make your statements,” he added.




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