Dear Reader,
The trade war you've been ignoring just reached your appliance shelf.
Canada's retaliation against US tariffs went live September 8. Seven hundred American products now face duties ranging from 15% to 50 percent. Washing machines, dishwashers, stoves, steel, dairy, electronics. On September 29, five days from now, a new wave of US import prohibitions hits Canadian shelves: motorcycles, beer, wine, spirits. Both sides say they won't blink. Both sides are running deficits to absorb the damage.
Inside today's issue:
- Canada's tariff retaliation: what's actually being banned, and why the USMCA review underneath it is the bigger story
- DOGE's $110 billion accounting: the GAO just reviewed the Wall of Receipts and found problems with the math
- LNG record: the US is on track for 120 million tonnes of exports in 2026 and nobody's calling it a geopolitical shift
- James Altucher: Elon's next move will mint 1.8 million new millionaires.
WHAT HAPPENED
August 25: Canada announced retaliatory tariffs on over 700 American products worth $19.9 billion. The list targets red-state industries: steel, dairy, appliances, agricultural equipment, forestry, and electronics. Rates mirror Trump's Section 338 and Section 232 duties, dollar for dollar, rate for rate.
September 8: The tariffs took effect. Dishwashers, washing machines, and stoves were among the first casualties.
September 15: New 232 tariffs on aluminum products added. No CUSMA exemption for Canadian-originating goods.
September 29: Canada bans imports of American motorcycles, beer, wine, spirits, and certain food products. Goods already in transit may enter at 50% duty. That deadline is five days away.
Running parallel to all of this: the USMCA review. The framework governing $1.3 trillion in annual trilateral trade is open for renegotiation. Rules of origin, auto content thresholds, tariff rate quotas. All of it on the table.
The tariff list is the headline. The USMCA is the story.
You'd think the obvious play here is domestic manufacturers shielded by tariff walls. Hold that thought.
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THE INVESTOR ANGLE
Here's what the tariff list misses.
About 40% of the value in a North American-made car crosses the border three times before the finished vehicle rolls off the line. Parts manufactured in Ohio go to Monterrey for assembly, then back to Michigan for finishing. Every border crossing is now a toll booth. A renegotiated USMCA doesn't just change tariff rates. It reprices the entire supply chain architecture that American manufacturers built over 30 years.
Two categories stand outside this exposure: domestic energy exporters and manufacturers with US-only supply chains.
The LNG angle is concrete. Canada cannot quickly replace US LNG contracts, and the US is shipping record volumes to Europe and Asia regardless of what happens between Ottawa and Washington. Energy Secretary Chris Wright confirmed on September 22 that the US is on track for 120 million tonnes of LNG exports this year. That's a record. The trade war doesn't touch that pipeline.
The second play: companies whose entire cost structure is domestic. No imported inputs. No USMCA exposure. When tariff walls go up, the businesses already inside them get a moat.
The USMCA review doesn't conclude this year. This isn't a short trade. Watch the auto sector, watch the aluminum supply chain, and watch who's positioned on the right side of the border when the framework reshapes.
Stay free.
Chris Carroll
Publisher, Freedom Financial News
QUICK HITS
DOGE's $110 Billion Wall of Receipts Has a Math Problem The GAO reviewed DOGE's savings tracker as of July 7, 2026, and found that reported savings of $110 billion across contracts, grants, and leases include figures that are incorrect or lack supporting evidence. DOGE did not respond to GAO's requests for information on its methodology.
Man Who Called SpaceX Rise Says Elon's NEW Project Is Even Bigger Renowned tech investor James Altucher — the man who called the rise of Nvidia, Apple and SpaceX years in advance — just uncovered Elon Musk's latest breakthrough idea. He says it will create up to 1.8 million new millionaires. Watch his free video.
US LNG Exports Set to Break 120 Million Tonne Record in 2026 Energy Secretary Chris Wright confirmed on September 22 that the US is on track to surpass 120 million tonnes of LNG exports this year, up from 100 million in 2025. New Gulf Coast terminals are ramping capacity while Europe and Asia lock in long-term supply deals, cementing the US position as the world's largest LNG supplier.
Larry Benedict's Oil Skimming Strategy When the market crashed 37% in 2008, our friend Larry Benedict made $95 million for his clients. Now he says the oil market is creating one of the biggest opportunities in 40 years, and you don't need to own a single oil stock to profit.
Sept. 29: Motorcycles, Beer, and Spirits Join the Canada-US Tariff Casualty List Canada's next import prohibition wave hits September 29, covering American motorcycles, non-alcoholic and alcoholic beer, certain wines and spirits. Goods already en route but not yet cleared for consumption face a 50% duty. The escalation adds consumer-facing products to what began as an industrial tariff dispute.
P.S. Oxford Club's Marc Lichtenfeld has been tracking an unusual income stream that few people know about — despite the massive profit potential. One man turned a $1,000 investment into a $100,000-per-year income stream using it. See the full details here
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