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International · August 21, 2026 · 1 min read

US-Canada Deal Would Halve Metal Tariffs as Brent Crude Nears $95 on Hormuz Disruptions

By Econ Data Tools Editorial Team

Published August 21, 2026

A tentative trade deal would cut Canadian steel and aluminum tariffs to 25% just as Middle East supply disruptions keep Brent crude near 40% above year-ago levels.

- **US set to halve Canada steel and aluminum tariffs to 25%.** Trump paused a threatened 50% tariff on roughly $20 billion of Canadian goods for three days to finalize a deal before Friday, August 23. Under the deal, steel and aluminum tariffs would fall from 50% to 25%, and auto tariffs from 25% to 15%. Canada supplies about half of US aluminum consumption, tied to roughly 125,000 American jobs. - **Brent crude near $95 a barrel, up 40% year-over-year.** Brent settled at $95.29 (-0.11% on the day) but remains 40.54% above year-ago levels. Analysts tie the elevated price to Strait of Hormuz disruptions from the ongoing Middle East conflict, which have cut regional oil exports to roughly 9 million barrels a day in August from 12 million in July and 18 million pre-conflict.

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