Canadian Prime Minister Justin Trudeau is urging the country to reduce its deep-rooted economic dependence on the United States, a move that aligns with concerns expressed by U.S. economists about the long-term impact of protectionist trade policies.

This comes as Trudeau secured a temporary reprieve from U.S. tariffs after a direct conversation with U.S. President Donald Trump, highlighting the growing uncertainty in trade relations between the two neighbors.

Trudeau, who has been a vocal critic of U.S. trade barriers, is now pushing for Canada to expand its trade footprint by fostering stronger partnerships with other global markets. He’s expected to convene an economic summit in Toronto on Friday, bringing together top business executives, policy analysts, and labor unions to deliberate on how Canada can break free from its reliance on the American market.

“The goal is to make it easier to build and trade within our borders and diversify export markets,” Trudeau told reporters yesterday.

The Canadian move underscores growing concerns among U.S. economists who have long warned that Trump’s tariff-heavy policies could end up harming America more than its trading partners. The imposition of a 25% tariff on most Canadian imports—excluding energy products, which face a 10% levy—sent shockwaves through the Canadian economy, but experts argue that it could also deal a heavy blow to the U.S. itself.

Economists have repeatedly cautioned that such tariffs will incentivize affected countries to diversify their trade partners, effectively reducing U.S. economic leverage while compounding inflation at home. By forcing Canada, Mexico, China, and other trade partners to seek alternative markets for their goods and services, the tariffs could lead to supply shortages in the U.S., driving up the cost of imported goods and putting additional pressure on American consumers.

Parallels with BRICS Nations Seeking to De-Dollarize

Canada’s attempt to lessen its economic reliance on the U.S. mirrors a broader trend seen among BRICS nations—Brazil, Russia, India, China, and South Africa—which are actively working to reduce their dependence on the U.S. dollar in global trade. Faced with the possibility of future financial sanctions, these countries have sought to conduct more transactions in local currencies, creating alternative financial mechanisms to avoid being at the mercy of Washington’s economic policies.

For years, U.S. dominance in global trade has been underpinned by the dollar’s status as the world’s reserve currency. However, the increasing use of sanctions as a geopolitical weapon has motivated countries to explore alternatives. The same logic is now driving Canada’s push to lessen its economic reliance on the U.S., fearing that continued dependence on American markets makes the country vulnerable to abrupt policy shifts and trade restrictions.

“Buy Canadian” Movement Gains Momentum

Within Canada, the tariff dispute has ignited a nationalistic economic response. A recent poll by Angus Reid found that 91% of Canadians now support diversifying trade away from the U.S., with many actively choosing Canadian-made products over American imports. The growing “Buy Canadian” movement reflects widespread frustration with Washington’s economic policies and is rapidly gaining traction among businesses and consumers.

Public sentiment has also translated into personal financial decisions. Retired schoolteacher Carole Chandler, who had long vacationed in Florida, canceled her trip in protest against the tariffs.

“I love America and Americans,” she told the BBC. “But I don’t want to be one.”

Energy Infrastructure: Canada’s Weak Spot

Despite Canada’s drive to pivot away from U.S. markets, some industry leaders believe that the country’s energy infrastructure remains inadequate for expanding exports beyond North America. Dissents have blamed Trudeau’s government for failing to develop enough oil and gas pipelines, which would allow Canada to export energy resources directly to international markets rather than relying on U.S. refineries.

While Canada did complete the long-delayed Trans Mountain Expansion pipeline in May last year, experts say it is not enough. Adam Waterous, CEO of Strathcona Resources, Canada’s fifth-largest oil producer, warned that regulatory red tape continues to stifle progress.

“If we cut the red tape, we could have a pipeline built in two years,” he said, stressing that Canada must accelerate infrastructure projects to truly diversify its trade.

The Nigerian Ports Authority (NPA) has announced a 15% increase in port charges, marking the first tariff adjustment in three decades. The agency argues that the move is necessary to fund infrastructural improvements, modernize equipment, and enhance efficiency at the nation’s ports.

Dr. Abubakar Dantsoho, Managing Director of the NPA, made the announcement during a maritime stakeholders’ meeting held in Lagos. He was represented by Mr. Olalekan Badmus, the Executive Director of Marine and Operations, who explained that while the new rates had already been approved by the Federal Government, the agency deemed it necessary to consult stakeholders before implementation.

According to Badmus, the upward review was long overdue, as the current rates had remained unchanged since 1993 despite significant economic changes over the years.

“Though the NPA rates review has already been approved by the Federal Government, the management decided to meet with stakeholders on the issue out of the desire to carry everyone along,” Badmus said.

He further justified the decision, stating that the increased charges were needed to address critical issues such as aging port infrastructure, outdated equipment, and the slow pace of expansion, all of which have hindered efficiency and reduced Nigeria’s competitiveness in the maritime sector.

However, the decision has been met with apprehension, particularly as it comes at a time when Nigeria is battling record-high inflation, which has significantly eroded the purchasing power of its citizens.

For months, Nigerians have struggled under the weight of rising costs, with inflation currently hovering around 35%. One of the major drivers of this economic hardship has been the soaring cost of clearing goods at the ports, a situation largely attributed to exorbitant fees charged by the Nigerian Customs Service (NCS).

Importers and business owners have long complained that excessive port charges, coupled with delays and bureaucratic bottlenecks, drive up the prices of goods before they even reach the market. The latest increase by the NPA, many fear, will only make matters worse.

However, Maritime expert Joshua Asanga acknowledged that inflation has significantly eroded the value of NPA’s current tariff structure over the past three decades. He noted that port operations—including labor costs, fuel, and maintenance—have risen sharply, making a tariff review inevitable. However, he also expressed concerns about whether the additional revenue would be used effectively.

“We cannot deny that port operation costs have increased substantially over the years, yet the NPA tariffs have remained unchanged. But the question Nigerians are asking is: Will this increase translate to better services, or is it just another cost burden on businesses and consumers?” Asanga remarked.

Similarly, another industry player, Demian Ukagu, stressed the need for the additional revenue to be channeled into tangible improvements. He pointed out that Nigeria’s port system continues to lag behind those of neighboring countries such as Ghana and the Benin Republic, where faster turnaround times and better infrastructure have made them preferred alternatives for international shipping.

“The NPA should ensure that this increase leads to real infrastructural development. There should be investment in outer port facilities like the Kirikiri 11Lighter Terminal and critical maritime infrastructure across the country. Otherwise, we will only be increasing costs without solving the core problems,” Ukagu warned.

Despite the attempts to justify the hike, the fear among Nigerians remains that this increase will worsen the hardship already being faced by millions. With inflation already at a record high and businesses struggling to manage costs, the last thing many expected was a new financial burden at the ports.

Some argue that instead of focusing on revenue generation, the government should be looking for ways to reduce costs and inefficiencies in the port system.

The announcement has reignited broader concerns about Nigeria’s economic policies, with many accusing policymakers of failing to address the real issues affecting trade and commerce. Being critical of the increase, many urge the government to, instead of increasing charges without offering corresponding improvements in service delivery, take meaningful steps to reduce red tape, simplify customs procedures, and enhance operational efficiency.

While Nigerians brace for the impact of the tariff hike, experts warn that without clear accountability and strategic investments in port infrastructure, the NPA’s decision may do more harm than good in an economy already struggling under the weight of inflation and rising costs.

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Stellar (XLM) Enhances Global Finance with UNDP Collaboration

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Currently, XLM’s price is at $0.3399, with a recent peak at $0.3747, indicating robust market engagement. The strengthening of partnerships and the broadening adoption of blockchain could drive further interest in Stellar. As more institutions adopt Stellar’s offerings, the demand for XLM may rise, potentially enhancing its market value in the future.

Lido’s LDO Attracts Attention with Bullish Signs and Significant Acquisition

LDO is drawing significant attention following a substantial acquisition by a prominent buyer, who purchased 1.167 million LDO tokens for $2.38 million. This move has sparked confidence in Lido’s potential for growth, particularly as LDO’s price has recently surged from a key descending channel, suggesting potential for further gains. Traders are keeping a close eye on Lido as it solidifies its role in the staking domain.

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