Start your day off right with five things you need to know this morning.
Five things you need to know
Why did Donald Trump kill the US-Canada trade talks on Oct. 23, 2025, after suggesting just weeks earlier a deal that would make Canadians "very happy" was imminent? Trump and his allies said it was because of an anti-tariff ad put out by Ontario featuring a clip of Ronald Reagan – but, according to a new report from Politico, it was actually because of decisions related to the auto industry made by Mélanie Joly, Mark Carney and François-Philippe Champagne. The article, citing unnamed sources, claims Joly's threats to sue Stellantis over its decision to move Jeep production to the US and to claw back millions of dollars from Stellantis and GM were among the main triggers leading to US auto chiefs complaining to the White House and precipitating Trump's axing of trade talks. The piece adds: "One of the officials, based in Canada, said Joly’s actions 'inflamed a very important ally.'" It also quotes US Ambassador to Canada Pete Hoekstra, who claimed US representatives "almost jumped across the table to embrace their Canadian counterparts" during the "magic moments" of October 2025. "They were thrilled," he said, adding that the deal was set to result in millions more barrels of oil heading to the US, plus agreements on steel, aluminum and uranium.
Inside the collapse of the Canada-US trade deal https://t.co/TstgB6YC2j
— POLITICO (@politico) May 5, 2026
The head of the International Energy Agency has urged Canada to get a move on and build out its energy infrastructure during the "once-in-a-generation opportunity" presented by the Iran war. Fatih Birol said Canada ought to make progress on "everything," not just oil and gas, pointing to both uranium and critical minerals. He added: “When I look at the world, the energy-hungry world, it needs Canada more than ever. And I believe Canada also needs the world.”
Canada should accelerate new energy infrastructure as markets shift, IEA chief says https://t.co/cGYi5EIF1O
— The Globe and Mail (@globeandmail) May 4, 2026
Canada surged into a surplus in March as merchandise exports increased by 8.5 per cent and imports declined 1.6 per cent, according to Statistics Canada. The reason was an increase in crude oil exports (up 18.9 per cent), energy products (up 15.6 per cent) and unwrought gold, silver and platinum (up 37.7 per cent).
Canada for March recorded a merchandise-trade surplus of C$1.78 billion, the equivalent of about US$1.31 billion, Statistics Canada said. https://t.co/pDWHFl3kkd
— The Wall Street Journal (@WSJ) May 5, 2026
BC Premier David Eby has once again expressed frustration with discussions about building another oil pipeline from Alberta to the Pacific coast, complaining: "We haven't seen anything to indicate that this project is any further along than it was a year ago now, with much hype, and not a lot of material reality." He added that he maintains "strong opposition" to changing the ban on oil tankers sailing off BC's northern coast. Eby also repeated his complaints about "bureaucrats and the ministers in Ottawa" who fail to see that "softwood lumber employs more people in Canada than steel and auto parts combined," with the premier adding: "I know we are a little further away, but the jobs here are just as important to Canadians as the jobs in the other tariff-affected sectors."
David Eby says he doesn't get why Ottawa is focused on pipeline, not B.C. softwood https://t.co/GUYrIVLsil
— National Newswatch (@natnewswatch) May 4, 2026
In related news, the BC Conservative Party – which still has no leader – has opened up a 10-point lead over the governing BC NDP (46 to 36), according to a new poll from the Angus Reid Institute. The survey also found that 47 per cent of respondents support the BC Conservative plan to abolish the controversial DRIPA law, while 33 per cent oppose it. Another 41 per cent said "enough work has been done on reconciliation and no more is needed," compared to 34 per cent who said "a lot of work" remains to be done.
