The report describes pressure on exporters and jobs. A separate Bank of Canada study finds that lifting most Canadian counter-tariffs in 2025 reversed a rise in relative retail prices.
Canadian steel exports have fallen by roughly half since US tariffs took effect, Fox News reported on October 24, citing the Bank of Canada. The report also describes lower production and employment in some of the hardest-hit industries.
Two different tariff policies matter here. US duties affect Canadian producers selling into the American market. Canada’s own counter-tariffs—duties imposed in response on US goods—raised some household prices during a separate 2025 episode, but Canada lifted most of those duties on September 1, 2025.
Fox News says US tariffs remain in place on roughly $20 billion in goods. Steel, aluminum, lumber and automobile producers are affected because they depend heavily on US buyers.
| Export | Reported decline | Comparison |
|---|---|---|
| Steel | Roughly 50% | Since the tariffs took effect; exact dates unspecified |
| Lumber | About 20% | Earlier in 2026 compared with 2024 levels |
Fox News does not specify the exact observation periods or calculation methods for these export comparisons, or whether they measure export value or volume. It also gives no figures for the associated production and job losses.
The satellite operator expects access to more than twice OneWeb’s current bandwidth in return for spending in 2027–2034, with initial IRIS² services expected from 2030.
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Canada introduced 25% counter-tariffs on a broad range of US goods in March 2025, including groceries, appliances, electronics, furniture and household products. The Bank of Canada studied daily online prices for more than 110,000 products at seven major Canadian retailers from February through December 2025.
The researchers compared price changes for tariffed US products with a control group: domestically produced goods and goods in categories not subject to the duties. By mid-June 2025, tariffed products’ prices were about 6% higher relative to that group. The bank estimates that roughly one-quarter of the 25% duty reached retail prices.
That comparison is not the same as annual inflation, which measures price changes over a year. Fox News separately cites government figures showing the following August increases, without identifying the year:
| Measure | Increase from a year earlier |
|---|---|
| Overall consumer prices | 3% |
| Groceries | 2.8% |
| Transportation | 7.5% |
Those annual figures do not establish that tariffs caused the whole increase. The Bank of Canada estimates that the counter-tariffs added roughly 0.3 percentage points to consumer price inflation during the episode it studied.
After most counter-tariffs were removed on September 1, 2025, affected prices fell back toward the control group. The bank found that relative prices returned to their pre-tariff level about three months later: the measured 6% gap was temporary, not a continuing household-price premium.
Microsoft reported $33.17 billion in Azure revenue and a 22% year-over-year decline in Windows OEM and devices revenue. Its reporting overhaul brings quarterly disclosure of Azure’s dollar contribution.
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The US wireless carrier’s third-quarter service revenue rose 6% to $19.4 billion as it raised its expectations for the full year.
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