Fed minutes: several officials said the possibility of further tariff increases could raise inf risks.

Trump's tariffs on Canada have widened political space for Canada's prime minister Mark Carney to accelerate industry, energy and infrastructure reforms, foreign media report. The former central-bank governor is prioritizing removal of investment barriers, rolling back select previous regulations and giving the federal government stronger powers to fast-track approvals for infrastructure and energy projects. A priority is a new west-coast crude pipeline, designated last week as a "national interest project", effectively receiving in‑principle pre-approval subject to conditions. Carney is also advancing broad regulatory reform he calls "the most ambitious reforms to boost Canada's construction capacity in a generation." He enters the push with strengthened political capital—support rose to a new high this fall and polls show broad public backing for his plans.

UK Conservative leader Badenoch said only Conservatives will fight to preserve the alliance.