Canada is debating whether to hit back at Trump's trade war by cutting off electricity, critical minerals, or oil — a fight that would hurt both economies, with autos and energy most exposed.

• Ontario's Doug Ford says Canada should be ready to cut off electricity and critical minerals, calling Trump's tariffs an economic war on a close ally.
• The auto industry is warning it faces an existential crisis if the two sides don't settle within months, since a single pickup truck is built from parts crossing the border several times.
• Alberta pushes back hard: taxing or halting oil exports would trigger US retaliation on the gas and diesel Ontario and Quebec buy, cost hundreds of thousands of jobs, and hand US refiners a reason to switch to Venezuelan crude for good.
• Canada has no strategic oil reserve to cushion a cutoff, while the US does — leaving the Toronto stock exchange and Canadian retirement savings vulnerable.
• On the US side, the AI boom keeps rolling on debt — Nvidia sees sales growing into 2028 and Amazon is buying two million chips — even as worries grow that circular deals are inflating reported revenue.

Outlook: Expect cautious lobbying rather than an immediate Canadian cutoff, with both sides likely stalling until the US midterms reshape the politics.