Trump's diesel export ban plan could backfire for Canada

U.S. President Donald Trump said Tuesday he supports a potential U.S. diesel export ban to lower domestic prices, a move experts warn could backfire and raise costs for consumers globally, including in Canada. The ban, possibly lasting 90 days, is under discussion as U.S. diesel prices hit a record US$6.51 per gallon and Canadian prices exceed CA$2 per litre. Analysts say restricting exports would spike global diesel prices, hurt U.S. refining margins, and potentially worsen long-term inflation. The U.S. exported a record 1.6 million barrels of diesel daily in August, with top buyers including Brazil, Chile, and France. Canadian producers might benefit from higher global demand, but Canadians could face increased fuel costs.