Canadian Foreign Minister Melanie Joly on Friday announced she would not run in the race to replace Prime Minister Justin Trudeau, saying she wanted to focus on the threat posed by potential U.S. tariffs.

U.S. President-elect Donald Trump’s comments that Canada should become the 51st state are no longer a joke and are meant to undermine America’s closest ally, Canada’s finance minister said

Canada's economy added nearly four times the number of jobs forecasted for December and reached its highest number in almost two years, shrinking bets for a rate cut later this month though one is still expected by the majority of economists.

Canada's labour market capped the year with some "good news," adding 91,000 jobs in December, shattering economist expectations, though there are still calls for further interest rate cuts amid the threat of U.