August 14, 2026
The US demands right of first refusal on Canadian critical minerals and purchase of its F-35 jets in trade talks, moving roughly 500 billion dollars of market value.
What happened
During trade negotiations the US demanded priority access to Canadian critical minerals and that Canada buy its F-35 fighter jets. The news moved roughly 500 billion dollars of market value. The demands could escalate tensions and disrupt global supply chains.
Why it matters
A right of first refusal would give the US a guaranteed first claim on Canadian mineral output, redirecting flows of materials used in defense and technology supply chains. It also ties defense procurement directly into a trade negotiation, linking resource access to weapons sales. The 500 billion dollar move shows markets are repricing the risk of a breakdown in the two nations' trade relationship.
The case against
The demands may be a negotiating tactic rather than a serious ultimatum, and a compromise could leave the trade relationship intact. The 500 billion dollar move may overstate the odds of an actual disruption in critical mineral flows. Canada has its own leverage as a major supplier, which could force softer terms.
What settles it
Whether Canada explicitly rejects the right of first refusal on critical minerals in any official response or counteroffer.