The US-Canada trade war is pushing up prices on everyday goods while oil and diesel stay expensive, and it is bad news for American consumers.

• Toilet paper is the latest casualty — the US buys hundreds of millions of dollars' worth from Canada each year and tariffs will make it costlier.
• Canada's former top trade envoy expects relations to get worse before they get better, with Ottawa refusing to back down.
• Oil looks stuck near $80 and US diesel supplies are at a record low heading into winter, with no end to the Middle East conflict in sight.
• Allies say the Strait of Hormuz is still mined, contradicting Trump's claim that it has been cleared.
• Corporate profits hit a record share of the economy even as consumer confidence dropped, feeding talk of a K-shaped economy and a wealth tax.

Outlook: Expect higher prices on imported staples and fuel this winter, with the Canada dispute likely to drag on.