In a large skillet, heat 1 tablespoon of canola or olive oil over medium heat. Add the finely diced sweet onion and sauté for about 5 minutes, or until the onion becomes translucent. Then, add the minced garlic and sauté for an additional minute.
Stir in the 8 ounces of tomato sauce, 1/4 cup honey, and 1/4 cup balsamic vinegar. Mix well.
Add 2 teaspoons of Dijon mustard, 1 teaspoon of cayenne pepper, and 2 teaspoons of chili powder. Stir until everything is well combined.
Season with kosher or sea salt to taste and let the sauce simmer on low heat for about 10 minutes.
Remove from heat and let it cool slightly. Transfer to a storage container and refrigerate.
