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5 Things to Know Today: Tariff Threats, Pricier Mortgages and Gas

  Sunday, July 19, 2026 From a new tariff threat out of Washington to rising costs at the pump and on your mortgage renewal, here's what actually moves your money this week — and what to do about it. 1. Trump threatens new tariffs on Canada over wildfire smoke President Trump said Friday he wants to add the cost of wildfire smoke drifting into U.S. cities to the tariffs Canada already pays, calling it "willful negligence" as hundreds of fires burn across Ontario and other provinces. It's legally unclear he can actually do this — the Supreme Court already struck down his use of emergency powers for tariffs, and the current 10% levy on non-CUSMA-compliant Canadian goods is set to expire at the end of July. Prime Minister Carney brushed off the criticism, and Ontario's premier called the threat "unacceptable." What it means for you: Nothing changes today — but this is a live threat right as the current tariff structure is up for renewal. If you import good...
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U.S. stocks open mixed and turn lower after inflation report as Fed decision looms


  • Inflation data: The U.S. cost of living increased 0.1% month over month and 3.1% year over year in November, slightly higher than expected. Core inflation was in line with estimates at 0.3% month over month and 2.3% year over year.
  • Market reaction: U.S. stocks opened mixed and turned lower after the inflation report, as investors weighed the implications for interest rates and the Fed’s policy outlook. The Dow Jones Industrial Average fell 0.43%, the S&P 500 slid 0.39%, and the Nasdaq Composite dropped 0.2% on Tuesday.
  • Fed decision: The Federal Reserve is set to announce its interest rate decision on Wednesday, with no change expected in the current range of 5.25% to 5.50%. The Fed is also expected to provide an update on its balance sheet reduction plan and its economic projections for 2024 and beyond.
  • Market outlook: The S&P 500 index is near its record high, having gained 20.4% year to date, partly on hopes of slowing inflation and rate cuts in the future. However, some analysts warn that the inflation trend is still above the Fed’s 2% target and that the central bank may have to tighten monetary policy more than expected to keep inflation under control.
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