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5 Things to Know Today: Retaliation Tariffs Hit, Oil Spikes on Saudi Strikes

  Tuesday, September 8, 2026 — Your morning rundown of the Canadian financial news that actually affects your wallet. 1. Canada's $27.6B Retaliation Tariffs Take Effect At 12:01 a.m. today, Canada's countermeasures against more than 700 U.S. products came into force, matching Washington's August 22 tariffs dollar-for-dollar. Tariffs on American steel and aluminum double to 50%, while new levies of 15% to 50% now apply to dairy, appliances, agricultural equipment, pulp and paper, and electronics. A $7.5-billion support package is rolling out for affected Canadian businesses. What it means for you: U.S.-made appliances (fridges, freezers, washers, dryers, ranges) now carry a 25% tariff, and cheese, whey, and milk powder imports jump 25%–50%. Shopping for a new appliance or specialty dairy product? Expect price increases to show up at retail over the coming weeks. 2. Oil Surges to ~$99 on Overnight Saudi Strikes Overnight strikes on Saudi energy facilities pushed Brent crude...
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Canada’s Economy at Risk Due to Global Trade Disputes.

 

According to a trade expert, Canada is expected to face a challenging year due to global trade disputes. Mark Warner, principal counsel at MAAW Law, believes that Canada will be caught up in disputes between the United States, its biggest trade partner, and China and “sideswiped” as the U.S. ramps up enforcement of export controls.

The ongoing trade disputes could have a significant impact on Canada’s economy. The country’s relationship with China is already “a mixed-bag,” and the U.S. is expected to increase enforcement of export controls, which could further complicate matters.


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