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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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Ceasefire Deliberations Continue Amidst Tensions in Gaza

 

The latest ceasefire proposal by Israel has been met with skepticism by Hamas, stating that it falls short of the Palestinian demands. Despite this, the offer is currently under review, as confirmed by Hamas on Tuesday. The proposal, which was conveyed through Egyptian, Qatari, and American mediators, has not been publicly detailed, but it is known to address the cessation of hostilities in the Gaza Strip.

The ongoing conflict has seen a significant escalation, with Israeli Prime Minister Benjamin Netanyahu announcing plans for a military ground offensive into Rafah, a densely populated area in Gaza. This move has raised concerns about the potential for increased civilian casualties and further devastation.

As the international community watches closely, the outcome of these ceasefire talks could be pivotal in determining the next phase of the conflict. Hamas has expressed its commitment to reaching an agreement that would end the aggression against the Palestinian people, yet it remains to be seen whether Israel’s proposal will be deemed acceptable.

The review of the ceasefire proposal comes at a critical juncture, with the United Nations committee set to review Palestine’s status as a full state member this month. Meanwhile, the region continues to grapple with the humanitarian crisis unfolding as a result of the six-month-long conflict.

Hamas’s response to the ceasefire proposal is highly anticipated, as it will signal the potential for progress or the likelihood of continued hostilities in the region.

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