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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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Iranian Consulate in Damascus Flattened in Suspected Israeli Air Strike


In a startling escalation of conflict in the Middle East, Iran’s consulate in the Syrian capital, Damascus, was obliterated in what Syrian and Iranian media have described as an Israeli air strike. The attack has raised tensions between Israel and Iran, pitting them against each other and their respective allies.

Pictures from the scene show the flattened remains of a building that stood next to Tehran’s embassy in Damascus. Smoke billowed from the rubble, and emergency vehicles swarmed the area. An Iranian flag, defiant yet tattered, hung from a pole amidst the debris. The Syrian and Iranian foreign ministers were both present at the scene, witnessing the aftermath of the destruction.

Reports indicate that several Iranian diplomats lost their lives in the attack. Among the dead was Mohammad Reza Zahedi, a senior commander in Iran’s Revolutionary Guards Corps (IRGC). Israel, known for its covert military operations, maintained its silence, adhering to its usual practice. An Israeli military spokesperson merely stated, “We do not comment on reports in the foreign media.”

Syria’s state news agency, SANA, reported an unspecified number of deaths and injuries. Meanwhile, Iran’s Tasnim news agency confirmed that five people were killed in the Israeli strike.

Since the Iranian-backed Palestinian faction Hamas launched an attack on Israel in October, the Israeli military has intensified air strikes in Syria. Their targets include Lebanon’s Iranian-backed Hezbollah militia and Iran’s Guards, both of which support Syrian President Bashar Assad’s government.

The obliteration of the Iranian consulate in Damascus marks a significant escalation, further complicating the already volatile situation in the region. As tensions simmer, the world watches closely, wondering how this latest incident will impact the delicate balance of power in the Middle East.


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