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5 Things to Know Today: Tariffs Take Effect and What Happens Next

  Saturday, August 22, 2026 The 50% U.S. tariff on Canadian goods is now in effect after last-minute talks collapsed overnight. Here's what actually changes for your wallet today — and what's still just noise. 1. The tariffs are officially in effect Talks between Ottawa and Washington fell apart late Friday night, just minutes before the deadline, and a 50% U.S. tariff kicked in at 12:01 a.m. ET on roughly US$20 billion (about C$28 billion) of Canadian exports — goods like lumber, plywood, cement, furniture, dairy, liquor, and hockey gear. It's about 5% of everything Canada ships south in a year. Prime Minister Mark Carney's office pulled negotiators back to Ottawa and called Washington's final demands "unfair and uneconomic." What it means for you: This hits Canadian exporters and their workers first — not your local checkout. If you're not employed in an affected industry, don't expect a price tag to change today. The bigger risk is indirect: fe...
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Judge Holds Trump in Contempt, Fines Him $9,000 in Hush Money Trial

 

Former President Donald Trump faced a stinging rebuke in court today as Judge Juan M. Merchan held him in contempt and fined him $9,000. The charges stem from Trump’s repeated violations of a gag order that barred him from making public statements about witnesses, jurors, and others connected to his New York hush money case. Prosecutors had alleged ten violations, but the judge found nine to be substantiated.

The historic trial centers around Manhattan prosecutors’ claims that Trump and his associates participated in an illegal scheme to influence the 2016 presidential campaign by burying negative stories. The allegations involve hush money payments and attempts to suppress unflattering rumors and claims about Trump and women. Trump has pleaded not guilty to the charges.

The courtroom was tense as Trump, accompanied by his son Eric, faced the consequences of his actions. The judge’s warning loomed: if Trump violates the gag order again, he could face jail time.

Prosecutors are meticulously building their case, relying on detailed testimony about email exchanges, business transactions, and bank accounts. Their argument is that Trump is guilty of 34 felony counts of falsifying business records in connection with the hush money payments. The trial is leading up to crucial testimony from Trump’s former attorney, Michael Cohen, who went to federal prison after pleading guilty to campaign finance violations and other crimes.

As the trial unfolds, the world watches closely, witnessing a former U.S. president facing criminal charges in a courtroom. The outcome will have far-reaching implications, shaping the legacy of a presidency marked by controversy and legal battles. Stay tuned for further updates as the trial continues.

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