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Daily Markets Update: New U.S. Tariffs on Canada, Oil Slips, Wall Street Eyes Big Tech Earnings

  Tuesday, July 21, 2026 Canadian investors have a lot to digest this morning. Washington slapped a fresh 50% tariff on a long list of Canadian goods late Monday, the TSX closed at a 12-day low, and oil prices are easing even as the U.S.-Iran conflict grinds on. Meanwhile, U.S. futures are pointing higher on a chip-stock rebound heading into a heavy week of earnings. Here's what moved markets overnight and what it means for your money. Top Story: New 50% U.S. Tariff on Canadian Goods President Trump signed proclamations Monday imposing a 50% tariff on a wide range of Canadian products — including wine, dairy, furniture, hockey equipment, cement, plywood, swimming pools and clothing — citing "discriminatory treatment" of U.S. alcohol, autos and dairy. The tariffs take effect August 19 and, unlike earlier rounds, apply even to goods that qualify for duty-free treatment under CUSMA. Energy, potash, critical minerals and goods already covered by existing Section 232 tariffs (...
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Ontario is gearing up for a significant change on its highways as the Ford government announces an increase in speed limits. Starting July 12, drivers will experience a new pace of travel with speed limits rising to 110 km/h on select sections. This move is set to affect over 250 km of Highway 401, including stretches around Kingston and Belleville, as well as parts of Highway 403 near Brantford.

The decision follows a successful pilot program and consultations that began in 2019. It also aligns Ontario’s speed limits with those in other Canadian provinces, making for a more uniform driving experience across the country. The government assures that the highways were originally designed to safely accommodate the new speed limits, and data from the 2022 changes support this claim.

While the speed limit increase is welcomed by many for its promise of a more convenient commute, it does not alter the threshold for stunt driving charges. In Ontario, speeds exceeding 50 km/h above the posted limit can lead to such charges, and with the new changes, 150 km/h remains the cutoff.

As Ontario prepares for this shift, drivers are reminded to adjust their habits accordingly and enjoy the benefits of a faster, yet safe, journey on the province’s highways.

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