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5 Things to Know Today: Tariffs, a CPI Surprise, and the Mortgage Rate Gap

  July 21, 2026 A new round of US tariffs, a surprise inflation dip, and a widening gap between fixed and variable mortgage rates are all moving in different directions today. Here's what's happening and what it means for your money. 1. Washington hits Canada with new 50% tariffs on everyday goods The White House has announced fresh 50% tariffs on a wide list of Canadian exports, including wine, dairy, furniture, hockey equipment, cement, and clothing. The move is framed as retaliation over Canada's dairy quotas, car import rules, and provincial bans on US alcohol. The tariffs take effect August 19 and apply even to goods that would normally qualify duty-free under CUSMA, though energy, potash, fish, and critical minerals are exempt. What it means for you: This round targets export industries, not imports into Canada, so it won't directly raise shelf prices here the way a Canadian tariff on US goods would. The bigger risk is indirect — job pressure in affected sectors ...
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Canada Imposes Sanctions on Extremist Israeli Settlers in the West Bank

 

 In a significant move, Canada has imposed sanctions on individuals accused of engaging in violence against Palestinian civilians and their property in the West Bank. These are the first-ever sanctions targeting extremist Israeli settlers under the Special Economic Measures Act. The escalating violence by extremist settlers has undermined human rights, prospects for a two-state solution, and regional security. Since October 7, 2023, there have been at least 800 settler attacks against Palestinians, resulting in verbal or physical assaults, property damage, and forced displacement of communities.

The Sanctioned Individuals:

  1. David Chai Chasdai
  2. Yinon Levi
  3. Zvi Bar Yosef
  4. Moshe Sharvit

These individuals are now prohibited from dealings related to Canada and are rendered inadmissible under the Immigration and Refugee Protection Act. Canada remains committed to a comprehensive, just, and lasting peace in the Middle East, opposing the expansion of illegal settlements in the West Bank and East Jerusalem.

Foreign Affairs Minister Mélanie Joly emphasized that acts of extremist settler violence are unacceptable, and perpetrators will face consequences. The rise in violence poses significant risks to peace and security in the region, affecting families forced to leave their homes due to threats by extremist settlers.

Canada’s stance aligns with the Geneva Convention, which applies in the occupied territories and establishes Israel’s obligations as an occupying power regarding the humane treatment of inhabitants. While other countries like the U.S., U.K., and EU have also taken measures against violent Israeli settlers, Canada’s recent sanctions represent a crucial step in addressing this ongoing violence.

As the situation unfolds, Canada continues to advocate for a peaceful resolution and justice for affected communities in the West Bank.

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