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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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NATO head pushes Canada to meet 2% defence spending target

 

Speaking in Ottawa on Wednesday, NATO Secretary-General Jens Stoltenberg urged Canada to meet the target agreed upon by members of the military alliance: spending at least two percent of its gross domestic product (GDP) on defense. 

While Canada has made commitments in this regard, Stoltenberg expects all allies to do more and follow through on their pledges. Notably, in 2023, there was an unprecedented 11% increase in defense spending across European Allies and Canada, with 18 Allies expected to meet the 2% GDP target in 2024—a significant rise since 2014 when only three Allies achieved it. 

Canada’s current forecasted defense spending is around 1.36% of GDP, projected to reach 1.43% by fiscal year 2024-25. 

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