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5 Things to Know Today: Retaliation Tariffs Set for Sept. 8

  Sunday, August 23, 2026 — Here's what's moving Canadian wallets today, from Ottawa's retaliation date to a fresh record for gold. 1. Canada's retaliation tariffs now have a date: Sept. 8 Prime Minister Mark Carney confirmed Saturday that Canada's "dollar for dollar" response to the new U.S. 50% tariffs will take effect Tuesday, September 8 — the day after Labour Day. Six sectors are named so far: steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics. Ottawa hasn't released the exact tariff rate or the product list yet, saying more details — including a promised support package for affected workers and businesses — are coming "in the coming days." What it means for you: If you buy imported appliances or electronics, or shop U.S. grocery brands in the newly named categories, price watch starts now — but nothing changes at the till until Sept. 8 at the earliest. 2. Markets face their first real test Monday Friday...
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Canada Commits to Buying 12 New Submarines to Boost Defense Capabilities

 

In a significant move, the Canadian government has announced its intention to acquire 12 conventionally-powered submarines. The decision comes after mounting criticism of Canada’s defense spending by allies, particularly the United States. These new submarines, designed for under-ice operations, will replace the aging Victoria-class boats currently in service.

Key Points:

  • Massive Acquisition: The submarine program is estimated to be worth at least $60 billion Canadian dollars, attracting interest from shipbuilders worldwide.
  • Sovereignty and Security: With the longest coastline globally, Canada aims to protect its sovereignty and contribute to the security of its partners and NATO allies.
  • GDP Target: The investment in submarines will help Canada meet the 2 percent GDP target for defense spending.
  • Procurement Process: The Department of National Defence is engaging with manufacturers and potential partners, with a formal request for information expected in fall 2024.
  • Global Interest: Shipbuilders from Sweden, Germany, Spain, France, Japan, and South Korea are among those vying for the contract.

This strategic move underscores Canada’s commitment to enhancing its naval capabilities and ensuring maritime security in a changing world. The acquisition of these submarines represents a significant step forward for the Canadian Armed Forces and reinforces their role within NATO.

Note: The exact cost, delivery timeline, and specific shipbuilders are yet to be confirmed, but this announcement signals a decisive shift in Canada’s defense posture.


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