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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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Ontario Unveils Ambitious Economic Update

 

Ontario’s Finance Minister, Peter Bethlenfalvy, is set to present the province’s fall economic statement today, which Premier Doug Ford describes as an ambitious plan aimed at building highways, hospitals, and homes. The update, often referred to as a mini-budget, will include several key measures designed to address affordability and infrastructure needs.

One of the headline announcements is a $200 rebate cheque for nearly every adult in the province, with an additional $200 for each child. This move, which has been met with both praise and criticism, is part of a broader strategy to provide immediate financial relief to Ontarians. Critics, however, have labeled it a “gimmick” and a “bribe” ahead of a potential early election in 2025.

The economic update will also extend the 5.7-cent gas tax cut through to June 2025, a measure that has been renewed bi-annually since July 2022. Additionally, the government plans to invest $225 million to break the Beer Store’s alcohol sales rights, allowing more corner stores and grocery outlets to sell alcohol.

Premier Ford emphasized that the economic update maintains the government’s path to balance, with the spring budget projecting deficits until 2026-27. The update is expected to provide clarity on the province’s debt, the cost of various government programs, and the overall economic outlook.

As the province navigates through these economic changes, the government’s focus remains on enhancing infrastructure and providing financial support to its residents.


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