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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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Wall Street Slips Again, Heading for Third Losing Week in Four

 

Wall Street faced another downturn early Friday, setting the stage for its third losing week in the last four. The S&P 500 futures fell by 0.5%, while the Dow Jones Industrial Average futures dropped 0.4%. This decline follows a period of mixed economic signals and cautious comments from Federal Reserve Chair Jerome Powell regarding future interest rate cuts.

Despite a strong economy, recent inflation reports have been mixed, causing uncertainty about the Fed’s next moves. Investors are also keeping an eye on upcoming retail sales data, which could provide further insights into the economic outlook.

In corporate news, shares of Domino’s Pizza and Pool Corp. surged after reports that Warren Buffett’s Berkshire Hathaway had taken significant positions in these companies. Conversely, Ulta Beauty saw a decline after Berkshire reportedly sold most of its shares.

As the market navigates these fluctuations, investors remain cautious, awaiting clearer signals from economic data and the Federal Reserve’s decisions.






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