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Daily Markets Update: New U.S. Tariffs on Canada, Oil Slips, Wall Street Eyes Big Tech Earnings

  Tuesday, July 21, 2026 Canadian investors have a lot to digest this morning. Washington slapped a fresh 50% tariff on a long list of Canadian goods late Monday, the TSX closed at a 12-day low, and oil prices are easing even as the U.S.-Iran conflict grinds on. Meanwhile, U.S. futures are pointing higher on a chip-stock rebound heading into a heavy week of earnings. Here's what moved markets overnight and what it means for your money. Top Story: New 50% U.S. Tariff on Canadian Goods President Trump signed proclamations Monday imposing a 50% tariff on a wide range of Canadian products — including wine, dairy, furniture, hockey equipment, cement, plywood, swimming pools and clothing — citing "discriminatory treatment" of U.S. alcohol, autos and dairy. The tariffs take effect August 19 and, unlike earlier rounds, apply even to goods that qualify for duty-free treatment under CUSMA. Energy, potash, critical minerals and goods already covered by existing Section 232 tariffs (...
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Parliament's Last-Minute Decision on $21B Spending Bill


                                                                        

 In a dramatic turn of events, Members of Parliament are gearing up for an eleventh-hour vote on a $21.6 billion spending bill. The vote, which is set to take place late tonight, comes just hours before the crucial deadline of December 10th.

The bill, proposed by the Liberals, seeks to allocate funds for various programs, including the First Nations child and family services program and compensation for Quebec's services for asylum seekers. However, the path to this vote has been anything but smooth. Parliament has been in a deadlock for months as Conservatives have been pressing the Liberals to release documents related to alleged misspending on a green-tech fund.

In a surprising move last week, Speaker Greg Fergus ruled to pause the ongoing privilege debate, allowing the spending bill vote to proceed. This decision underscores the urgency and importance of the bill, which includes $561 million for the Department of National Defence's Canadian multi-mission aircraft project.

Government House leader Karina Gould expressed cautious optimism, stating, "I'm looking forward to having the vote. There's a lot of really good things in there for Canadians, and it's important we get this done."

The outcome of this vote will have significant implications for various government programs and services, making it a pivotal moment for Canadian politics.



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