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5 Things to Know Today: Tariff Deal Terms, a Gold Miner Rally, and a Stronger Loonie

  Thursday, August 20, 2026 Here's what's moving Canadian wallets today — from the fine print on the tariff pause to a gold-stock rally, a stronger loonie, and how much runway is left on the gas tax break. 1. The tariff deal is taking shape — but the clock is still running Tuesday's three-day pause on the threatened 50% U.S. tariffs expires at the end of day tomorrow, Friday, August 21. Details reported by people familiar with the talks point to steel and aluminum tariffs dropping to 25% (from 50%) and auto tariffs falling to 15% (from 25%), with Canada opening more dairy market access to U.S. farmers and dropping retaliatory measures in return. Nothing is signed yet — Prime Minister Mark Carney's office says "important work" remains before the paperwork is final. What it means for you: If these terms hold, tariffs land well below the threatened 50% — but still meaningfully above where things stood before 2025. Auto-sector jobs and grocery-aisle prices (espec...
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Alberta Stands Alone: Refuses to Sign Joint Statement on Trump Tariffs

 

In a surprising turn of events, Alberta has refused to sign a joint statement from the first ministers' meeting regarding the Trump administration's proposed tariffs on Canadian goods. Premier Danielle Smith, who attended the meeting virtually, stated that Alberta cannot support the federal government's plan if it includes energy export tariffs. 

The meeting, chaired by Prime Minister Justin Trudeau, aimed to present a united front against the U.S. tariff threats. However, Smith's refusal to sign the statement has highlighted the province's unique concerns about the potential impact on its energy sector. Alberta's oil and gas industry, which is Canada's largest export to the U.S., could face significant financial pressure if the tariffs are implemented.

Smith emphasized that Alberta will take whatever actions are necessary to protect its economy and the livelihoods of its residents. This stance has sparked a debate among the premiers, with some urging unity while others acknowledge Alberta's specific vulnerabilities.

The situation remains tense as Canada awaits further developments from the Trump administration. The potential tariffs could have far-reaching consequences for the Canadian economy, particularly for Alberta's vital energy sector.


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