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5 Things to Know Today: Retaliation Tariffs Hit, Oil Spikes on Saudi Strikes

  Tuesday, September 8, 2026 — Your morning rundown of the Canadian financial news that actually affects your wallet. 1. Canada's $27.6B Retaliation Tariffs Take Effect At 12:01 a.m. today, Canada's countermeasures against more than 700 U.S. products came into force, matching Washington's August 22 tariffs dollar-for-dollar. Tariffs on American steel and aluminum double to 50%, while new levies of 15% to 50% now apply to dairy, appliances, agricultural equipment, pulp and paper, and electronics. A $7.5-billion support package is rolling out for affected Canadian businesses. What it means for you: U.S.-made appliances (fridges, freezers, washers, dryers, ranges) now carry a 25% tariff, and cheese, whey, and milk powder imports jump 25%–50%. Shopping for a new appliance or specialty dairy product? Expect price increases to show up at retail over the coming weeks. 2. Oil Surges to ~$99 on Overnight Saudi Strikes Overnight strikes on Saudi energy facilities pushed Brent crude...
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Carney's Bold Move: Scrapping Carbon Pricing for Green Incentives

 

In a surprising turn of events, Mark Carney, a leading candidate for the Liberal Party leadership, has announced his intention to scrap the consumer carbon tax if he becomes Prime Minister. Carney, a former Bank of Canada governor and United Nations special envoy for climate action, plans to replace the tax with a green incentive program aimed at rewarding Canadians for making environmentally friendly choices.

Carney's proposed plan includes incentives for purchasing energy-efficient appliances, electric vehicles, and improving home insulation. He believes that the current consumer carbon tax has become too divisive and is not effectively achieving its intended goals. Instead, Carney aims to shift the focus towards positive reinforcement, encouraging Canadians to adopt greener practices through financial rewards.

The industrial carbon pricing system, however, will remain in place. Carney's plan also includes measures to ensure that big polluters, such as oil and gas companies, contribute their fair share towards reducing emissions. This approach aims to balance environmental responsibility with economic growth, positioning Canada as a leader in the global fight against climate change.

Carney's announcement marks a significant shift in the Liberal Party's climate policy, which has been a cornerstone of Prime Minister Justin Trudeau's administration since 2019. The move has sparked a debate within the party and among Canadians about the best approach to tackle climate change while maintaining economic stability.



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