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Canadian Money Brief: 5 Things to Know Today — May 18, 2026

  A quick scan of the five stories shaping your wallet right now — from the Bank of Canada's next big decision to your mortgage renewal and a brand-new federal agency hunting financial criminals. 1 Bank of Canada Rate Holds at 2.25% — Next Decision Is June 10 The Bank of Canada kept its overnight policy rate steady at 2.25% at its April 29 meeting, citing a rise in energy-driven inflation and ongoing uncertainty from U.S. tariffs. Governing Council held firm while acknowledging a rate hike could become necessary if oil-linked price pressures prove persistent. The next announcement lands on Wednesday, June 10, 2026 — mark your calendar. Why it matters: Your variable-rate mortgage, HELOC, and lines of credit are directly tied to this rate. With bank prime rates sitting at 4.45%, every meeting counts. 2 Markets TSX Slips Below 34,000 as Bond Yields Spike The S&P/TSX Composite Index finished last week down close to 2%, sliding under the 34,000 mark. A global bond market selloff...
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Trump Announces Tariffs on Canada and Mexico, Decision on Oil Pending

 

President Donald Trump has announced that the United States will impose 25% tariffs on imports from Canada and Mexico starting this Saturday. This decision has already caused significant fluctuations in the foreign exchange markets, with both the Canadian dollar and the Mexican peso experiencing notable declines.

Trump's decision to impose these tariffs is driven by multiple factors, including the influx of migrants at the southern border, the flow of fentanyl into the United States, and the trade deficit with these neighboring countries. The President has also indicated that he is still considering whether to include oil imports from Canada and Mexico in these tariffs, with a decision expected soon.

The potential inclusion of oil in the tariffs has raised concerns about the impact on energy prices and the broader economy. The United States imports significant quantities of oil from both Canada and Mexico, and tariffs could lead to higher gasoline prices for American consumers. Despite these concerns, Trump has expressed confidence that the U.S. can meet its own energy needs without relying on imports.

The announcement has prompted reactions from various stakeholders, with some experts warning that the tariffs could lead to increased prices for American consumers and potential economic repercussions for Canada and Mexico. The situation remains fluid, with further developments expected in the coming days.



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