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Weekly Market Snapshot: Trade Talks Collapse, 50% Tariffs Hit as Markets Wrap a Choppy Week

  Published August 22, 2026 · Canadian Money Brief BREAKING OVER THE WEEKEND U.S.-Canada trade talks collapsed late Friday night, and the U.S. imposed 50% tariffs on roughly $20 billion of Canadian goods just after midnight Saturday. Ottawa says it will retaliate dollar-for-dollar. Here's what happened on the markets before that news broke — and what it means for your wallet now. It was a genuinely strange week to be a Canadian investor. Stocks mostly rallied through Friday on hope that Washington and Ottawa were closing in on a trade deal. Then, hours after the closing bell, that deal fell apart. The 50% tariff that had been threatened, paused, and re-threatened for weeks finally landed. Markets haven't had a chance to react to it yet — that reaction starts Monday morning. Below is how the week actually traded, market by market, followed by what the tariff news means for you and what's on deck for next week. TSX: A Choppy Week That Ended With a Miner-Led Rally The S&P/...
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Trump Reaffirms Tariff Threats Against Canada at Davos

In a virtual address at the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump reiterated his stance on imposing tariffs against Canada. Trump emphasized that the United States does not need Canadian imports of oil, gas, vehicles, or lumber, and criticized Canada's trade policies as unfair.

Trump's comments come just days after his inauguration for a second term, marking his first international speech since returning to the White House. He characterized the trade relationship between the two nations as adversarial and blamed Canada's import policies for the U.S.'s trade deficit.

During his speech, Trump highlighted his administration's protectionist plans, including tariffs, deregulation, and tax cuts, aimed at reducing inflation and boosting the U.S. economy. He also mentioned that the U.S. would demand respect from other nations and would not tolerate trade deficits.

Canadian political leaders have expressed concern over Trump's remarks, with some advocating for diplomacy and others preparing for potential retaliation. Alberta Premier Danielle Smith, who recently met with Trump, emphasized the importance of cross-border trade within the oil and gas sectors.

Trump's speech has triggered widespread criticism and debate among political leaders and economists, who warn that tariffs on Canadian energy exports could drive up gasoline prices for Americans and threaten Trump's plans for "energy dominance".


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