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5 Things to Know Today: Inflation Data, a Tariff Countdown, and a Big Energy Deal

  August 17, 2026 Inflation data lands this morning, the clock on the U.S. tariff deadline is down to two days, and a long-running provincial energy dispute is about to be settled. Here's what's moving your money today. 1. Today's Inflation Report Could Set the Tone for September Statistics Canada releases July's Consumer Price Index this morning. Economists are expecting the annual rate to tick up to roughly 2.9%, from 2.8% in June, mainly because gasoline prices swung higher again in July after the Middle East conflict pushed oil prices back up. Core inflation measures, which the Bank of Canada watches most closely, aren't expected to move much. What it means for you: A hotter-than-expected print would make it less likely the Bank of Canada cuts rates at its September 2 meeting, which matters if you're renewing a variable-rate mortgage or carrying a line of credit. A softer number keeps a cut on the table. 2. The Tariff Deadline Is Two Days Away, and Talks Are...

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Diplomacy or Defiance? Bob Rae’s Fox News Tariff Critique Sparks Conservative Outrage

 


In a recent Fox News interview, Canada's Ambassador to the United Nations, Bob Rae, delivered a sharp critique of President Donald Trump’s use of tariffs. Rae argued that leveraging tariffs as a political tool is not only irresponsible but could also destabilize international trade relationships. His comments, which have been labeled “outrageous” by U.S. conservatives, have ignited a fierce debate over the appropriate role of tariffs in economic policy.

Rae’s criticism centered on the notion that tariffs should not be employed as a bargaining chip in political maneuvering. Instead, he emphasized that economic measures must focus on long-term stability and fairness in global trade, rather than serving short-term political interests. This stance has struck a nerve among conservative commentators in the United States, who view his remarks as undermining the legitimacy of current trade policies and bolstering critics of President Trump’s approach.

The fallout from the interview reflects deep partisan divisions regarding trade policy. While Rae’s supporters applaud his call for a more principled and strategic approach to tariffs, detractors argue that his criticism could weaken the U.S. negotiating position on the global stage. As debates over economic strategy continue to simmer, this controversy underscores the challenges inherent in balancing political objectives with sound economic policy.


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