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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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Tariff Truce, but Trade Tensions Linger

 

A temporary pause in U.S. tariffs has provided a brief respite for Canada, yet uncertainty continues to cloud North American trade relations. President Donald Trump’s decision to delay the 25% tariffs on Canadian and Mexican imports for 30 days—pending further border security and anti-drug measures—has momentarily stalled a looming trade war. However, Canadian officials and business leaders remain wary that this delay may only be a short intermission in a longer-term conflict.

Prime Minister Justin Trudeau’s government has moved quickly by announcing initiatives such as a $1.3 billion border security plan, the appointment of a “fentanyl czar,” and the deployment of additional border personnel. Despite these measures, major Canadian unions and provincial leaders warn that the threat of reimposed tariffs could still jeopardize jobs and disrupt economic stability. Industries dependent on cross-border supply chains—from energy to manufacturing—are bracing for potential price increases and operational disruptions, with investors watching market responses closely.

While financial markets showed only a modest selloff after the announcement, many remain cautious about what future negotiations might bring. The administration’s focus on curbing illegal immigration and drug trafficking has, for now, diverted immediate tariff implementation, but the possibility of renewed tariff action—potentially even extending to goods from the European Union—keeps uncertainty alive on both sides of the border.


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