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5 Things to Know Today: The Money News Shaping Your Week

5 Things to Know Today: The Money News Shaping Your Week 1. Canada’s Economy Grew Faster Than Expected Canada’s economy expanded at an annualized 2.6% in Q4, driven by stronger household spending, exports, and business investment. 2. Manitoba Fast‑Tracks Major Infrastructure Projects A new federal‑provincial agreement introduces a “one project, one review” system to accelerate ports, highways, and energy corridors. 3. Job Market Shows a Small but Positive Uptick Canada added 14,000 jobs in March, with wages rising 4.7% — a key factor ahead of the Bank of Canada’s April 29 rate decision. 4. Oil Markets Remain Volatile After Hormuz Reopening Iran has reopened the Strait of Hormuz, but analysts warn global oil markets may take time to stabilize. 5. Canadians Face Rising Affordability Pressures More Canadians are turning to budgeting tools as inflation, energy costs, and housing pressures persist.
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Canada Strikes Back with $29.8 Billion in Tariffs on U.S. Goods

 

In a bold move to counter U.S. tariffs on Canadian steel and aluminum, Canada has announced retaliatory tariffs worth $29.8 billion. The new measures, set to take effect on March 13, 2025, will impose a 25% tariff on a range of U.S. imports, including steel, aluminum, computers, sports equipment, and cast-iron products.

Canadian Finance Minister Dominic LeBlanc emphasized the importance of protecting Canada's industries, stating that these tariffs are a direct response to the U.S.'s "unjustified" actions. The Canadian government has also introduced measures to support affected workers and businesses, including financial aid and trade programs.

This development marks a significant escalation in trade tensions between the two nations, with both sides standing firm on their positions. The impact of these tariffs is expected to ripple through industries on both sides of the border, potentially affecting prices and supply chains.

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