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5 Things to Know Today — June 21, 2026

  Whether you're starting your week or wrapping up your weekend, here are the five Canadian money stories shaping your financial picture right now. 1 Canada Is Technically in a Recession — And the Political Fight Is On Canada's GDP contracted 0.1% on an annualized basis in Q1 2026, following a 1% decline in Q4 2025 — two consecutive quarters of negative growth that meet the textbook definition of a technical recession. Prime Minister Mark Carney has called it a "settling-in period" tied to his government's restructuring of the economy in response to the U.S. trade war. Conservative Leader Pierre Poilievre has been relentless in his counter-offensive, pointing to rising insolvencies, job losses and food bank usage as proof that the downturn is real, not technical. Many economists, including BMO's chief economist Douglas Porter, have noted that a future revision to Statistics Canada's data could erase the slim 0.1% contraction — meaning this may not ultimate...
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China Retaliates Against U.S. Tariffs with Agricultural Countermeasures

 

In a significant escalation of trade tensions, China has announced retaliatory tariffs on a range of U.S. agricultural products. This move comes in response to the United States' decision to increase tariffs on Chinese imports. The newly imposed Chinese tariffs, set to take effect on March 10, will target key American exports, including soybeans, pork, beef, and poultry, with additional duties ranging from 10% to 15%.

The agricultural sector, a cornerstone of U.S. exports to China, is expected to feel the brunt of these measures. Soybeans, the largest U.S. agricultural export to China, will face a 10% tariff, potentially disrupting a trade flow valued at nearly $13 billion annually. Other affected products include wheat, corn, cotton, and various dairy and seafood items.

China's actions highlight its strategic approach to diversifying its agricultural imports, with increased reliance on suppliers from South America and other regions. This development underscores the growing economic friction between the world's two largest economies, with both sides showing no signs of backing down.


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