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5 Things to Know Today: Retaliation Tariffs Hit, Oil Spikes on Saudi Strikes

  Tuesday, September 8, 2026 — Your morning rundown of the Canadian financial news that actually affects your wallet. 1. Canada's $27.6B Retaliation Tariffs Take Effect At 12:01 a.m. today, Canada's countermeasures against more than 700 U.S. products came into force, matching Washington's August 22 tariffs dollar-for-dollar. Tariffs on American steel and aluminum double to 50%, while new levies of 15% to 50% now apply to dairy, appliances, agricultural equipment, pulp and paper, and electronics. A $7.5-billion support package is rolling out for affected Canadian businesses. What it means for you: U.S.-made appliances (fridges, freezers, washers, dryers, ranges) now carry a 25% tariff, and cheese, whey, and milk powder imports jump 25%–50%. Shopping for a new appliance or specialty dairy product? Expect price increases to show up at retail over the coming weeks. 2. Oil Surges to ~$99 on Overnight Saudi Strikes Overnight strikes on Saudi energy facilities pushed Brent crude...
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U.S. Launches Strategic Airstrikes on Houthi Strongholds in Yemen

The United States has conducted a series of airstrikes targeting Houthi strongholds in Yemen, including Saada province and the Red Sea port city of Hodeidah. These areas are believed to house key Houthi leaders and serve as critical military hubs. According to reports, over ten strikes were carried out, focusing on locations such as the Al-Safra district in Saada, which is known for its weapons storage and training facilities.

The strikes come amidst escalating tensions in the region, with the Iran-aligned Houthis resuming attacks on international shipping lanes in the Red Sea. The group has also claimed responsibility for targeting U.S. naval assets and Israeli air bases, although these claims remain unverified.

The U.S. has emphasized its commitment to countering threats in the region, warning of severe consequences for continued Houthi aggression. This development marks a significant escalation in the ongoing conflict, with both sides vowing to intensify their actions.


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