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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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Wall Street Stumbles Amid Inflation and Tariff Concerns

                                        

Wall Street faced a sharp downturn as fresh U.S. economic data reignited fears of inflation and tariff impacts. The S&P 500 dropped 1.97%, closing at 5,580.94 points, while the Nasdaq fell 2.70% to 17,322.99 points, and the Dow Jones Industrial Average declined 1.69% to 41,583.90 points.

The latest data revealed weaker-than-expected consumer spending in February, coupled with a significant rise in underlying prices—the highest in 13 months. Additionally, a University of Michigan survey highlighted soaring inflation expectations, reaching their highest levels in over two years.

These developments, combined with escalating tariff measures from the Trump administration, have heightened concerns about the economic outlook. Major tech stocks, including Amazon, Microsoft, and Apple, saw significant losses, reflecting broader market unease.

Market analysts warn that the inflationary effects of tariffs may intensify in the coming months, further complicating the Federal Reserve's monetary policy decisions. As uncertainty looms, businesses and investors are adopting a cautious stance, bracing for potential economic turbulence.

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