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5 Things to Know Today: July 9, 2026

Thursday, July 9, 2026   Your quick morning briefing on the Canadian money news that matters. 1. Bank of Canada widely expected to hold rates on July 15 With just a week to go before the Bank of Canada's next rate announcement, markets and economists are almost unanimous: the overnight rate should stay parked at 2.25%, where it's been since October 2025. The Bank is caught between two problems that pull in opposite directions — a soft economy that would normally call for a cut, and inflation running near 2.8-3% (partly due to elevated oil prices) that argues against one. Bond markets are pricing in only a small chance of any move at all. If you're carrying a variable-rate mortgage or HELOC, don't expect relief just yet, but don't expect an increase either. The Bank's updated quarterly Monetary Policy Report, out the same day, will be worth watching for hints about the fall. 2. CUSMA shifts to annual reviews after the deadline quietly passed July 1 came and wen...
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Canada Dodges Major Impact in Trump's Tariff Storm

In a sweeping move, U.S. President Donald Trump announced retaliatory tariffs targeting imports from dozens of countries. While Canada wasn't entirely spared, it avoided the harshest measures. The new tariffs include a 25% levy on foreign-made automobiles, which could have significant implications for Canada's auto industry. However, Canada is exempt from the baseline 10% tariff applied to other nations.

Trump's administration claims these tariffs aim to bolster domestic manufacturing, but critics warn of potential economic fallout, including higher consumer prices and strained international relations. Canada, already facing tariffs on steel, aluminum, and energy, remains cautious as bilateral tensions continue to rise.

Prime Minister Mark Carney has vowed to address these challenges, emphasizing the importance of preserving Canada's economic stability amid shifting trade dynamics. The situation underscores the delicate balance between maintaining trade partnerships and navigating protectionist policies.

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