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5 Things to Know Today — September 28, 2026

  Monday, September 28, 2026  |  MoneySavings.ca Iran rejects Trump's terms for Hormuz, the US alcohol ban on Canadian goods kicks in tomorrow, the loonie posts its 13th straight losing session, Tuesday brings a key GDP print, and Ottawa quietly narrowed the federal deficit. Here's what it all means for your wallet today. 01 OF 05 🛢️ Iran Digs In on Hormuz — Trump Rejected the Deal, and Oil Stays Elevated Iran's Foreign Minister Abbas Araghchi offered over the weekend to reopen the Strait of Hormuz within seven days — the same terms attached to the June Islamabad Memorandum of Understanding that collapsed in early July. The conditions: the US lifts its naval blockade on Iranian ports, waives sanctions on Iranian oil sales, and observes a broader ceasefire. Trump rejected the offer outright on Saturday, calling it a play by a country that is "losing badly," and renaming the strait "Trump Strait" on Truth Social for good measure. As of this morning, Iran ...
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Global Markets in Turmoil: Trump's Tariffs Shake Wall Street

 

Wall Street faced a dramatic downturn on Monday, following President Donald Trump's announcement of sweeping tariffs on imports. The move has sent shockwaves through global markets, with major indices in Europe, Asia, and North America experiencing significant losses. The S&P 500, Dow Jones Industrial Average, and Nasdaq all saw sharp declines, reflecting investor fears of slowed economic growth and rising inflation.

Trump's tariffs, ranging from 10% to 50%, have sparked concerns about a potential recession and disrupted international trade. Economists warn that these measures could reduce U.S. economic growth by two percentage points this year while pushing inflation close to 5%. The ripple effects are being felt worldwide, with oil prices dipping below $60 per barrel and stock markets in Germany, France, and Japan also suffering heavy losses.

As markets brace for further instability, the global economic landscape remains uncertain. Investors and businesses alike are watching closely to see how these tariffs will reshape trade dynamics and impact financial stability.

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