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5 Things to Know Today: Tariffs Take Effect and What Happens Next

  Saturday, August 22, 2026 The 50% U.S. tariff on Canadian goods is now in effect after last-minute talks collapsed overnight. Here's what actually changes for your wallet today — and what's still just noise. 1. The tariffs are officially in effect Talks between Ottawa and Washington fell apart late Friday night, just minutes before the deadline, and a 50% U.S. tariff kicked in at 12:01 a.m. ET on roughly US$20 billion (about C$28 billion) of Canadian exports — goods like lumber, plywood, cement, furniture, dairy, liquor, and hockey gear. It's about 5% of everything Canada ships south in a year. Prime Minister Mark Carney's office pulled negotiators back to Ottawa and called Washington's final demands "unfair and uneconomic." What it means for you: This hits Canadian exporters and their workers first — not your local checkout. If you're not employed in an affected industry, don't expect a price tag to change today. The bigger risk is indirect: fe...
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Trade War Escalates: China Strikes Back at U.S. Tariffs

China has retaliated against U.S. President Donald Trump's decision to increase tariffs on Chinese goods to 145%, raising its own tariffs on American imports to 125%. This tit-for-tat escalation has intensified the trade war between the world's two largest economies, sending shockwaves through global markets.

The turmoil has left foreign leaders grappling with the disruption to international trade and supply chains. Stocks have plummeted, the dollar has weakened, and U.S. government bonds have faced a sell-off. Gold, often seen as a safe haven during economic uncertainty, has reached record highs.

While Trump expressed hope for a deal with China, the uncertainty has fueled fears of a global recession. China's Finance Ministry has condemned the U.S. tariffs as "unilateral bullying and coercion," signaling that Beijing is prepared to fight to the end.

The escalating trade conflict underscores the fragility of the global economy and the challenges of navigating such high-stakes negotiations. What do you think about this unfolding drama?

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