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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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Trump Administration Reverses Controversial Visa Terminations

 

The Trump administration has reversed its abrupt decision to terminate the legal status of thousands of foreign students studying in the United States. This move follows intense scrutiny from courts and over 100 lawsuits filed by affected students. The terminations, which were linked to minor infractions or unclear reasons, had left many students fearing deportation and unable to continue their studies.

The Justice Department announced the reversal in federal court, stating that Immigration and Customs Enforcement (ICE) is developing a new policy for reviewing and terminating student visa records. Until this policy is finalized, the records of affected students will remain active or be reactivated. However, ICE retains the authority to terminate records for other reasons, such as unlawful activity.

This decision has brought relief to many students and universities, but uncertainty remains about the long-term implications and the scope of the reversal. The administration's initial move had sparked widespread panic and disrupted the lives of countless students, highlighting the challenges of navigating immigration policies in the U.S..

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