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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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Ukraine Stands Firm Against Crimea Surrender Amid US Peace Proposal

 

A recent peace proposal from the Trump administration has sparked outrage among Ukrainian officials. The plan, which includes recognizing Russian authority over Crimea, has been met with firm resistance. Ukrainian lawmakers and the public have declared that formally surrendering Crimea is politically and legally impossible, as it would require constitutional changes and a nationwide vote. Many view such a move as treason and a betrayal of the sacrifices made by Ukrainian service members.

While some acknowledge that temporary territorial concessions might be necessary for peace, the idea of permanently relinquishing Crimea remains a red line for Ukraine. President Zelenskyy has reiterated that Crimea will never be recognized as part of Russia, despite mounting pressure from the U.S. and ongoing conflict with Russian forces.

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