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5 Things to Know Today (Sept 30): Banks Closed, U.S. Booze Ban, Rising Mortgage Rates

  It's Wednesday, September 30, and today is a federal holiday, so plan your banking accordingly. Meanwhile the U.S. booze ban is now in force, fixed mortgage rates keep climbing, the economy stalled in July and Ontario's minimum wage rises tomorrow. Here's what matters for your wallet. 1 Banks are closed today, so don't leave payments to the last minute Today is the National Day for Truth and Reconciliation. It's a federal statutory holiday, which means bank branches, Canada Post, the CRA and Service Canada are closed. It is not a statutory holiday in Ontario, so schools, TTC and GO Transit run as usual, most stores are open and LCBOs open at noon. The TSX is scheduled to trade, but trade settlement is paused for the day, so trades made today settle later than usual. What it means for you: If something has to land by October 1 (rent, a bill, a cheque deposit), don't count on today. Transfers and cheque deposits may not post until Thursday, so send them early ...
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Beijing Promises Countermeasures as U.S. Tariffs Escalate Global Economic Tensions

 

Beijing has vowed to respond with decisive countermeasures following U.S. President Donald Trump’s latest round of tariffs on Chinese imports, further deepening an already strained trade relationship. In a statement released by China’s Ministry of Commerce, the government condemned the tariffs as “unilateral” measures that violate established World Trade Organization rules and exacerbate economic stress. Beijing announced that it would file a formal complaint with the WTO and take “corresponding countermeasures” to safeguard its legitimate rights and interests .

Trump’s administration justified the new tariffs as a necessary response to alleged unfair trade practices, including claims that China was insufficiently curbing the flow of fentanyl precursors and other issues tied to intellectual property theft. While U.S. officials argue that these measures are essential to protect American industries and rebalance the trade deficit, critics warn that the tariffs risk further destabilizing global supply chains and could lead to higher prices for consumers .

Although China’s statement did not detail the specific retaliatory actions it might take, analysts predict that Beijing’s response could target a wide range of U.S. exports—from electronics to agricultural products—potentially igniting a broader trade dispute. The escalating tit-for-tat actions have already raised concerns among market observers that ongoing tensions may not only impact bilateral trade but could also have far-reaching implications for the global economy.

As both superpowers brace for potential further escalation, experts emphasize the urgent need for renewed dialogue to de-escalate tensions and work toward a mutually beneficial resolution .


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