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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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Tragedy at Toronto Pearson Airport: Police-Involved Shooting Leaves One Dead

A man has died following a police-involved shooting at Toronto Pearson International Airport's Terminal 1. Peel Regional Police responded to reports of a "man in distress" early Thursday morning. According to the Special Investigations Unit (SIU), the man produced a firearm during the encounter, prompting three officers to discharge their weapons. The 30-year-old man was transported to the hospital, where he was pronounced dead. No officers were injured in the incident.

The shooting caused significant disruptions at the airport, with passengers rerouted and delays reported. Authorities have assured the public that this was an isolated incident and there are no ongoing threats to safety. The SIU is investigating the circumstances surrounding the shooting, as is standard procedure in cases involving police conduct.

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