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5 Things to Know Today – June 9, 2026

  Here are the five stories shaping your money today — from tomorrow's pivotal Bank of Canada decision to a looming trade deadline that could affect every Canadian business. 1. 🏦 Bank of Canada Decides Tomorrow — Hold Expected, But It's Not Simple All eyes are on Ottawa as the Bank of Canada announces its overnight rate decision on Wednesday, June 10 at 9:45 a.m. ET. The benchmark rate currently sits at 2.25%, and a hold is the widely expected outcome. But experts say it's the most uncertain call in months. Canada's economy has slipped into a technical recession — Q1 2026 GDP contracted at an annualized rate of -0.1%, following a downward revision to Q4 2025 (-1.0%). Under normal conditions, that would point toward a rate cut. But with energy-driven inflation climbing to 2.8% in April and geopolitical pressures still unresolved, the Bank is stuck between a rock and a hard place. Governor Tiff Macklem holds a press conference at 10:30 a.m. ET. Markets will be listening ...
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Tariff Turmoil: Trump’s 25% Hike on Indian Goods Sparks Diplomatic Fallout

 



New Delhi Relations Reach Breaking Point

In a dramatic escalation of trade tensions, U.S. President Donald Trump has signed an executive order imposing an additional 25% tariff on Indian goods, citing India’s continued importation of Russian oil. This move raises the total tariff burden on Indian exports to the U.S. to a staggering 50%, making it one of the highest rates faced by any American trading partner.

The Russia Connection

Trump justified the decision by accusing India of indirectly financing Russia’s war in Ukraine through its energy purchases. “They’re fueling the war machine,” Trump said in a CNBC interview, warning of further penalties if India maintains its current oil trade with Moscow.

India Pushes Back

India’s Ministry of External Affairs condemned the tariffs as “unfair, unjustified and unreasonable,” vowing to take all necessary steps to protect national interests. Officials expressed frustration over the abruptness of the move, especially as trade negotiations were still ongoing.

Economic Fallout

Experts warn the tariffs could slash Indian exports to the U.S. by up to 50%, hitting key sectors like textiles, footwear, and jewelry. Former trade official Ajay Srivastava called the decision “hypocritical,” noting that China imports more Russian oil than India but was not targeted in the same way.

Geopolitical Ripples

The tariff hike not only strains bilateral ties but also undermines India’s role as a strategic counterweight to China in Asia. With Prime Minister Modi reportedly planning a visit to Beijing, the diplomatic landscape may shift further in response to Washington’s aggressive stance.


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