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5 Things to Know Today: US Import Ban, Oil Tops $100, TSX Slides, ECB Hikes

  September 10, 2026 A big trade-war escalation, a return of $100 oil, a wobbly TSX, and a central bank on the move overseas — here's what's moving markets and your wallet this morning. 1. Washington Bans Canadian Alcohol, Dairy Ingredients and Motorcycles The trade war jumped up another notch Tuesday night. The White House issued executive orders banning imports of most Canadian alcoholic beverages — beer, wine, whisky, vodka, rum, tequila and more — along with whey protein, molasses and non-alcoholic beer, plus Canadian-made motorcycles. The bans take effect September 29. Several cheese products were added to the existing 50% tariff list rather than banned outright, and Trump's threat to raise auto tariffs from 25% to 50% on January 1 remains on the table. The move follows Canada's own $27.6-billion retaliation tariffs, which took effect at midnight Tuesday. Trade Minister Dominic LeBlanc called the U.S. measures "unjustified." What it means for you: This m...
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Canadian Job Market Falters as August Brings Unexpected Spike in Unemployment

 

                       Employment fell for both core-aged men and women in August, with steeper declines for men


Canada’s economy shed 65,500 jobs in August 2025, pushing the national unemployment rate to 7.1%, according to new data from Statistics Canada. This marks the highest rate in nearly a decade outside of the pandemic years, and it surpassed economists’ expectations of a modest rise to 7.0%.

Economists Caught Off Guard

Analysts had forecast a gain of 10,000 jobs for the month, but the sharp decline—especially among core-aged workers—suggests deeper structural issues. Employment dropped for both men and women aged 25 to 54, with men experiencing steeper losses.

Broader Economic Headwinds

The disappointing jobs report follows news that Canada’s economy contracted in Q2, weighed down by U.S. tariffs and global trade uncertainty. These pressures have dampened exports and added strain to domestic industries.

Long-Term Trends

CIBC economist Andrew Grantham noted that recent Labour Force Survey data has shown “wild swings,” with job gains in June followed by losses in July and August. He emphasized that while employment is rising on average, it’s not keeping pace with population growth.


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