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5 Things to Know Today: Retaliation Tariffs Set for Sept. 8

  Sunday, August 23, 2026 — Here's what's moving Canadian wallets today, from Ottawa's retaliation date to a fresh record for gold. 1. Canada's retaliation tariffs now have a date: Sept. 8 Prime Minister Mark Carney confirmed Saturday that Canada's "dollar for dollar" response to the new U.S. 50% tariffs will take effect Tuesday, September 8 — the day after Labour Day. Six sectors are named so far: steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics. Ottawa hasn't released the exact tariff rate or the product list yet, saying more details — including a promised support package for affected workers and businesses — are coming "in the coming days." What it means for you: If you buy imported appliances or electronics, or shop U.S. grocery brands in the newly named categories, price watch starts now — but nothing changes at the till until Sept. 8 at the earliest. 2. Markets face their first real test Monday Friday...
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Algoma Steel Announces Over 1,000 Layoffs Amid Tariffs and Transition

 

Reeling from high tariffs imposed by U.S. President Donald Trump, Algoma Steel confirmed Monday it has issued layoff notices to about 1,000 workers. 


Algoma Steel, a major employer in Sault Ste. Marie, Ontario, has confirmed plans to lay off more than 1,000 workers in the coming months. The company issued 1,050 layoff notices as part of its decision to shut down its blast furnace and coke oven operations, accelerating its transition to electric arc furnace (EAF) technology.

The layoffs, expected to take effect by March 23, 2026, come as Algoma faces mounting financial pressures. The company reported nearly half a billion dollars in losses last quarter and cited “unprecedented tariffs” imposed by the United States as a key factor in reshaping its competitive landscape.

Union leaders from United Steelworkers Locals 2724 and 2251 confirmed the layoffs, noting that while the workforce had anticipated job reductions tied to the EAF transition, the U.S. tariffs accelerated the timeline. “Although we knew the transition was coming, it would have been at least another year out under normal circumstances,” said Bill Slater, president of Local 2724.

Algoma Steel emphasized that the move is necessary to secure its long-term viability. In a statement, the company said the layoffs reflect both market challenges and the need to modernize operations. “This transition is necessary to protect Algoma’s future in the face of extraordinary external market forces,” the company noted.

The announcement has sparked concern in Northern Ontario, where Algoma Steel is a cornerstone of the local economy. The layoffs represent roughly one-third of the workforce, raising questions about the broader impact on families and businesses in the region.

While the company insists that the shift to EAF technology will eventually make operations more efficient and environmentally sustainable, the immediate reality for more than 1,000 workers is uncertainty. Community leaders and unions are now calling for stronger government support to mitigate the fallout and ensure a fair transition for affected employees.

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