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CUSMA Renewal Deadline Passes: What It Means for Your Wallet

  July 8, 2026 July 1 came and went without a full renewal of the Canada-United States-Mexico Agreement (CUSMA). Instead of locking in another 16-year term, the United States chose not to extend the deal in its current form, which means the trade pact now shifts into an annual review process for the next decade. Here's what that actually means for your money. What just happened All three countries had until July 1 to say whether they wanted to renew CUSMA. Because Washington opted against a full renewal, the agreement now gets reviewed annually rather than being locked in for over a decade. Canada's Trade Minister Dominic LeBlanc confirmed the three countries agreed to keep talking, with Canada specifically pushing to address sectoral tariffs on steel, aluminum, autos, and lumber. Any of the three countries can still walk away entirely with six months' notice. The good news: most trade stays tariff-free For now, the status quo holds. The bulk of Canadian exports to the U.S....
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Wednesday, July 8, 2026

Global markets are on edge this morning after U.S. President Donald Trump told reporters at the NATO summit in Ankara, Turkey, that he believes the ceasefire between the United States and Iran is “over,” following renewed strikes in the Middle East. The comments came after the U.S. carried out fresh strikes on Iran overnight in response to attacks on three commercial vessels in the Strait of Hormuz, and Iran's Revolutionary Guard said it struck American targets in Bahrain and Kuwait in retaliation. The escalation has sent oil prices sharply higher, pulled North American futures lower, and pushed government bond yields up around the world.

🍁 Canada: TSX Closes Higher, Energy in Focus at the Open

The S&P/TSX composite index closed Tuesday's session up 60.27 points at 35,272.59, outperforming its U.S. counterparts as a rotation into energy and financials offset weakness tied to the global tech selloff. With crude prices spiking again overnight on the renewed Iran conflict, Canada's oil-heavy index looks set for a volatile open, as energy producers stand to benefit from higher crude while broader sentiment stays cautious. The Canadian dollar firmed slightly to 70.43 cents U.S. on Tuesday, up from 70.33 cents U.S. the day before.

Markets will also be watching for any signal on how the oil spike and rising bond yields could factor into the Bank of Canada's next interest rate decision on July 15. Higher energy costs feeding into inflation expectations could complicate the case for a rate hold, even as most economists still expect the Bank to stay on pause for now.

🇺🇸 United States: Wall Street Futures Slide on Renewed Middle East Tensions

U.S. stocks closed mostly lower on Tuesday as a chip-sector selloff deepened. The Dow Jones Industrial Average slipped 130.76 points, or 0.25%, to 52,925.15, just off Monday's record close above 53,000. The S&P 500 fell 0.45% to 7,503.85, and the Nasdaq Composite dropped 1.16% to 25,818.69 as Advanced Micro Devices sank 6.5%, Intel shed 9.7%, and Micron Technology lost 4.7%. SpaceX, trading for the first time after joining the Nasdaq 100, fell 6.8%.

This morning's tone is far more defensive. Dow futures dropped roughly 564 points (-1.1%), S&P 500 futures fell about 0.9%, and Nasdaq 100 futures slid 1.3% following Trump's comments in Ankara. The yield on the 10-year U.S. Treasury note climbed more than 5 basis points to around 4.58%, as investors priced in the risk of higher inflation from an extended run-up in energy costs. Traders are also awaiting the Federal Reserve's June meeting minutes, due out later today under new Fed Chair Kevin Warsh, for further clues on the rate outlook.

🌍 Global Markets: Europe and Asia Slide, Oil and Gold Move Sharply

European markets opened broadly lower Wednesday, with the pan-European Stoxx 600 down as much as 1.8% as investors reacted to the overnight escalation. Germany's DAX led losses, down around 1%, while Spain's IBEX 35 fell more than 2%. Energy stocks were the lone bright spot, gaining roughly 1.2% on the back of the oil price surge.

In Asia, South Korea's Kospi tumbled 5.35% to 7,246.79, briefly triggering a sell-side trading halt, while Japan's Nikkei 225 fell 2.11% to 66,819.05. Hong Kong's Hang Seng bucked the trend, closing up 3% at 24,199.46, lifted by strength in Chinese AI-related names. Australia's S&P/ASX 200 slipped 0.21%.

Commodities were the biggest movers overnight. Brent crude futures jumped as much as 6.2% to above $78 a barrel, while U.S. West Texas Intermediate futures rose more than 6% to near $75. Despite the risk-off mood, gold futures actually fell 2.34% to $4,060.20 an ounce and silver dropped 3.95% to $58.90 an ounce, as a firmer U.S. dollar weighed on precious metals.

📌 What to Watch Today

  • Further developments out of the NATO summit in Ankara and any Iranian response to the renewed U.S. strikes.
  • Federal Reserve's June meeting minutes, released this afternoon.
  • Oil price action as markets assess the risk to Strait of Hormuz shipping.
  • Bank of Canada rate decision on July 15 — now just one week away.

This article is for informational purposes only and does not constitute financial or investment advice. Market figures are as of the time of publication and are subject to change. MoneySavings.ca — Canadian Money Brief.

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