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Trump's 50% Auto Tariff Threat: What It Means If You're Buying a Car in 2027

  Vehicle prices in Canada are already up thousands of dollars since the trade war began. A threatened doubling of auto tariffs on January 1, 2027 could push them higher still — here's what's confirmed, what's not, and what it means if you're in the market for a car. On Monday, U.S. President Donald Trump posted on Truth Social that tariffs on all Canadian-made cars, trucks, auto parts, and steel would rise to 50% starting January 1, 2027 — effectively doubling the current 25% rate. The threat landed hours after cross-border trade talks collapsed late Friday night, triggering a separate round of 50% tariffs on roughly $20 billion of other Canadian goods and a promised Canadian retaliation package set for September 8. For anyone shopping for a new or used vehicle in Ontario — or watching an auto-sector paycheque — here's what's actually changed, and what's still just a threat. What Trump actually announced The post is specific on rate and date but light on me...
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Weekly Market Snapshot: TSX Near Records, Loonie Rebounds Ahead of BoC Decision



Week Ending Friday, July 10, 2026


It was a solid week for Canadian and U.S. equities, with the TSX flirting with record territory and Wall Street stringing together its fourth straight winning week. The loonie finally caught a break after a rough stretch, and overseas markets in Asia were the standout performers. Here's everything you need to know before the Bank of Canada's rate decision on July 15.

🇨🇦 Canada: TSX Near Record Highs

The S&P/TSX Composite closed the week at 35,305.31, up 104.86 points (+0.30%) on Friday alone, and near record levels after a strong two-day run. The gains were broad-based:

  • Consumer stocks led Friday's advance.
  • Financials were mixed to higher, with RBC, TD, and BMO all posting modest gains earlier in the week.
  • Mining and gold names (Barrick, Agnico Eagle, Wheaton Precious Metals) pulled back slightly as gold prices eased off recent highs.
  • Tech got a lift from the SK Hynix Nasdaq debut (more below), with Shopify and Constellation Software both trading higher.

The big data point of the week was Canada's June jobs report: the economy added 18,200 jobs, well ahead of the 10,000 expected, while the unemployment rate ticked down to 6.5%. That's a welcome sign after a shaky few months, and it takes some near-term pressure off the case for a rate cut.

🏦 Bank of Canada Preview — Decision on July 15

The Bank of Canada holds its key policy rate at 2.25% heading into next week's decision. This week's stronger-than-expected jobs number reduces the urgency for a near-term cut, and strategists note the data is unlikely to shift the BoC's immediate path — inflation, not employment, remains the Bank's primary focus right now. Watch for commentary on trade uncertainty and the ongoing CUSMA review as key swing factors in the accompanying statement.

💵 Canadian Dollar & Commodities

  • Canadian dollar: Posted its first weekly gain in six weeks, up about 0.5%, closing near 1.4125 USD/CAD (roughly 70.8 U.S. cents) — a three-week high — on the back of the strong jobs print.
  • Oil (WTI): Eased to around US$71.50, pulling back slightly as diplomatic signals around the Strait of Hormuz situation improved, even as tensions between the U.S. and Iran flared again mid-week.
  • Gold: Slipped to roughly US$4,113/oz, down for the session after a strong run earlier in the week.

🇺🇸 United States: Fourth Straight Winning Week

U.S. markets closed out a choppy but ultimately positive week:

  • S&P 500: 7,575.39 (+0.42% Friday), notching more than a 1% gain on the week — its fourth consecutive winning week.
  • Dow Jones Industrial Average: 52,637.01 (+0.29% Friday), though the index slipped roughly 0.5% for the week as traditional sectors lagged tech.
  • Nasdaq Composite: 26,281.61 (+0.29% Friday), up more than 1% on the week, powered by continued AI and chip enthusiasm.
  • Russell 2000 (small caps): 2,977.81 (-0.49% Friday).
  • VIX (volatility index): Fell to 15.03, signaling calmer investor nerves heading into earnings season.

The headline event was the Nasdaq debut of South Korean memory chip giant SK Hynix, which raised US$26.5 billion — the largest-ever U.S. listing by a foreign company — with shares popping roughly 13-14% on open. Meta Platforms was also a standout, up nearly 15% on the week after positive analyst commentary on its AI infrastructure costs. Big U.S. bank earnings kick off next week, led by JPMorgan Chase on Tuesday.

🌍 Global Markets

  • Japan (Nikkei 225): 68,557.53, up 1.2% Friday and near record territory, riding the same AI/chip enthusiasm as Wall Street.
  • South Korea (Kospi): Surged 2.5% to 7,475.94, with a buy-side "sidecar" briefly halting program trading after Kospi 200 futures spiked more than 5% — largely tied to the SK Hynix listing.
  • Hong Kong (Hang Seng): Up roughly 0.6-1.5% on the week.
  • China (CSI 300): Down about 2%, dragged by tech and industrial names.
  • UK (FTSE 100): 10,497.29, +0.24% Friday.
  • Germany (DAX): 25,067.09, -0.20% Friday.
  • France (CAC 40): +0.15% Friday.
  • Australia (S&P/ASX 200): Up 0.5% to 8,806.

📅 What to Watch Next Week

  • July 15: Bank of Canada rate decision — expected to hold at 2.25%.
  • Tuesday: Big U.S. bank earnings begin (JPMorgan Chase and others).
  • Continued watch on the Strait of Hormuz situation and its impact on oil prices.
  • Ongoing CUSMA trade review developments.
  • Semiconductor earnings from ASML and Taiwan Semiconductor.

Disclaimer: This snapshot is for informational purposes only and does not constitute financial advice. Always do your own research or consult a licensed financial advisor before making investment decisions.
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