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Sept 15 Tariff Shift: What's Actually Changing on Canadian Goods (And What Isn't)

  Published September 12, 2026 At 12:01 a.m. ET on Tuesday, September 15, a new round of U.S. tariff changes takes effect on Canadian goods. If you've seen headlines calling this a "new 50% tariff on Canadian steel, aluminum and paper," here's the more accurate story: it isn't a new tariff at all. It's the U.S. reshuffling which products fall under a 50% tariff that's already been in place since August 22 — adding some categories, removing others, on the same day. Here's what's actually happening, and why it matters more to Canadian manufacturers and cross-border shoppers than to your everyday grocery bill. The tariff this modifies Back on August 22, 2026, the U.S. imposed a 50% tariff under Section 338 of the Tariff Act of 1930 on roughly $20 billion CAD of Canadian goods. The White House framed it as retaliation for Canadian "discrimination" against U.S. alcoholic beverages, dairy, and motor vehicles — three separate proclamations, eac...
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Jobs Day Arrives With the TSX Near Record Highs and Oil Back on the Move

 

Friday August 7, 2026

Wall Street is heading into the most important morning of the week. The July jobs report lands at 8:30 a.m. ET, and it's the number that will decide whether this week's shaky, earnings-driven pullback was just a pause — or the start of something bigger. Here's where every major market stood heading into it.

🇨🇦 TSX

The TSX barely blinked on Thursday, slipping just 10.11 points (-0.03%) to close at 36,136.31, essentially holding onto Wednesday's record close of 36,146.42 that was fuelled by Shopify's post-earnings surge. Gold miners cooled off after Wednesday's rally, while energy names caught a bid as oil prices firmed. The index remains up close to 30% over the past year.

🇺🇸 US Markets

Wall Street snapped a five-session winning streak on Thursday as traders de-risked ahead of the jobs report and reacted to a rough batch of earnings from software and storage names.

IndexCloseChange
Dow Jones53,885.10-464.02 (-0.85%)
S&P 5007,709.96-13.85 (-0.18%)
Nasdaq Composite26,348.35-0.06%

The damage was concentrated in individual names rather than the broader tape: Sandisk, Western Digital and AppLovin all fell double digits on disappointing guidance, while Salesforce dropped roughly 3-4% on a leadership shuffle. Futures were little changed early Friday as investors waited for the jobs data, though after-hours pops from Airbnb (+8%) and Cloudflare (+16%) on strong earnings pointed to a steadier open.

🌍 Europe & Asia

European markets were mostly higher in early Friday trading. In Asia, the picture was mixed to lower: Japan's Nikkei 225, South Korea's Kospi, Australia's ASX 200 and India's Nifty 50 all slipped, while China's CSI 300 and Hong Kong's Hang Seng managed to hold onto gains. The region is broadly cautious ahead of the US jobs number and continued uncertainty over talks to reopen the Strait of Hormuz to shipping.

🛢️ Oil, Gold & the Loonie

AssetLevelChange
WTI Crude~US$77.60/bbl+0.40%
Gold~US$4,306/oz+1.54%
USD/CAD1.4016+0.02%

Oil is creeping back up as talks between Iran and Oman over a framework to ease pressure on the Strait of Hormuz continue without a finalized deal, keeping a floor under prices even as they sit well off the summer's highs. Gold remains near a seven-week high, and the loonie is holding just above 1.40 to the US dollar — its strongest range since June.

💡 What It Means for You

Today's jobs report is the number that moves everything else: mortgage rates, the loonie, and the odds of a Fed move in September. Economists expect around 83,000-97,500 new jobs and an unemployment rate holding at 4.2%. A stronger-than-expected print would likely push bond yields — and fixed mortgage rates — higher, while a weak number could revive rate-cut hopes. If you're renewing a mortgage or holding US-dollar RRSP/TFSA positions, this is the release to watch this morning.

📅 What to Watch

  • Today, 8:30 a.m. ET: US July jobs report (nonfarm payrolls, unemployment rate, wage growth)
  • Ongoing: Iran-Oman talks on a Strait of Hormuz shipping framework
  • Aug 19: Deadline for the new US 50% tariff on select Canadian goods (wine, dairy, furniture, hockey gear)
  • Sept 2: Next Bank of Canada interest rate decision

Market data as of Friday morning, August 7, 2026, ahead of the US market open. Figures are subject to change throughout the trading day. This post is for informational purposes only and is not investment advice.

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