5 Things to Know Today: Retaliation Tariffs Hit, Oil Spikes on Saudi Strikes

 

Tuesday, September 8, 2026 — Your morning rundown of the Canadian financial news that actually affects your wallet.

1. Canada's $27.6B Retaliation Tariffs Take Effect

At 12:01 a.m. today, Canada's countermeasures against more than 700 U.S. products came into force, matching Washington's August 22 tariffs dollar-for-dollar. Tariffs on American steel and aluminum double to 50%, while new levies of 15% to 50% now apply to dairy, appliances, agricultural equipment, pulp and paper, and electronics. A $7.5-billion support package is rolling out for affected Canadian businesses.

What it means for you: U.S.-made appliances (fridges, freezers, washers, dryers, ranges) now carry a 25% tariff, and cheese, whey, and milk powder imports jump 25%–50%. Shopping for a new appliance or specialty dairy product? Expect price increases to show up at retail over the coming weeks.

2. Oil Surges to ~$99 on Overnight Saudi Strikes

Overnight strikes on Saudi energy facilities pushed Brent crude up for a third straight session to roughly $99 a barrel, with WTI near $94.50 — layering fresh supply fears on top of weeks of Iran-related tension around the Strait of Hormuz.

What it means for you: CAA's national gas average has climbed to 176.7¢/L, up about 5.5¢ in less than a week — even with the federal fuel-tax holiday still in effect through January 2027. Without that holiday, pump prices would already be higher; budget extra if you're filling up this week.

3. TSX Set for a Volatile Tuesday Reopen

Markets were closed Monday for Labour Day. Toronto closed out last week at 36,513.80 (-0.33%) on Friday, giving back part of Thursday's 541-point jobs-data rally, and futures point lower again this morning as the new tariffs and overnight oil spike weigh on sentiment.

What it means for you: If your TFSA or RRSP holds bank stocks or export-heavy sectors, expect another choppy session. This is a week to avoid emotional trading decisions.

4. Mark Your Calendar: August CPI Lands Sept. 14

Statistics Canada releases August inflation data next Monday — the first full read since the retaliation tariffs and this week's oil-driven gas price moves, and a number the Bank of Canada will be watching closely after Governor Macklem's hawkish "open to hikes" comments from last week's rate hold.

What it means for you: A hot CPI print would strengthen the case for a rate hike as soon as October, per National Bank and Scotiabank's forecasts. If you're renewing a mortgage soon, this is the number that could tip your "lock in now vs. wait" decision.

5. Ottawa's $1-Trillion Investment Summit, Sept. 14–15

The same week, Ottawa hosts the Canada Investment Summit — a CPP- and PSP-backed push to attract $1 trillion in investment over five years — alongside Thursday's ECB rate decision, where a hike to 2.75% is expected.

What it means for you: It's part of Ottawa's broader strategy to offset trade-war pain with domestic investment — worth watching for details that could touch infrastructure jobs and pension fund allocations, including CPP.

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This is part of the Canadian Money Brief series on MoneySavings.ca, bringing you the Canadian financial news that matters — every morning.