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Canada Hits Back With Tariffs

Roughly 700 American products will be caught up in Canada’s retaliation against Washington’s latest tariff wave, as Ottawa escalates a trade fight that intensified after negotiations between the two countries collapsed late last week.

Finance Minister François-Philippe Champagne said the federal government will hit $27.6 billion worth of U.S. imports with dollar-for-dollar, rate-for-rate counter-tariffs beginning September 8. Rates are set at 15%, 25% and 50%, with individual product rates based on matching the U.S. rate applied to the same Canadian goods.

The 50% tariffs U.S. President Donald Trump imposed on $27.6 billion of Canadian goods, after the two sides failed to reach a last-minute deal on Friday, are what the countermeasures mirror. Under Section 338 of the Tariff Act of 1930, the Trump administration is applying its tariffs, citing what it calls “discriminatory” Canadian trade policies, including a provincial ban on U.S. alcohol.

You can read more on the matter here.

What’s going on?

• Lutnick Reportedly Tightened “Generous” US-Canada Deal After Metals Industry Pushback (theDeepDive)

• Ottawa announces retaliatory tariffs on $27.6-billion of U.S. products (Globe)

• Ontario Mortgage Delinquencies Have Now Climbed Every Quarter For 4 Years (theDeepDive)

• Boss of Trump Jr-backed start-up donated to Republicans after winning US contract (FT)

• Seoul Denies Report of US Push for Stake in Canada-Owned Westinghouse (theDeepDive)

• Trump Threatens to Rename Lake Ontario as Spat With Canada Escalates (WSJ)

• Putin Signs Moscow’s New Excuse To Seize Businesses (theDeepDive)

• Trump’s Supreme Court Win on Mail Voting Leaves Legal Mess (Bloomberg)

• Can the US Quit Canada’s Canola Oil? (theDeepDive)

What’s the latest?

• AI: OpenAI banned Russian-linked ChatGPT accounts tied to a covert influence campaign that used AI to generate pro-Russia content across Substack, Telegram, X, Facebook and LinkedIn. The operation built seemingly credible assets—including the International Burke Institute and a pro-Russia “sovereignty index”—to disguise its origins and manufacture authority, though its immediate audience reach appeared limited.

• Trade War: Canada announced $20 billion in retaliatory tariffs on more than 700 U.S. goods, ranging from 15% to 50%, including a doubling of tariffs on U.S. steel and aluminum. The measures take effect September 8, alongside a $7.5 billion support package for affected Canadian businesses and workers, as trade negotiations remain stalled.

• Real Estate: Commercial real estate liquidity is surging, with July recording its strongest bidding growth in a year and the second-highest number of unique bidders in five years. Credit is flowing back from insurers, CMBS, government agencies and debt funds, driving stronger competition—especially in retail and industrial properties, while multifamily remains weakest due to excess supply.

• Markets: Canada’s TSX gained 184 points to 36,897.93, led by financials and base metals, while U.S. markets also moved higher. The Canadian dollar held at 72.24¢ US, while crude fell to US$82.50 and gold slipped to US$4,690.50.

• Politics: Trump’s endorsement power faces another test as South Carolina Republicans Darline Graham and Ralph Norman compete in a Senate primary runoff. Graham has Trump’s strong backing, but Norman has attacked her lack of political experience amid a broader pattern of 10 Trump-endorsed candidates losing primaries this cycle.

Franco-Nevada Q2 2026 Earnings

The stock market and stuff

• BMO Profit Falls 25% In Q3 2026 On Divestiture Charge (theDeepDive)

• S&P Drops TELUS From Canadian Dividend Aristocrats Index After Dividend Slashed 55% (theDeepDive)

• Anthropic Expected to Tell Investors It Sees Over $30 Trillion in Potential Revenue (WSJ)

• Scotiabank Beats Q3 2026 Profit Estimates As ROE Clears 14% Target (theDeepDive)

• NexGen Extends High-Grade Uranium Core 17% Deeper, Adds Fifth Rig (theDeepDive)

In the juniors

• Altamira Gold Drills 231.5 Metres of 0.4 g/t Gold At Maria Bonita (theDeepDive)

• GFG Resources Options Pen Gold to Barrick With $17.68 Million Earn-In (theDeepDive)

• Firefly Metals Outlines $2.2 Billion Base Case NPV For Green Bay Copper-Gold Project (theDeepDive)

• Q2 Metals Drills 1.57% Li₂O Over 403.7 Metres At Cisco (theDeepDive)

FULL DISCLOSURE: PTX Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of PTX Metals. The author has been compensated to cover PTX Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.