The Canadian alcohol import ban takes effect Sept. 29, alongside blocked motorcycles and whey, plus 50% tariffs on mattresses, lamps and motorboats from Sept. 15.
The Canadian dollar held firm near 1.3780 against the greenback as elevated crude prices offset new US restrictions on Canadian vehicle and dairy exports.
Polling on Canada-U.S. trade talks finds 73% of Canadians against difficult concessions, 62% approval for Carney, and a plurality willing to wait for U.S. midterms.
A new “Trump Bump” has pushed the Liberals to a 14-point vote intention lead over the Conservatives, 46% to 32%, as counter-tariffs take effect in Canada.
The Bank of Canada rate hold keeps the overnight rate at 2.25% for a seventh straight decision as tariffs and oil prices lift inflation risk.
The bank CEOs credit outlook stayed positive at the Scotiabank Financials Summit, even as Canada-U.S. tariffs escalated and TD set aside $500 million.
Canada retaliatory tariffs on $20B in U.S. goods are now in force, Washington bans Canadian dairy, alcohol and motorcycles from Sept. 29, and Ottawa looks to the EU.
Canada retaliatory tariffs took effect Tuesday as Prime Minister Mark Carney warned in a national video that pivoting away from the U.S. will carry real costs.
Trump signed five proclamations creating a Canadian alcohol import ban from Sept. 29, plus 50 per cent tariffs on dairy, wood, aluminum and furniture.
Canada tariffs on construction materials now cover $27.6 billion in U.S. imports, with many steel and aluminum products moving from 25% to 50%.
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