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 tariffs on construction materials now cover $27.6 billion in U.S. imports, with many steel and aluminum products moving from 25% to 50%.
The Bank of Canada policy rate stays at 2.25% for a seventh consecutive decision as new US tariffs, elevated oil prices and roughly 3% headline inflation complicate a recovery the Bank calls broadening but not settled.
Canada’s counter tariffs took effect at 12:01 a.m. on September 8, 2026, covering $27.6 billion in U.S. imports across steel, dairy, appliances, agricultural equipment, pulp and paper, plastics and electronics.
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