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5 Things to Know Today: Tariffs, a CPI Surprise, and the Mortgage Rate Gap

  July 21, 2026 A new round of US tariffs, a surprise inflation dip, and a widening gap between fixed and variable mortgage rates are all moving in different directions today. Here's what's happening and what it means for your money. 1. Washington hits Canada with new 50% tariffs on everyday goods The White House has announced fresh 50% tariffs on a wide list of Canadian exports, including wine, dairy, furniture, hockey equipment, cement, and clothing. The move is framed as retaliation over Canada's dairy quotas, car import rules, and provincial bans on US alcohol. The tariffs take effect August 19 and apply even to goods that would normally qualify duty-free under CUSMA, though energy, potash, fish, and critical minerals are exempt. What it means for you: This round targets export industries, not imports into Canada, so it won't directly raise shelf prices here the way a Canadian tariff on US goods would. The bigger risk is indirect — job pressure in affected sectors ...
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Houthi Attacks in the Red Sea Cause Major Disruption to Global Trade

 



The recent Houthi attacks on ships in the Red Sea have caused a major disruption to global trade, forcing vessels into longer and more costly journeys around Africa. The attacks have led to car factories idling in Belgium and Germany, and spring fashion lines being delayed at a popular British department store. The situation is causing delays and driving up costs at a time when the world is already struggling with higher prices for groceries, rent, and more.

The threat of further attacks grows considerably the longer the war in Gaza drags on. Disruption to Red Sea trade lasting a year could surge goods inflation by up to 2%, piling on pain while the world already struggles with higher prices for groceries, rent, and more. The situation is causing delays and driving up costs at a time when the world is already struggling with higher prices for groceries, rent, and more.


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