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Weekly Market Snapshot: Mideast Tensions and Chip Selloff Rattle Global Markets (July 13–17)

  Week of July 13–17, 2026 It was a rough week to be a tech investor and a good week to own oil. Escalating conflict between the US and Iran pushed crude sharply higher and rattled global markets, while a fresh wave of selling in semiconductor stocks dragged US and Asian indices lower. Closer to home, the Bank of Canada held its key rate steady, and the TSX—less exposed to chipmakers—held up noticeably better than its US and Asian peers. Here’s how the week broke down across every major market, and what it means for your wallet. 🇨🇦 Canada: TSX Day Close Change Mon, Jul 13 35,252.72 -0.15% Wed, Jul 15 (BoC day) 35,416.20 +0.27% Thu, Jul 16 35,340.15 -0.21% Fri, Jul 17 ~35,262 -0.22% Week total (Fri-to-Fri) — ~flat (about -0.1%) The TSX had a choppy but ultimately quiet week compared with its global peers. Monday's session opened with the Strait of Hormuz blockade headlines and closed lower. Wednesday brought a relief rally after the Bank of Canada's rate hold, with financials ...
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Trump's Tariff Man: What Howard Lutnick's Appointment Means for Canada

 

President-elect Donald Trump has appointed Howard Lutnick, a Wall Street heavyweight and co-leader of Trump's transition team, as his Secretary of Commerce and the point man for his tariff and trade agenda. Lutnick's appointment signals a significant shift in U.S. trade policy, with potential major implications for Canada.

Lutnick has publicly shared his views on tariffs, emphasizing that they will not be applied indiscriminately. Instead, he envisions tariffs serving two main purposes: influencing specific industries and acting as a negotiating tool to lower trade barriers with other countries. This approach aims to create a more level playing field for American businesses, particularly in the automotive sector, where Lutnick has highlighted the need for fairer competition with European and Japanese manufacturers.

For Canada, the impact of Trump's tariff plan could be substantial. Estimates suggest that the tariffs could cost Canada's economy anywhere from a half-per cent to five per cent of GDP, depending on their design and implementation. The energy sector, a major Canadian export to the U.S., might see less impact, but the automotive industry could face significant challenges.

As Lutnick takes on his new role, Canadian officials and businesses will be closely monitoring the developments to understand how these changes will affect cross-border trade and the broader economic relationship between the two countries.

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