Canada's retaliatory tariffs against US goods take effect, as scheduled

Newsquawk Staff · 8 Sept 2026, 04:24 UTC

Canada's retaliatory tariffs against US goods take effect, as scheduled.

What our morning note said

EU Market Open, 7 Sept, 05:46 UTC · what it led with

US launched strikes against three Iranian crude oil tankers on Saturday, which destroyed one. A move in retaliation for the IRGC targeting US Navy warships with ballistic missiles. Iran’s navy also targeted three oil tankers that were travelling through unauthorised routes in the Strait of Hormuz.
Holiday: Labor Day in the US and Canada.

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Headlines from our feed, and what the market did next.

Iran and US talks continue, and reports that the deal is close are wrong.
WTI crude+1.5%
Mediation efforts said that "Qatar and Pakistan presented a 'compromise proposal' that meets the demands of both the American and Iranian sides", Al Araby Al Jadeed reports citing sources.
WTI crude−4.6%
"A breakthrough is expected to be announced this week to halt the escalation between Washington and Tehran", Al Araby Al Jadeed reports citing a source.
WTI crude−1.1%

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