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Tuesday Jul 21 2026 08:49
1 min
The Trump administration signed proclamations Monday imposing an additional 50% tariff on a range of Canadian goods, citing alleged trade discrimination against US autos, alcohol and dairy. Invoking the rarely used Section 338 of the 1930 Tariff Act, the duties take effect August 19 and cover items from wine and hockey sticks to cement, while exempting energy, potash and critical minerals. The move follows Washington's decision earlier this month not to renew the USMCA. Canadian PM Mark Carney pushed back and Ontario's premier urged retaliation, but markets took it in stride — the S&P 500 slipped just 0.19%, with traders treating the tariffs as a negotiating lever for now.
In crypto, Bitcoin climbed above $65,000 on Monday, with Ethereum, XRP and Dogecoin rallying alongside, after Senator Cynthia Lummis pushed the CLARITY Act a step closer to a full Senate vote. The market-structure bill — which would draw clearer lines between SEC and CFTC oversight — cleared the Banking Committee back in May, but still faces a 60-vote cloture threshold and unresolved ethics provisions. Odds of passage this year have cooled to around 48% from 74% a month ago, leaving the August recess as the key deadline to watch.
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