TMGM Daily Market Breakfast: 2026-08-24

Morning Snapshot

• Canadian Prime Minister Mark Carney said Canada will begin retaliatory tariffs on September 8 after the United States imposed 50% tariffs on some Canadian products following the collapse of bilateral trade talks.
• WTI crude traded around $84.80 a barrel in Asian hours on Monday after slipping below $85.00 as traders took profits ahead of an expected US announcement on stricter sanctions against Iran.

Overview

Trade and geopolitical developments dominated the reporting window, with North American trade tensions escalating after the United States imposed 50% tariffs on some Canadian products and Canada announced a timetable for retaliatory measures. The development followed the breakdown of trade talks between the two countries on Friday.

In commodities, oil prices eased during Asian trading after recent gains, with market participants reported to be taking profits ahead of an expected US announcement on tighter sanctions targeting Iran. The move kept attention on the intersection of energy markets and Middle East policy developments.

Policy & Trade Developments

Canada sets September 8 start date for retaliatory tariffs after US action

Canadian Prime Minister Mark Carney said Canada will begin imposing retaliatory tariffs on September 8, according to CNBC, after the United States placed 50% tariffs on some Canadian products on Saturday. The announcement came after trade talks between the two countries broke down on Friday, marking a further escalation in bilateral trade tensions.

Energy & Commodities

Oil eases as traders take profits before expected US sanctions announcement on Iran

West Texas Intermediate crude slipped below $85.00 and traded around $84.80 per barrel during Asian hours on Monday after two days of gains. The supplied report said crude prices declined as investors took profits ahead of an expected US announcement regarding stricter sanctions against Iran, keeping attention on potential changes to Iranian oil-export restrictions.

Scheduled Events

• Canada retaliatory tariffs commencement — 2026-09-08: Canadian Prime Minister Mark Carney said retaliatory tariffs will begin on September 8 in response to US tariffs on some Canadian products.

Closing Summary

The reporting window featured two high-importance developments: a fresh escalation in US-Canada trade tensions after Ottawa set a date for retaliatory tariffs, and softer oil prices as traders positioned ahead of an expected US sanctions announcement related to Iran.