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Trump Imposes 50% Section 338 Tariffs on Canadian Goods — Wine, Cement, Machinery Hit in Retaliation for Alcohol and Dairy Discrimination

President Trump signed three Section 338 proclamations imposing a 50% tariff on a range of Canadian imports — including wine, hockey sticks, cement, and electrical equipment — covering roughly $20 billion in goods. The levies take effect in 30 days and apply even to USMCA-compliant goods, marking one of the steepest unilateral trade actions the US has taken against any ally. Energy, potash, and critical minerals are exempted. Canadian PM Carney pledged to defend workers.

Mortgage Rates Fall as U.S. 30-Year Average Drops to 6.04%

On February 25, 2026, Bankrate data show U.S. mortgage rates for 30-year fixed loans fell to an average of 6.04%, marking a notable decline from recent peaks. Despite historically elevated levels relative to pre-2023 norms, this drop offers potential relief to homebuyers and may support housing demand. Persistent inflation pressures, however, mean Federal Reserve rate policy remains cautious, with future cuts hinging on inflation progress and economic data.