Asian share markets were little changed on Monday and oil prices slipped as investors awaited details of threatened U.S. sanctions on Iran expected later in the day. The Canadian dollar also weakened as the prospect of a trade war with its southern neighbour loomed.

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After nearly six months of war with Iran, the United States appears to be changing course. Donald Trump says Washington will launch a “crushing economic operation” and is urging other countries to join what it calls the greatest coordinated economic isolation in history. Iran says participants will be treated as enemies.

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Bloomberg News Now highlights Canada’s response to US tariffs, Donald Trump’s stock disclosures and other leading global business stories in an audio report updated throughout the day.

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The long-standing allies and economic partners have been drawn into an escalating trade war. Canadian Prime Minister Mark Carney suspended talks with Donald Trump and chose retaliation, saying the US demanded too much while offering too little. He must now convince Canadians that enduring economic pain to secure a better deal is worthwhile.

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Trade talks between the US and Canada have collapsed into a trade war, with Washington imposing 50% tariffs on $20bn of Canadian goods. Prime Minister Mark Carney says Canada was ‘attacked’ and vows to match the measures dollar for dollar, while the escalation puts the future of the USMCA in doubt.

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US and Canadian negotiators had been nearing a trade agreement earlier this week, but talks collapsed after both governments accused the other of making last-minute changes. Prime Minister Mark Carney announced retaliatory tariffs after Washington imposed a 50% levy on $20 billion worth of Canadian goods, and addressed Canadians on Saturday for the first time since the breakdown.

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US President Donald Trump attacked Canada on Sunday, saying it wanted “the benefits of being a State, without being one.” His remarks followed Canadian Prime Minister Mark Carney’s announcement of retaliatory tariffs after describing the existing deal as a “bad deal.” Talks between the longtime allies broke down in Washington on Friday, signaling a widening rift.

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The Atlantic says Donald Trump’s threats and pressure on Ottawa have failed to deliver results, leaving the US president behind in the trade conflict. Canadian Prime Minister Mark Carney said negotiations were suspended and Canada would impose retaliatory tariffs from September 8, while US tariffs of 50% on some Canadian goods took effect Saturday.

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Canadian Prime Minister Mark Carney says Canada will match new US tariffs “dollar for dollar” after trade talks with Washington broke down.

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Trade talks between the US and Canada collapsed Friday, partly because negotiators reached a last-minute impasse over reducing US tariffs on Canadian medium- and heavy-duty vehicles, according to people familiar with the matter.

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Canada will impose tariffs on several US products from September 8, Prime Minister Mark Carney said, pledging to match Washington’s new duties dollar for dollar. The move follows the United States imposing 50% tariffs on a broad range of Canadian goods after trade talks collapsed. Carney described the dispute as a trade “war.”

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The United States plans to impose 50% tariffs on $20 billion worth of Canadian products early Saturday after last-ditch talks failed to ease the latest strain between the long-standing allies.

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Canada and the United States are entering an escalating trade war after Prime Minister Mark Carney suspended talks with President Donald Trump and retaliated against new duties rather than accept a tentative agreement. Carney must persuade Canadians and less-affected provinces that the economic pain is worth risking in pursuit of a better deal.

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A new 50% US tariff on roughly $20bn of Canadian imports took effect after last-minute trade talks collapsed. Prime Minister Mark Carney said Canada would impose reciprocal tariffs on US goods dollar for dollar, calling late changes to Washington’s proposed terms unfair and uneconomic.

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US and Canadian negotiators bargained Friday over a trade agreement that would reduce tariffs and retaliatory measures between the two major trading partners. Optimism emerged that they could finalize a deal before Washington’s midnight deadline.

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Canadian Prime Minister Mark Carney vowed to match US tariffs “dollar for dollar” to protect Canadian workers and businesses. The pledge came after hefty US duties on some Canadian products took effect Saturday following days of unsuccessful negotiations.

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Canadian Prime Minister Mark Carney says Canada will match US tariffs “dollar for dollar” after three extra days of negotiations failed to produce a trade deal. He called last-minute changes proposed by Washington unfair and uneconomic. The US is imposing 50% tariffs on $20bn of Canadian goods.

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The United States plans to begin imposing 50% tariffs on $20 billion worth of Canadian products early Saturday after last-minute negotiations failed to ease the latest tension between the historic allies.

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President Donald Trump said Washington and Mexico City have begun work on a new trade agreement that he described as much better for the United States. He also said the US had largely reached trade agreements with Canada. Earlier, the US trade representative said Washington and Mexico were holding constructive talks on moving manufacturing from Asia to North America.

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Canadian Prime Minister Mark Carney is close to a trade agreement with the United States. His next challenge is persuading Canadians that accepting some tariffs is worthwhile for the greater economic certainty the deal could provide.

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