The United States is set to impose a 7.5% tariff on Chinese goods over alleged excess manufacturing capacity ahead of a planned summit between Chinese President Xi Jinping and U.S. President Donald Trump next month, Bloomberg News reported, citing people familiar with the matter.

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Canada’s leader took the rare step of responding forcefully to Trump’s latest tariffs.

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US President Donald Trump pledged to double tariffs on Canadian vehicles and parts starting next year, intensifying the spiraling trade dispute between the two economies.

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US President Donald Trump says tariffs on Canadian cars, trucks and steel will rise to 50% from January 1, while Canadian auto parts will also face a 50% levy in 2027. The announcement follows the collapse of trade talks and could disrupt integrated North American auto production, prompting Canadian retaliation.

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President Donald Trump said on Monday that US tariffs on all Canadian cars, trucks, automotive parts and steel will rise to 50% from January 1, 2027. After trade talks between the two countries collapsed over the weekend, he doubled down on his claim that the US does not “need” Canada.

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US President Donald Trump said the United States would impose a 50% tariff on Canadian automobiles, car parts and steel starting January 1, 2027. The threat comes as a dispute between the neighbors intensifies after trade talks collapsed, with Canada pledging retaliatory tariffs.

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President Donald Trump said in a social media post that the United States will raise tariffs on all cars, trucks, automotive parts and steel to 50% starting Jan. 1, 2027, after trade talks with Canada collapsed.

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France and Saudi Arabia have agreed to build a €6 billion ($7 billion) manga-themed amusement park near Paris. The Elysee Palace announced the project on Monday during Saudi Crown Prince Mohammed bin Salman’s visit to the French capital.

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The US-Canada trade war shows no sign of easing. Canadian negotiators left talks in Washington after Prime Minister Mark Carney accused the Trump administration of making disproportionate last-minute demands. The US is imposing 50% tariffs on $20 billion of Canadian goods, while Canada’s retaliatory tariffs on US products are due to begin in early September, posing serious risks to both economies.

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U.S. President Donald Trump threatened additional tariffs on dozens of Canadian imports after Prime Minister Mark Carney pledged retaliation, as trade negotiations between Washington and Ottawa faltered.

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The United States and Canada are moving toward a deeper trade war after last-ditch efforts to reach a deal collapsed Friday. Americans could begin seeing higher prices for goods in three areas.

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Businesses on both sides of the border are bracing for losses after US-Canada trade talks collapsed and both governments pledged 50% tariffs on each other’s goods. Calgary jeweller Cindy Baldassi expects most of her US sales to disappear, while furniture, clothing and retail companies warn that higher costs could cancel orders and overwhelm small businesses.

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Iran’s currency has fallen to a record low against the dollar. The US is expected to disclose details of the administration’s sanctions plans later today, with developments being followed live.

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China has been Iran’s biggest oil buyer for several years, placing its purchases under scrutiny as the United States threatens Tehran with severe economic sanctions.

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US Treasury Secretary Scott Bessent warned that Washington would sever all economic ties with Iran and isolate countries that partner with it financially, calling the planned pressure the “single greatest financial offensive ever”. Iran dismissed the threat, saying it could halt regional oil exports if the war continues, and warned shipping not to cross the Strait of Hormuz without permission.

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US Treasury Secretary Scott Bessent said the administration expects to launch a “financial offensive” against Iran on Monday, declaring that the conflict is entering its “endgame.” President Donald Trump had earlier announced an unprecedented economic war and isolation campaign against Tehran, warning that entities supporting it would face serious US economic consequences.

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Shares in Russian online marketplace Ozon fell as much as 28.5% to 2,129 rubles after Ukrainian forces struck its warehouses in several Russian regions for a third straight day. The stock was down 12.7% at 2,600 rubles after the Moscow Exchange opened, while the benchmark index dropped 2%. Ozon is a blue-chip constituent of the benchmark. Ukraine had previously struck warehouses operated by Wildberries, which is not publicly traded.

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Russian officials say a Ukrainian overnight drone attack on Krasnodar sent debris into a private children’s facility and residential buildings, killing three children and injuring 12 people, including six children who were hospitalized. An Ozon warehouse was also hit, with no injuries reported there initially.

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Kremlin spokesman Dmitry Peskov said the Kyiv regime had opened Pandora’s box by attacking Russian civilian infrastructure and was facing retaliation every day, which would continue. He said drone strikes on Ozon warehouses had failed to affect frontline dynamics and instead highlighted the regime’s true nature.

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Russia’s Defense Ministry said air defenses intercepted and destroyed 351 Ukrainian fixed-wing drones overnight across Russian regions and nearby waters. Debris hit a children’s facility in Krasnodar, killing three children and injuring seven. Ozon logistics centers in Adygea and Dagestan caught fire, while some warehouses were evacuated or temporarily closed.

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Russian authorities said a Ukrainian drone attack on August 24 killed three children in Krasnodar. Officials said debris struck a private children’s center, injuring seven children and two adults and setting warehouses ablaze. Ozon facilities in Adygeysk, Makhachkala, and Nevinnomyssk were also hit; injuries were reported in Makhachkala.

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A massive Ukrainian drone attack is being repelled in the Krasnodar Region, Governor Veniamin Kondratyev said. Debris fell on a private children’s center in Krasnodar, killing two children and injuring seven others; two adults were hospitalized.

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