Mark Carney is considering trade reprisals while leaving open the possibility of talks with the US. The loonie has tumbled as businesses prepare for the impact.

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US Treasury Secretary Scott Bessent is threatening a campaign against Iran that he labels an “economic D-Day”; the pressure could leave America confronting China, its main trading partner.

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Iranian Economy Minister Seyed Ali Madanizadeh says the government anticipated tougher US sanctions, prepared measures to counter them and is ready for new restrictions. He says a two-year economic plan addresses the relevant challenges, while acknowledging that the war has affected industry, particularly metallurgical plants.

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The US says it will target every source of Iran’s revenue, including oil. Treasury Secretary Scott Bessent described the campaign as an “unprecedented” economic war and warned countries that keep trading with Tehran of severe consequences.

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Treasury Secretary Scott Bessent announced what he called an “unprecedented” campaign to cut Iran off from the global economy. The Trump administration is seeking to choke the country’s economy and bring an end to the nearly six-month-old war.

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U.S. Treasury Secretary Scott Bessent says he will unveil severe economic and financial measures against Iran. Tehran has faced near-continuous sanctions since the 1979 Islamic Revolution and vows to retaliate.

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Iran has pledged to retaliate against expanded U.S. economic sanctions. Washington says the measures will sever Iran’s economic lifeline, while Tehran is confident that major trading partners will resist the pressure campaign.

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The United States tells countries to choose between Washington and Tehran, warning that Iran’s trade partners will face consequences.

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The United States is intensifying pressure on Iran through sanctions targeting cryptocurrency, aviation, shipping and gold in what it calls an “economic D-Day.” The Treasury Department is focusing on digital assets it says are being used to support Iran’s economy.

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US-Canada trade talks have collapsed. Bloomberg journalists answered live audience questions about what may happen next and how the breakdown could affect people’s money.

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Canadian stocks swung between gains and losses at Monday’s open after trade talks with the US collapsed, raising fears of a widening trade war. Prime Minister Mark Carney recalled his negotiators from Washington.

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US-Canada trade talks collapsed after last-minute pressure from Commerce Secretary Howard Lutnick, according to people familiar with the matter. President Donald Trump then imposed new tariffs, while Canadian Prime Minister Mark Carney vowed retaliation.

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Donald Trump has threatened to raise US tariffs on Canadian cars, trucks and auto parts from 25% to 50% on 1 January. Mark Carney accused Trump of wanting to destroy Canada's auto industry and said Canada would resume talks only if Washington came with the “right attitude”.

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Donald Trump is threatening new tariffs on Canadian automobiles, a move that will hurt U.S. automakers and workers.

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Canada says it will announce its response on Tuesday after Donald Trump threatened to raise tariffs on Canadian cars, auto parts and steel to 50 percent from Jan. 1, 2027, following the collapse of trade talks. Canadian ministers are set to outline measures supporting workers and businesses.

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Donald Trump announced that the US will impose a 50% tariff on all Canadian cars, trucks, auto parts and steel from 1 January 2027, accusing Canada of having “ripped off” the US for years. Mark Carney said the move was largely expected and vowed Canada would be ready for talks while matching US tariffs dollar for dollar.

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

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Treasury Secretary Scott Bessent’s promised deficit-reduction plan, expected in the coming days, is set to confront a stark obstacle: there is no indication that the Republican-controlled Congress will deliver any net budget cuts this year.

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Canadian Prime Minister Mark Carney said his government is continuing to consider ways to retaliate against new tariffs imposed by US President Donald Trump on Canadian goods. He added that Canada remains willing to continue trade talks if the US takes the “right attitude.”

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Canada’s currency plunged against the US dollar and bonds rallied after trade talks between the two countries collapsed, as the widening rift threatened the outlook for economic growth.

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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.

United StatesCanadatariffstrade negotiations

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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The U.S. Treasury is set to broaden the scope of secondary sanctions on Iran, a source says. The move is intended as a final warning to countries to end their business ties with Tehran.

U.S. TreasuryIranSecondary sanctions

Iran’s foreign ministry spokesperson warned on Monday that Tehran would respond harshly to expanded US sanctions, including measures targeting countries it considers to be cooperating with Washington. The prospect of broader sanctions follows weeks of deadlock, with the United States still unable to dislodge Iran’s grip on shipping through the Strait of Hormuz.

IranUS sanctionsStrait of Hormuz

Iran has warned it will respond harshly to expanded US sanctions, including measures against countries it considers aligned with Washington. The move follows weeks of deadlock, while the United States has failed to loosen Iran’s grip on the Strait of Hormuz and now hopes further sanctions will force change.

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