As Gulf neighbours plan alternative pipelines and export routes, debate is intensifying in Iran over whether the Strait of Hormuz is becoming a rapidly diminishing strategic asset. President Masoud Pezeshkian and parliamentary speaker Mohammad Bagher Ghalibaf have urged an end to the war, while analysts warn that repeatedly using the strait as leverage could push others to reduce their dependence on it and leave Iran more exposed to US sanctions.

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Oil prices fell about 2% on Wednesday, extending the previous session’s losses, after Iran said it had resumed talks with neighboring Oman on managing the strategic waterway. The discussions raised fresh hopes that the Strait of Hormuz could reopen.

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Foreign Ministry spokesperson Lin Jian said China firmly opposes illicit unilateral sanctions without a basis in international law or authorization from the UN Security Council. Responding to U.S. Treasury Secretary Scott Bessent’s plan to expand secondary-sanctions threats against Iran, Lin said economic warfare and maximum pressure only heighten tensions, spill over risks and harm other countries’ legitimate rights. He called for de-escalation and a return to dialogue and negotiation.

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The United States is not planning new attacks on Iran in the near term, Secretary of State Marco Rubio told senior diplomats, according to Axios. Washington is expected to increase economic pressure through sanctions and a naval blockade while moving more oil through the Strait of Hormuz. Officials said strikes remain possible if Iran attacks first, and the policy is expected to continue at least through the November 3 midterm elections.

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The Trump administration’s latest sanctions against Iran have swept up dozens of businesses in China and Hong Kong, while stopping short of the far more consequential move of targeting major Chinese financial institutions.

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Oil prices declined for a second day on Tuesday as traders judged the prospect of renewed US strikes on Iran to have diminished after Washington threatened wider economic sanctions instead. Treasury Secretary Scott Bessent called for an “economic D-Day” against Tehran but offered no timetable or details on countries that might be penalized.

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China said it opposes the United States’ expanded unilateral sanctions on Iran and will take all necessary steps to protect its legitimate rights and interests. Washington targeted nearly 60 individuals, entities and vessels, while warning countries and businesses dealing economically with Tehran that they could face US measures.

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After six months of military threats and conflict, the United States has launched a broad economic pressure campaign against Iran. The measures expand secondary sanctions into digital assets, gold, aviation, shipping and technology, while pressing Iran’s trading partners to choose sides. The analysis says Washington is turning to economic pressure to sustain leverage over Tehran and reduce the costs of prolonged military confrontation, though sanctions may not force Iran to concede.

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Canada has announced counter-tariffs of up to 50% on nearly C$28bn of US goods, including steel, furniture, fresh tuna and cosmetics. The measures are due to begin on 8 September. Ottawa called the response “proportionate” and “strategic” and pledged C$7.5bn in support for affected businesses and workers.

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Canada has announced retaliatory tariffs on about $20 billion worth of U.S. goods. Canadian trade negotiators left the United States last week after failing to secure a deal that would have prevented President Donald Trump’s new tariffs from taking effect.

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Canada announced retaliatory tariffs on C$27.6 billion ($19.94 billion) in US goods, including steel and dairy, matching the punitive duties imposed by President Donald Trump on Canadian products. Ottawa also unveiled C$7.5 billion in aid for affected Canadian businesses and workers as tensions escalated.

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As its trade war with the United States intensifies, Canada is retaliating against tariffs imposed on its goods in recent days by placing tariffs on US products. Ottawa has also announced a multibillion-dollar aid package for workers and urged Canadians to buy local to support domestic industries.

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Canadian ministers set out a series of countermeasures after the Trump administration imposed new tariffs on Canadian goods, deepening the trade war between Canada and the United States.

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Canada announces tariffs of up to 50% on more than 700 US goods, with the highest import taxes targeting steel and aluminum.

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Syrian President Ahmed al-Sharaa welcomed Washington’s removal of Syria from the decades-old US list of state sponsors of terrorism. The decision lifts severe economic restrictions and is intended to encourage investment, reconstruction and Syria’s reintegration into the global economy, while the Treasury said its counterterrorism stance remains unchanged.

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Turkey welcomed the US decision to remove Syria from its list of state sponsors of terrorism. The move ends a decades-old designation that carried severe economic consequences for Damascus, alongside announced sanctions relief for Syria.

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Volkswagen management is meeting angry workers this week over an unprecedented restructuring drive that could eliminate up to 100,000 jobs and put several German factories at risk. The company faces pressure from Chinese rivals, the shift to electric vehicles, high costs and overcapacity, while unions say communication of the plans has been “disastrous.” CEO Oliver Blume calls VW’s condition “more than critical.”

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