A national duty on imports; a tool of protectionism and revenue
Legislation updating Russia sanctions has gained White House backing and is advancing in the Senate, with debate centring on tariffs for the five largest buyers of Russian oil and gas and potential waivers. The measure has broad support and could reshape U.S. pressure on Moscow, as Graham’s legacy guides the approach.
Canada braces for a renewed fight as Washington imposes 50% tariffs on a wide range of imports. Prime Minister Carney leads a united Team Canada in negotiations with Trump’s administration, while provinces warn of disrupted industries and rising uncertainty. Talks aim to avert full escalation before the August 19 deadline.
A coalition of 25 US states has filed suit in the US Court of International Trade to stop 10–12.5% tariffs that took effect in July on goods from about 60 trading partners. Plaintiffs say the administration has used forced‑labour claims to recreate broad levies courts have already struck down; the White House says the duties are lawful under Section 301.
Argentine president Javier Milei has insulted Brazil’s president and a top Brazilian judge while attending an event in São Paulo that confirmed Flávio Bolsonaro’s presidential candidacy. Brazil has recalled its ambassador to consult with Brasília after diplomats said Milei attacked Brazil’s government, people and democracy; Lula has vowed to lead without outside interference.
The Federal Reserve has kept its target range at 3.5%-3.75%, with three regional presidents dissenting in favor of a quarter-point rate increase. Chair Warsh has emphasised inflation as a priority while signalling uncertainty about future moves. Markets have priced in possible action later this year as data rolls in.
The Trump administration has refunded about $100 billion of pre-cut tariff revenue after a Supreme Court ruling invalidated much of the IEEPA-based tariff regime. Refunds are continuing as trade authorities review remaining claims and importers provide banking details, while lawsuits challenge new duties.
Canada and the United States have resumed intensive talks to avert steep US tariffs that could take effect this week. Ottawa has offered concessions, including removing a retaliatory auto tariff, while Washington has pressed provinces to lift bans on US alcohol and pushed demands on market access and content rules for autos. Negotiators are still finalising details.
Walmart has announced it is directing tariff refunds toward price cuts and improved customer experiences. US comparable sales have slowed, though the company reports a continued lift from rollbacks and investments in groceries and essentials. Analysts warn profits may face headwinds from fuel costs and automation spending amid uneven consumer demand.
U.S. markets edge lower after several sessions of gains as investors await the PCE inflation update. The latest data show persistent inflation and higher government borrowing costs, with bond yields climbing and stock indices uneven.
The US has opened a border crossing for Mexican cattle as concerns over the New World screwworm lessen. Authorities plan a phased reopening of additional crossings while Trump pushes a 90-day tariff-free import surge of ground beef to lower prices, though ranchers warn it risks hollowing domestic herd expansion.
Trump has threatened 50% tariffs on Canadian cars, trucks, auto parts and steel, arguing a US deficit is unsustainable. Ottawa says talks have collapsed; Canada plans retaliatory duties. The White House has not commented yet.
President Donald Trump has signed an executive order directing the Interior Department to change the U.S. federal name for Lake Ontario to "Lake America" and has said the change is effective immediately. The move comes as Washington and Ottawa have imposed 50% tariffs on billions of dollars of each other's goods and Canadian leaders have rejected the renaming.
Gap has named Michael Francis as Old Navy’s new chief executive, effective Nov. 2, with Haio Barbeito moving to an advisory role. The appointment follows weaker-than-expected quarterly results for Old Navy, which has dragged on Gap’s overall performance. Francis will push a sharper customer focus and a streamlined product strategy as the brand seeks to restore momentum.
President Donald Trump has ordered the U.S. geographic names database to rename Lake Ontario as “Lake America.” Google has updated Google Maps to show “Lake America” to U.S. users while Canadian users still see Lake Ontario; Apple has not yet changed its maps and MapQuest has refused, triggering a surge in downloads and political backlash.
Trump has publicly urged the Federal Reserve to slash interest rates, linking them to U.S. credit strength. He threatens to stop trading with deficit-bearing countries. The comments follow a stronger-than-expected jobs report and come as the Fed maintains its policy stance.
The G20 finance talks have focused on China and the broader impact of U.S. tariffs, with officials arguing that non-market economies are shaping global growth. Treasury Secretary Bessent has warned that tariffs will redirect Chinese goods to other markets, while other leaders call for balance and guardrails on AI regulation.
President Donald Trump has promised a $5,000 payment to every adult U.S. citizen if Republicans retain control of both chambers in the November midterms. The White House has released only a short fact sheet; Republicans, legal experts and budget analysts have questioned the plan’s legality, its roughly $1.2–1.4 trillion cost and how the payments would be funded or authorised without Congress.
Leaders from multiple publications report that President Trump has pledged to pay $5,000 to every American adult if Republicans retain control of Congress. The pledge has sparked debate over funding, legality, and potential inflation, with critics labeling it a vote-buying gimmick and supporters praising the gesture as economic relief.
Trump has pledged a $5,000 payment to every American adult if Republicans win control of Congress, triggering sharp criticism from Democrats and alarm among economists about the plan’s cost and feasibility. The proposal, branded as a “Trump dividend,” would amount to roughly $1.2 trillion and could worsen the deficit. Commentators note prior broken promises and highlight the broader political and economic implications.