Trump responds after Canada imposes $20bn in retaliatory tariffs and Canadian PM vows to diversify trade abroad
The US is banning dairy products, most alcoholic beverages and motorcycles from Canada, the White House said on Tuesday, as the trade war between the two neighbors and longtime allies escalates.
The ban will take effect in three weeks and comes after Canada imposed retaliatory tariffs on $20bn in US imports earlier on Tuesday.
Continue reading...Russian and Ukrainian strikes in July killed more crew than in whole war to that month, preventing grain exports
A summer of hostilities in the Black Sea proved deadly for seafarers, as Russia and Ukraine attacked each other’s ships and port infrastructure, preventing vital grain exports and prompting concerns that the conflict will push global food prices even higher.
More crew were killed in the Black Sea in July than during the entirety of the war before that month as the conflict has intensified, making the body of water the most dangerous in the world for commercial shipping. This is despite the conflict between the US and Iran, with vessels still being targeted in the strait of Hormuz, Red Sea and Gulf of Aden.
Continue reading...Test of US rhetoric will rest on whether nations such as India, China and Russia view economic threats as credible
Tehran has vowed to retaliate against any country that cooperates with the US attempt to impose fresh sanctions against Iran in what the Treasury secretary, Scott Bessent, has billed as “the single greatest financial offensive ever marshalled against an adversary”.
In advance of the US announcement, the United Arab Emirates, Iran’s single biggest trading partner in the Middle East, announced it was ending all trade with Iran, a move Tehran believes was coordinated between Washington and the UAE.
Continue reading...US president pivots towards ‘crushing’ economic operation against Iran and its trading partners as military strikes fail to bring Tehran to the table
Donald Trump has announced a new campaign to isolate Iran’s economy, threatening “tremendous economic consequences” on any country that helps or does business with Tehran, a move that could set up a fresh confrontation with China if implemented.
“Today, I am announcing the most crushing economic operation ever taken against any country!” Trump wrote on Truth Social. “Any country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face tremendous economic consequences.”
Continue reading...Profit jump fuelled largely by unknown US refund amount as Japanese video game firm records quarterly sales drop
Nintendo has reported a jump in profits, as the Japanese game maker’s earnings were buoyed up by a long-awaited refund on Donald Trump’s tariffs.
The company said profits surged 53.5% to ¥147.4bn (£694m) over the three months to June, substantially beating expert forecasts for ¥77.8bn.
Continue reading...Worse-than-expected figures for three months to June come amid concerns over lopsided economy
China has posted worse-than-expected growth figures for the three months to June as its economy expanded by just 4.3% – one of its lowest quarterly readings on record.
The rate, which came in under the government’s target of 4.5% to 5%, was one of the weakest since reporting on official quarterly GDP figures began in the early 1990s.
Continue reading...Foreign ministers will discuss options on Monday but decision on imports is not expected for months
The EU has been accused of dragging its feet over upholding international law, on the eve of a long-awaited debate about banning trade with illegal Israeli settlements.
EU foreign ministers meeting in Brussels on Monday will discuss a possible ban on imports from the settlements, against an ongoing humanitarian crisis in Gaza, where a UN inquiry found Israel to be committing a genocide, and surging state-backed violence in the occupied West Bank, which has killed at least 235 children.
Continue reading...Stock markets on both sides of Atlantic up as concerns ease over prospect of another inflationary shock
Oil prices have fallen to pre-Iran war levels as more oil tankers exited the strait of Hormuz.
Brent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February. Prices have fallen more than 20% this month.
Continue reading...Exclusive: Economists find Brexit caused 12% depression in UK exports, most of which is due to leaving single market
Brexit has depressed UK exports to the EU by 12%, and rejoining the customs union would undo only a fraction of the damage, research shared with the Guardian shows.
With the UK’s future relationship with the bloc likely to feature prominently in a potential Labour leadership contest, the economists John Springford and Anton Spisak, of the Centre for European Reform, provide fresh evidence of the damage caused by exiting.
Continue reading...Green surge in local elections and recent polling of Labour members may cause government to toughen stance on Israel
Pro-Palestine activists believe there could be a “sea change” in the Labour party’s approach to the crisis in the Middle East which could result in the government taking a tougher stance on Israel.
Campaigners have pointed to the threat posed to Labour by the Green surge in the local elections, the likely departure of Keir Starmer from No 10, and new polling which shows an appetite among Labour members for a ban on all arms shipments to Israel.
Continue reading...Cold storage and logistics body warns food supplies at risk from fuel shortages, cyber attacks and extreme weather
Ministers have been accused of being complacent about the risks to vital supplies of food into the UK amid concerns over fuel shortages, cyber attacks and extreme weather.
The trade body for cold storage and logistics has urged the government to make potential disruption to the UK’s food system an “immediate national priority”.
Continue reading...Ahead of the crucial talks, security has been heightened in Beijing, with the US president set to meet Xi at the Great Hall of the People
I’m now sitting in the press filing centre at the China World Hotel in Beijing. Two American flags and a wooden lectern bearing a “United States embassy Beijing” seal stand on a black podium against a black curtain beneath a giant crystal chandelier.
There are TVs on either side of the podium: one showing CNN, the other Fox News. Sadly, that is as close as many reporters will get to seeing Xi Jinping and Donald Trump in action today.
Continue reading...Trump sets Fourth of July deadline as he vents impatience at speed of EU’s implementation
Donald Trump has said the EU must ratify its trade deal with the US by 4 July or face “much higher” tariffs, after European officials fell short of agreement on the pact.
Trump said he spoke to the EU chief, Ursula von der Leyen, about the issue and, he posted on his Truth Social platform, “agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels”.
Continue reading...Conservatives and former provincial premiers among those PM names to advisory committee on economic relations
Canada’s prime minister, Mark Carney, says his new advisory committee on economic relations with the United States will draw on the “best advice and the broadest perspectives” as the country braces for what many expect will be tense trade negotiations with its southern neighbour.
The 24-member advisory committee, announced on Tuesday, shows the prime minister’s eagerness to reach across the political spectrum to ensure Canada is “well positioned to advance its interests” at the looming trade talks.
Continue reading...Prime minister details efforts to attract investment and sign trade deals with other countries in 10-minute video address
Canada’s strong economic ties to the United States were once a strength but are now a weakness that must be corrected, the country’s prime minister has warned
In a 10-minute video address, Mark Carney spoke about his government’s efforts to strengthen the Canadian economy by attracting new investments and signing trade deals with other countries.
Continue reading...How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.
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The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan as Australia battles a fuel crisis.
While we know there have been outages and price increases, it can be difficult to get a full picture of what is happening – this is partly due to the thousands of independent businesses and different governments involved. We have brought together the latest data on prices, outages and oil tanker deliveries.
Continue reading...How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.
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Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.
Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.
Continue reading...How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February
Get our breaking news email, free app or daily news podcast
Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.
Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.
Continue reading...How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February
Get our breaking news email, free app or daily news podcast
Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.
Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.
Continue reading...Shipments to Russian smelters from Aughinish Alumina have increased sharply since the invasion of Ukraine
A leading Irish metals refinery is part of an international aluminium supply chain that appears to conclude with shipments to arms producers feeding the Kremlin’s war machine in Ukraine, leaked records and public data suggests.
Trading records show that shipments to Russian smelters from Aughinish Alumina, which is located on the Shannon estuary in the west of Ireland and has been owned by the Russian aluminium group Rusal since 2006, have increased sharply since the invasion of Ukraine in 2022.
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