Canada to announce retaliatory tariffs as Trump tells its leaders to ‘fall in line’
TORONTO (AP) — Canada will announce retaliatory tariffs against the United States on Tuesday after relations deteriorated sharply Monday. President Donald Trump told Canadian leaders to “fall in line” or face consequences “far WORSE” than existing tariffs, while Prime Minister Mark Carney accused Washington of trying to subordinate Canada. Trump also threatened new 50% tariffs on Canadian vehicles, auto parts and steel, while Carney said U.S. trade demands showed Washington wanted to “destroy our major industries,” including autos, steel and aluminum. The fiery words from both sides show how U.S.-Canada relations have deteriorated since Carney walked away from trade negotiations with the Trump administration late Friday.
From honey to hockey sticks, Trump's trade war with Canada hikes tariffs on a long list of goods
CHICAGO (AP) — Honey. Makeup. Christmas decorations. And hockey sticks. Those are just a few of the hundreds of different Canadian products that President Donald Trump’s administration has slapped with a 50% tax to enter the United States. The new tariffs, which kicked in Saturday, are expected to affect about $20 billion in Canadian goods, which represents roughly 5% of the products the country sent to the U.S. last year. While that’s far from the majority of Canada’s exports, households could feel the strain of higher prices the longer this import tax stays in effect. Canada has also promised “dollar for dollar” retaliation — and Trump continued threats to escalate the trade war on Monday.
Trump moves toward levying new tariff on China for flooding market with cheap goods, AP sources say
WASHINGTON (AP) — President Donald Trump is moving toward imposing a new tariff on China to penalize Beijing for flooding the global market with underpriced goods. Two people familiar with the matter say he's considering a 7.5% tariff. They spoke on condition of anonymity to discuss the yet-to-be finalized deliberations. Administration officials believe the tariff won't disrupt the trade truce with China or a planned visit to Washington by Chinese President Xi Jinping. The U.S. Trade Representative’s office has been overseeing investigations into China’s excess industrial capacity. The White House and Chinese embassy haven't commented. Meanwhile, the Treasury Department warned of new sanctions on countries trading with Iran.
Taiwan charges 9 over illegal AI server exports to China, including Nvidia and Super Micro staff
TAIPEI, Taiwan (AP) — Taiwanese prosecutors have charged nine people, including one from Nvidia and two from Super Micro, for illegally exporting high-end AI servers to China. Nvidia spokesperson Patrick Rutherford says Monday that the company is cooperating with Taiwanese authorities to resolve the allegations. Super Micro also states it is working to enhance its export compliance program. Advanced semiconductors, primarily made in Taiwan, have become a key point of competition between the U.S. and China. Prosecutors say 74 servers were successfully sent to China, while another attempt involving 56 servers failed. They are seeking five-year sentences for four defendants, including an Nvidia manager.
Zillow and Redfin resolve litigation over deal FTC claims suppresses rental listings competition
The U.S. Federal Trade Commission says it has settled a claim against Zillow and Redfin accusing the real estate listings companies of striking a deal to suppress competition in online rental advertising. The FTC claimed Redfin agreed to exit the apartment advertising business for up to nine years in exchange for $100 million and other compensation from rival Zillow. The commission says part of the settlement orders Redfin to relaunch its rental housing listings business so that competition can be restored in the rental property listings market. The settlement announced Monday also resolves litigation brought by attorneys general in several states.
What to know about Trump's tariffs on Canadian goods and rising tensions between once-close allies
CHICAGO (AP) — After trade negotiations crumbled at the eleventh hour, U.S. President Donald Trump’s 50% tariffs on scores of Canadian imports kicked in over the weekend. The new levies that went into effect Saturday are expected to affect roughly $20 billion of Canadian goods, ranging from hockey sticks to agricultural products. Canada's Prime Minister Mark Carney quickly promised “dollar for dollar” retaliatory measures starting Sept. 8. No further talks between the two countries are scheduled, and additional threats have piled up in the meantime. The latest escalation between the two countries plunges them deeper into a trade war that has kept both sides of the border on edge throughout Trump’s second term in office.
Carney warned about economic coercion. Now Trump is testing the Canadian prime minister
TORONTO (AP) — Canadian Prime Minister Mark Carney drew international attention earlier this year by warning that middle powers such as Canada must resist economic coercion. Now President Donald Trump is putting that to the test in a deepening trade war. The United States has imposed 50% duties on about $20 billion worth of Canadian goods. Carney said Canada's dollar-for-dollar retaliation will begin Sept. 8. Carney’s strategy is to accept economic pain rather than yield to pressure from a larger power. Whether Canada can withstand the cost could shape how Carney is viewed at home and abroad. And it could influence how other U.S. allies respond to Trump.
A trade war between Canada and the US further ruptures a once-close and durable alliance
TORONTO (AP) — Canada and the United States have long had one of the world's closest and most durable alliances. But that alliance is being severely tested now by one of the deepest crises in decades. Trade talks between Ottawa and Washington collapsed late Friday and both countries are imposing matching 50% tariffs. Canadian Prime Minister Mark Carney says “America has changed” and Canada will not return "to our old relationship.” The rupture threatens a relationship built on decades of free trade, integrated supply chains and close political ties. Experts say the confrontation could outlast President Donald Trump's tenure in the White House and reshape Canada-U.S. relations for years.
Wall Street drifts at the start of a week that could swing stocks and bonds
NEW YORK (AP) — U.S. stocks drifted to a mixed finish as the countdown ticks toward potentially market-moving events coming later in the week. The S&P 500 slipped 0.3% Monday and pulled further from its record set earlier this month. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite fell 0.8%. Yields eased in the bond market after oil prices dropped. Investors are waiting for Nvidia's profit report coming Wednesday, which could shed light on how strong the AI boom remains. On Friday, Federal Reserve Chairman Kevin Warsh will give a speech as pressure rises on him to hike interest rates to get inflation under control.
The UK will help Ukraine make long-range missiles by sharing classified tech information
LONDON (AP) — British Prime Minister Andy Burnham announces the U.K. will help Ukraine make its own long-range missiles. On Monday, Burnham said the U.K. will share classified technical information for British components to aid Ukraine in assembling SCALP missiles. This announcement came during Burnham's visit to Kyiv for Ukraine's Independence Day. The SCALP missile, similar to the U.K.'s Storm Shadow, is a high-precision weapon used by several countries. Ukraine is also in talks with France to set up missile assembly lines. While this move won't help Ukraine immediately, it marks a significant step in its defense capabilities. Russia criticized the decision, but Burnham dismissed the comments.
