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US and Canada fall deeper into a trade war with new tariffs as talks collapse and blame is spread
TORONTO (AP) -- The United States and Canada have fallen deeper into a trade war. New tariffs are expected to raise prices for products in both countries. Each side is blaming the other for the collapse of negotiations in Washington late Friday. That’s led the U.S. to impose 50% tariffs on $20 billion worth of Canadian goods and Canada setting Sept. 8 as the start of its retaliatory penalties. President Donald Trump’s import taxes will hit about 5% of what Canada ships to the United States every year, ranging from hockey sticks to tongue depressors. Prime Minister Carney said Ottawa would respond with targeted tariff protection for industries exposed to the new U.S. duties. No new talks are planned.
Trump’s ‘economic D-Day’ threats become warnings for countries to sever financial ties with Iran
WASHINGTON (AP) -- Treasury Secretary Scott Bessent has announced a new round of sanctions aimed at Iran. At a news conference Monday, he also warned every country that does business with the Islamic Republic to sever those financial ties or face retaliation from the United States. The sanctions aim to further cut off Iran from the rest of the world economy after President Donald Trump pledged last week to unleash an “economic D-Day” against Tehran. Washington has promised the new sanctions would put even more pressure on an Iranian economy already battered by previous sanctions and a U.S. naval blockade.
Iran warns of a harsh response as US announces new sanctions and other Middle East news
Iran is again warning about consequences in response to new U.S. economic sanctions, including for its neighbors. Iran’s Foreign Ministry spokesperson says Tehran will respond harshly. The measures were announced Monday. Meanwhile, Israeli and Syrian officials have met less than a week after Israeli strikes in Syria. The U.S.-mediated discussions focused on restarting negotiations for a future security agreement. And Israel says it killed a Hamas commander. It’s the latest targeted strike in Gaza since Prime Minister Benjamin Netanyahu met with U.S. envoy Jared Kushner last week about making progress on the ceasefire.
Newsom returns to a defining California fight: Who pays for wildfire damage?
SACRAMENTO, Calif. (AP) -- California Gov. Gavin Newsom is asking state lawmakers to shield utilities from financial trouble if their equipment sparks a wildfire by limiting the amount they have to pay victims and attorneys. He’s pushing the plan in the final days of his last legislative session as governor. Property insurers and fire victims say utilities should continue to cover the cost of damages from blazes they spark. But the state’s major utilities are urging lawmakers to pass Newsom’s plan. The plan could ensure victims get paid more quickly after a blaze. The issue has loomed large throughout his nearly eight years in office.
European leaders mark Ukraine’s 35th Independence Day as Russian invasion pushes on
KYIV, Ukraine (AP) -- European leaders joined President Volodymyr Zelenskyy in Kyiv for the 35th anniversary of Ukraine’s Independence Day. Russia’s invasion, which began in 2022, pushed on, with both countries escalating aerial attacks that are killing civilians. On Monday, U.K. Prime Minister Andy Burnham made his first overseas trip since taking office, joining other European leaders in Kyiv. They pledged further military and financial support for Ukraine. Burnham announced his government has agreed to allow the release of classified information relating to British components used in the SCALP long-range missile to aid missile Ukraine’s production. Meanwhile, Ukrainian strikes have targeted Russian facilities, killing three teenagers and wounding six children in Krasnodar.
US strikes a vessel in the eastern Pacific, killing 2 people in first attack in months
WASHINGTON (AP) -- U.S. forces have struck another vessel in the eastern Pacific, killing two people accused of trafficking drugs. U.S. Southern Command announced the strike early Monday, and it’s the first in about two months. The death toll from the Trump administration’s nearly yearlong campaign of bombing boats off Latin America’s Caribbean coast and in the eastern Pacific now exceeds 210 after more than 60 strikes. U.S. Southern Command says forces executed a strike on a “low-profile vessel operating along established narcotrafficking routes in the Eastern Pacific.” President Donald Trump has said the U.S. is at war with drug cartels. Critics have questioned the offensive’s legality.
The world inches toward catastrophic climate events: ‘Bigger shocks are on the way’
NEW YORK (AP) -- Scientists have long warned that the world will experience more intense extreme weather events like heat waves, storms, floods and droughts as long as we continue to use gas, oil and coal at our current pace. Those fossil fuels release greenhouse gases, which go up into the atmosphere and heat the planet, which scrambles ecosystems and weather patterns. Still, massive climate events, extremes beyond anything we have seen in modern history, have mostly been thought of as fiction, often been the plots of action movies. Today, such extremes of extremes are discussed as a possibility, even an inevitability, that should be taken seriously and prepared for.
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.