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   Trump hits Canada with 50% tariffs
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   Plus: Carney vows to negotiate, and what the levies mean for U.S. businesses
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         Trade &amp; Tariffs
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         Wednesday, July 22, 2026
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          Trump hits Canada with 50% tariffs, setting up high-stakes USMCA renegotiation
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          The White House announced sweeping 50% tariffs on a wide array of Canadian goods this week, invoking a provision of the Tariff Act of 1930 that has never before been used for tariffs. The administration framed the move as direct retaliation after Canada responded to earlier U.S. tariffs with its own countermeasures. U.S. Trade Representative Jamieson Greer said the action was targeted and overdue, noting that among major trading partners, only China and Canada have retaliated against U.S. tariffs.
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0;">
          The scope is broad. Targeted categories include alcohol, dairy, and motor vehicles, among others. Some of the levies carry an explicit tit-for-tat logic: most Canadian provinces banned U.S. alcoholic beverages, so Washington is now tariffing Canadian alcohol. Canada has also maintained restrictive quotas on dairy imports, a long-standing irritant in the relationship.
         </p>
         <p style="margin:12px 0 0;">
          The tariffs arrive at a particularly fraught moment, with the U.S., Canada, and Mexico all set to renegotiate the USMCA trade pact. The 30-day 
clock before the tariffs take effect creates immediate pressure on Ottawa and gives Washington leverage heading into those talks. Watch whether Canada escalates or makes concessions as the deadline approaches.
         </p>
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          Read more at NPR ›
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         Trade &amp; Tariffs
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          Senate Republicans push back on Canada tariffs, citing cost and rationale concerns
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          Republican senators are voicing 
unease about President Trump's new 50% tariffs on Canadian imports — covering alcohol, dairy, motor vehicles, and more — even as they stop short of outright opposition. Senate Majority Leader John Thune said he had not yet heard a clear rationale for the tariffs, adding that he generally supports import taxes only when they level the playing field for U.S. businesses. Sen. Mike Rounds echoed that concern, saying he had not been briefed on which legal provision the administration was using or what would constitute a successful outcome. The 
political stakes are real: with inflation already a sore spot for voters, Republican members are wary of being associated with policies that push everyday prices higher. Their hesitation signals that the administration may face friction from its own party if the tariffs remain in place or escalate.
         </p>
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         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read 
more at The Hill ›
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          Carney and Trump agree to accelerate trade talks after 50% tariff announcement
         </a>
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          Canadian Prime Minister Mark Carney said Tuesday that he and 
President Trump agreed to deepen and speed up negotiations on a U.S.-Mexico-Canada trade framework over the coming weeks, one day after Trump announced 50% tariffs on most Canadian goods. The new tariffs, set to take effect in 30 days, exempt energy, potash, fish, and critical minerals but cover goods previously protected under the USMCA — a pact that was not renewed. The agreement to intensify talks offers a narrow window to avert broader economic disruption, though Carney signaled Canada would act to protect its workers and farmers regardless
of the outcome.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Associated Press ›
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          Trump invokes 1930 tariff law to impose 50% duties on Canadian goods
         </a>
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         <p style="margin:0;">
          President Trump used Section 338 of the Tariff Act of 1930 — citing Canadian 
discrimination against U.S. autos, alcohol, and cheese — to impose 50% tariffs on a range of Canadian products, from hockey sticks to beer, effective Aug. 19. The move builds on a cycle of retaliation that began when Trump imposed tariffs on Canada over fentanyl smuggling concerns and Canada responded in kind, prompting most provinces to ban U.S. alcoholic beverage sales. With USMCA renegotiations underway, the tariff deadline functions as leverage, but economists warn the duties risk pushing consumer prices higher at an already politically 
sensitive moment.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Boston Globe ›
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          Canada scraps joint bridge ceremony with U.S. after tariff announcement
         </a>
        </h4>
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         <p style="margin:0;">
          A planned joint U.S.-Canada ceremony marking the 
opening of the Gordie Howe International Bridge between Detroit and Windsor, Ontario, has been canceled following Trump's announcement of 50% tariffs on most Canadian goods. Canada cited the trade action as making a joint celebration inappropriate and announced it would hold its own ceremony Friday. The bridge is still expected to open to traffic July 27, though U.S. participation in any ceremony remains uncertain — a symbolic sign of how sharply the bilateral relationship has deteriorated.
         </p>
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        <div style="padding:8px 0 
0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Seattle Times ›
         </a>
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
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          Canadian public opinion hardens as Trump tariff threats mount
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Canadian public sentiment toward the United States has grown increasingly hostile as 
President Trump's tariff threats escalate, according to longtime Canadian journalist Peter Mansbridge. Speaking with NPR, Mansbridge described a country that feels targeted and increasingly determined to chart a more independent course. The shift in Canadian attitudes matters for U.S. businesses with cross-border exposure, as consumer boycotts of American goods and provincial bans on U.S. alcohol show that the economic friction is moving in both directions.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at NPR ›
         </a>
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
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          Nicaragua's election ban puts U.S. coffee supply at risk of new trade sanctions
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          U.S. coffee drinkers — already 
paying near decade-high prices averaging $9.45 per pound — face the prospect of further cost increases if Washington imposes trade restrictions on Nicaragua following President Daniel Ortega's decision to ban elections. The U.S. buys 35% of Nicaragua's coffee exports, which generate roughly $500 million annually across all markets. Secretary of State Marco Rubio warned Tuesday that Nicaragua should not expect business as usual. Industry traders say the U.S. coffee sector is lobbying to keep coffee exempt from any sanctions, but the risk is real
enough to move markets.
         </p>
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        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Reuters ›
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        <div style="font-size:13px;letter-spacing:2px;font-weight:800;text-transform:uppercase;color:#121721;border-bottom:2px solid #00d5ff;padding-bottom:6px;">
         Iran War &amp; Oil
        </div>
       </td>
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      <tr>
       <td style="padding:12px 24px 12px;">
        <h3 style="margin:0 0 8px;font-family:Inter, Arial, sans-serif;font-size:24px;line-height:1.3;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          U.S.-Iran war enters its 11th night with energy markets and war costs mounting
         </a>
        </h3>
        <div style="font-size:17px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          The U.S.-Iran conflict shows no sign 
of a diplomatic off-ramp, with Secretary of State Marco Rubio declaring Wednesday that Tehran is not serious about ending the war. The fighting is now visibly straining global energy markets and the Pentagon's own resources. Houthi threats against Saudi shipping have forced tankers carrying millions of barrels of crude into costly Red Sea detours, while Iran's pressure on the Strait of Hormuz has pushed oil to near six-week highs and sent U.S. gasoline above $4 a gallon. American airstrikes continued for an 11th consecutive night as Iran struck
U.S.-linked targets in Jordan and Bahrain. Defense Secretary Hegseth has put the war's price tag at $37.5 billion, a figure experts say likely understates the true cost. For businesses with supply chains or energy exposure across the Gulf, the dual threat to Hormuz and the Red Sea represents an escalating and unresolved operational risk.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; 
font-weight: 600; font-size: 14px;">
          Read more at Reuters ›
         </a>
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      <tr>
       <td style="padding:0 24px;">
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       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Oil edges higher as U.S. strikes on Iran enter 11th night
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Brent crude futures rose 0.55% to $91.51 a barrel in early 
Wednesday trading, while U.S. West Texas Intermediate climbed 0.36% to $84.64, as markets priced in continued supply disruption risk from the U.S.-Iran conflict. The moves follow a five-week settlement high on Tuesday after U.S. forces struck targets in southern and western Iran and Kuwait reported Iranian drone attacks on its air defenses. Houthi threats to target vessels carrying Saudi oil through the Bab el-Mandeb strait are adding a second front of energy-market anxiety.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Reuters ›
         </a>
        </div>
       </td>
      </tr>
      <tr>
       <td style="padding:0 24px;">
        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
        </div>
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       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Rubio warns ASEAN that Iranian control of Hormuz sets 'dangerous precedent'
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Secretary of State Marco Rubio told ASEAN partners Wednesday that the United States remains open to 
negotiations to end the Iran crisis but that Tehran is not engaging seriously, even as the widening conflict disrupts two critical energy chokepoints — the Strait of Hormuz and the Bab el-Mandeb. Iran has declared Hormuz a red line, and its parallel pressure on both waterways raises the specter of a two-front energy blockade that would affect oil flows to markets far beyond the Gulf. The diplomatic stalemate signals that businesses should plan for extended supply disruption risk.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Reuters ›
         </a>
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       <td style="padding:0 24px;">
        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
        </div>
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      <tr>
       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Houthis complete preparations to attack Red Sea shipping, naval monitor warns
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Iran-backed Houthi militants in Yemen have finished 
deploying missiles and drones near the Bab el-Mandeb strait and are ready to attack commercial shipping, the Joint Maritime Information Center warned in a late Tuesday alert. The strait is a critical passage for oil tankers and container ships moving between the Gulf of Aden and the Red Sea. A Houthi blockade would compound the Strait of Hormuz risk, forcing shippers onto longer, costlier routes and adding further upward pressure on freight and energy prices.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Bloomberg ›
         </a>
        </div>
       </td>
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      <tr>
       <td style="padding:0 24px;">
        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
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      <tr>
       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Trump approves 30-year nuclear deal with Saudi Arabia that may include uranium enrichment
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          President Trump has approved a 30-year nuclear cooperation agreement with Saudi Arabia that could allow the kingdom to enrich uranium domestically and involves U.S. firms in developing the program, according to two people familiar with the matter. The deal, expected to be announced as early as Wednesday, is subject to congressional review and could face resistance from lawmakers and nonproliferation experts who warn that Saudi enrichment capacity could accelerate nuclear competition in the Middle East, particularly given Crown
Prince Mohammed bin Salman's public statements about matching Iran's nuclear capabilities if Tehran acquires a weapon.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Hill ›
         </a>
        </div>
       </td>
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      <tr>
       <td style="padding:0 24px;">
        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
        </div>
       </td>
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      <tr>
       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Hegseth tells Congress the Iran war has cost $37.5 billion, with the true bill likely higher
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Defense Secretary Pete Hegseth and Chairman of 
the Joint Chiefs Gen. Dan Caine testified before Congress this week seeking additional war funding and facing pointed questions from Republican senators demanding straight answers on the Iran conflict's trajectory and cost. Hegseth put the official price tag at $37.5 billion, but experts told CNN the actual figure is likely higher. The hearing reflects growing congressional pressure to account for the war's financial and strategic costs as the conflict enters its second month with no clear diplomatic resolution in sight.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at CNN ›
         </a>
        </div>
       </td>
      </tr>
      <tr>
       <td style="padding:16px 24px;">
        <table style="width:100%;border-collapse: collapse;">
         <tbody style="padding:0;margin:0">
          <tr style="padding:0;margin:0">
           <td align="center" style="padding:0;margin:0">
            <a id="pad-desktop" style="display: block">
             <img src="https://inboxflows.com/_/image/https%253A%252F%252Fpa-cdn1.pvd.to%252Fs%252Fz6zfwn%253Femail%253D947418d3%2540uifeed.com%2526campaign_id%253D11005047%2526device%253Ddesktop%2526v%253D0.14%2526color_scheme%253Dlight/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZwYS1jZG4xLnB2ZCIsInRpbWUiOjE3ODQ3NDgyMTUuOTA1Nzc2fQ:1wmcXX:yexg-dH0XYr0ZsipFmwGGFZl_jgvtl67ky4rGZrbnds" style="width:100%;max-width:600px" width="600"/>
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             <img src="https://inboxflows.com/_/image/https%253A%252F%252Fpa-cdn2.pvd.to%252Fs%252Fz6zfwn%253Femail%253D947418d3%2540uifeed.com%2526campaign_id%253D11005047%2526device%253Dmobile%2526v%253D0.14%2526color_scheme%253Dlight/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZwYS1jZG4yLnB2ZCIsInRpbWUiOjE3ODQ3NDgyMTUuOTA1ODkwNX0:1wmcXX:NCzWDM1a8I2FUYp8TW_AutRCEu-OtEtTBMJtfvX6xAQ" style="width:100%;max-width:400px" width="400"/>
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       <td style="padding:28px 24px 12px;">
        <div style="font-size:13px;letter-spacing:2px;font-weight:800;text-transform:uppercase;color:#121721;border-bottom:2px solid #00d5ff;padding-bottom:6px;">
         Markets &amp; Regulation
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       </td>
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      <tr>
       <td style="padding:12px 24px 12px;">
        <h3 style="margin:0 0 8px;font-family:Inter, Arial, sans-serif;font-size:24px;line-height:1.3;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Senate crypto bill would bar presidents and federal officials from issuing digital assets
         </a>
        </h3>
        <div style="font-size:17px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          A 
Senate cryptocurrency bill would prohibit the president and other federal officials from issuing digital assets, a provision aimed squarely at the conflicts of interest raised by President Trump's involvement in crypto ventures. The legislation marks a significant policy line for Congress as it works to establish a regulatory framework for digital assets. For investors and crypto firms, the bill's passage would clarify the rules of the road while limiting the ability of political figures to profit from government proximity to markets they also 
regulate — a dynamic that has drawn scrutiny throughout the current administration.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Quartz ›
         </a>
        </div>
       </td>
      </tr>
      <tr>
       <td style="padding:0 24px;">
        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
        </div>
       </td>
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      <tr>
       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          House votes on partial stock-trading ban for members of Congress
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          The House is voting on legislation that would impose a partial ban on stock trading 
by members of Congress, a measure that has drawn bipartisan interest but faces significant hurdles. The bill targets a long-standing concern among investors and ethics watchdogs that lawmakers can trade on information they receive in their official capacity. A partial ban would be a meaningful step even if it stops short of the full prohibition that some reformers have sought, and its passage could affect how members structure their personal financial holdings going forward.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Quartz ›
         </a>
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       </td>
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      <tr>
       <td style="padding:0 24px;">
        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
        </div>
       </td>
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      <tr>
       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Senate Democrats demand probe into firing of IRS official who flagged audit interference risk
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          Senate Minority Leader Charles Schumer and Sen. Ron Wyden led a group of Democratic senators in urging the IRS inspector general to investigate the departure of Kenneth Kies, who served as assistant secretary for tax policy and acting IRS chief counsel. Kies was reportedly ousted after warning White House officials that certain requests could violate the legal prohibition on interference in IRS audits. For businesses and taxpayers, the case raises serious
questions about the independence of the nation's top tax enforcement agency and whether legal guardrails are being observed inside the administration.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Wall Street Journal 
›
         </a>
        </div>
       </td>
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       <td style="padding:0 24px;">
        <div style="border-top:1px solid #e3e6eb;line-height:1px;font-size:1px;">
        </div>
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       <td style="padding:12px 24px 12px;">
        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          Federal judge blocks New York City law requiring notice before ride-hail drivers are deactivated
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          U.S. District 
Judge Gregory Woods in Manhattan issued a preliminary injunction Tuesday blocking New York City from enforcing a law that would have required Uber and Lyft to give drivers advance notice before deactivating their accounts. The judge found the law unconstitutional, concluding the companies are likely to succeed in showing it protects a narrow class of drivers while severely impairing their contractual rights and ability to police platform safety. The ruling is a significant win for the gig-economy platforms ahead of the law's July 28 effective 
date, though consolidated lawsuits are ongoing.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at Reuters ›
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        <h4 style="margin:0 0 6px;font-size:19px;line-height:1.35;color:#17253d;text-align:left;">
         <a style="color: #17253d; text-decoration: none;">
          NYC Mayor Mamdani taps Lina Khan to chair city's Economic Development Corporation
         </a>
        </h4>
        <div style="font-size:16px;line-height:1.6;color:#121721;text-align:left;">
         <p style="margin:0;">
          New York City Mayor Zohran Mamdani appointed former 
Federal Trade Commission Chair Lina Khan to lead the city's Economic Development Corporation, placing one of the most prominent antimonopoly voices in American public life in charge of managing business growth in the country's largest city. Mamdani also named Tony Shorris, a longtime City Hall veteran and recent McKinsey partner, as the EDC's president and CEO. The pairing of a progressive antitrust crusader with a seasoned municipal operator signals an unconventional approach to economic development that will draw close attention from the 
business community.
         </p>
        </div>
        <div style="padding:8px 0 0;text-align:left;">
         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Wall Street Journal ›
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          Trump promotes $1,000 baby investment accounts, but some families are still waiting
         </a>
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          President Trump is set to speak at a Georgia high school 
Wednesday to promote Trump Accounts, tax-advantaged investment accounts seeded with $1,000 for every child born during his second term. The Treasury Department reports 6.5 million sign-ups, with 1.5 million eligible for the $1,000 seed funding for babies born between 2025 and 2028. Created through last year's tax and spending legislation, the accounts are managed by private firms investing in index funds. However, some parents say the promised funds have not yet arrived, complicating the administration's rollout of what it bills as a broad 
wealth-building initiative.
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         <a style="color: #121721; text-decoration: none; font-weight: 600; font-size: 14px;">
          Read more at The Associated Press ›
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