Uzbekistan faces $1.5 billion hit if Middle East tensions disrupt Iran trade route
Uzbekistan could lose up to $1.5 billion if escalating Middle East tensions disrupt vital trade and logistics routes through Iran, putting pressure...
Canada’s forestry heartland is fuming after the U.S. announced fresh tariffs on lumber that are now higher than those imposed on Russia — a country under Western sanctions for its war in Ukraine.
The Trump administration’s latest 10% duty, added to an existing 35% levy, is a major blow to one of Canada’s most important export industries. British Columbia Premier David Eby slammed the move as an “attack on Canadian workers” and demanded immediate federal aid to keep sawmills and logging communities afloat.
“Our friends south of the border, with whom we have worked and fought side by side, now give us worse market access than Russia,” Eby said on Tuesday. “It’s shocking, and it demands an emergency response from Ottawa.”
The forestry sector drives much of British Columbia’s economy, generating about 100,000 jobs and billions in exports to the U.S. — CAN$5.6 billion in wood products and CAN$1.05 billion in pulp and paper in 2024 alone.
Eby urged Prime Minister Mark Carney’s government to treat the situation with the same urgency shown toward Ontario’s auto and steel industries, warning that rural livelihoods are on the line.
The new tariffs also include a 25% duty on furniture and related goods, broadening the trade rift.
Carney met with U.S. President Donald Trump in Washington last week, leaving talks with cautious optimism after Trump promised Canada would “walk away very happy.” The sharp tariff hike, however, has left industry leaders questioning what went wrong — and whether political promises are being traded for populist protectionism.
At least 11 people were killed in Israeli strikes on southern Lebanon on Saturday, among the deadliest since a June ceasefire. Meanwhile, Qatar denied holding Iranian pilots. It said it had found the remains of one pilot after an airspace violation and had contacted Iran to coordinate a handover.
U.S. President Donald Trump says Washington is not seeking an extension of its memorandum of understanding with Iran, claiming the U.S. already controls the Strait of Hormuz through its naval blockade.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
Ukraine has targeted at least 20 Wildberries warehouses across Russia since 18 July, disrupting a major logistics network. Kyiv says the strikes aim to disrupt alleged military-linked supplies, while the attacks have caused billions of dollars in losses and wider economic pressure.
South Korea's presidential Blue House said on Monday it was reviewing U.S. President Donald Trump's comments on scaling back joint military drills. It added that it hoped a favourable relationship between Washington and Pyongyang could lead to meaningful talks.
Britain will continue to support Ukraine “100 per cent” against Russia’s invasion, Prime Minister Andy Burnham said on Tuesday, after Moscow warned London of consequences over reports that British-made drones had been used in strikes on Russian territory.
Russia has summoned Japan’s ambassador to Moscow and delivered a strong protest over what it called “anti-Russian” remarks by Japanese Prime Minister Sanae Takaichi and Foreign Minister Toshimitsu Motegi concerning four disputed islands.
Pakistan is turning to more U.S. crude as disruption around the Strait of Hormuz exposes the risks of its heavy reliance on Gulf energy supplies.
U.S. Forces Korea (USFK) Commander Xavier Brunson visited South Korea's Defence Ministry on Tuesday to discuss plans to scale back the joint Ulchi Freedom Shield military exercise, according to media reports.
European countries are stepping up investment in drones and counter-drone technology as unmanned systems reshape modern warfare, driving demand for new production and capabilities across the continent.
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