live Iran's Araghchi says Hormuz deal 'very close' but hinges on U.S. compensation
A deal on a new route for vessels through the Strait of Hormuz is "very close," Iranian Foreign Minister Abbas Araghchi has said, while warning that t...
President Donald Trump announced on Saturday plans to impose an extra 10% tariff on Canadian imports following a television advertisement aired by Ontario that used edited clips of former President Ronald Reagan to criticise U.S. tariffs.
The advert, which aired Friday night during the first game of the World Series, criticised U.S. trade policies using Reagan’s 1987 radio address. Trump said the Ronald Reagan Presidential Foundation and Institute confirmed the ad “misrepresents the Presidential Radio Address” and that permission for its use had not been granted. The foundation added that it was “reviewing its legal options.”
Trump condemned the advert as a “serious misrepresentation” intended to sway the U.S. Supreme Court ahead of a key hearing on his authority to impose tariffs. He wrote on Truth Social:
“Their advertisement was to be taken down immediately, but they let it run last night during the World Series, knowing that it was a fraud. Because of their serious misrepresentation of the facts, and hostile act, I am increasing the tariff on Canada by 10% over and above what they are paying now.”
It remains unclear what legal authority Trump will use to implement the additional import taxes or when they will take effect. The White House has not commented on the scope or timeline of the increase.
Trade tensions and economic impact
Canada’s economy has already been hit hard by existing U.S. tariffs. Many Canadian exports face 35% duties, while steel and aluminium are taxed at 50%. Energy exports are subject to lower rates of around 10%, while most products compliant with the United States–Mexico–Canada Agreement (USMCA) remain duty-free.
Trump and Canadian Prime Minister Mark Carney are both due to attend the ASEAN Summit in Malaysia this week, but Trump said he has no plans to meet his counterpart there.
Economists warn that maintaining or expanding tariffs could further strain North America’s supply chains. Steel and aluminium are essential for industries including car manufacturing, construction, and home appliances — meaning higher costs for U.S. consumers are likely.
In June, Trump suspended talks with Canada over a proposed Digital Services Tax targeting U.S. tech firms, which Ottawa later scrapped under Washington’s pressure. With trade negotiations now frozen, analysts expect current tariffs to remain in place for the foreseeable future.
Last year, the U.S. ran a $63 billion trade deficit with Canada, according to the Office of the U.S. Trade Representative. Canada remains America’s second-largest trading partner, with about three-quarters of its exports headed south of the border.
An agreement between Iran and the U.S. to reopen the Strait of Hormuz is expected "soon," a U.S. official has said. The deal would result in the resumption of commercial shipping through the sea passage and the lifting of an American naval blockade on Iranian ports.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 8th of August, covering the latest developments.
U.S. President Donald Trump said negotiations to reopen the Strait of Hormuz are progressing and suggested an agreement with Iran could be reached “soon”.
A deal on a new route for vessels through the Strait of Hormuz is "very close," Iranian Foreign Minister Abbas Araghchi has said, while warning that the reopening of the waterway depends on the U.S. meeting other conditions, including paying compensation to Iran.
Typhoon Dolphin lashed Japan’s southern Okinawa prefecture on Saturday, injuring six people, disrupting flights and leaving more than 50,000 buildings without power, as China shut ports and suspended transport services ahead of the storm’s expected arrival on its east coast.
Global food commodity prices rose in July to their highest level since January 2023, driven by higher cereal, sugar and vegetable oil prices, according to the UN Food and Agriculture Organization (FAO).
Ukrainian President Volodymyr Zelenskyy said Ukraine is increasingly penetrating Russia's air-defence network, as both sides stepped up overnight strikes on energy, logistics and port infrastructure.
Türkiye has started restricting commercial ship traffic into the Black Sea due to the government's increasing concern about a surge in Russian and Ukrainian attacks on ships, Bloomberg News has reported, citing unnamed sources.
Taiwan’s cabinet is set to propose a 16 per cent annual increase in defence spending for 2027, taking the total above T$1 trillion ($31 billion) for the first time, according to the official Central News Agency.
Spain checked around 200 travellers arriving from Italy on the first day of reintroduced border controls, following a dispute between the two countries over irregular migration.
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