Canada trade war jeopardizing key Senate battleground states for GOP, experts claim
Republicans are staring down a trade war of their own making -- and it could cost them the Senate.
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Republicans are staring down a trade war of their own making -- and it could cost them the Senate.
Canada might seem an unlikely target for a U.S. trade war
Joint declaration at BRICS urges need to work together to maintain smooth flow of global trade, supply chains and energy
Republican candidates in some of the nation’s most competitive races are treading carefully as local industries brace for President Trump’s tariffs.
Trade between India and China has nearly doubled in five years, leaving New Delhi with a widening deficit and a difficult choice over how to build its industrial future.
Canada’s buy-local movement remains strong, but new tariffs could test how much more shoppers are willing to pay.
The record price of diesel threatens to stoke inflation at a time when consumers are already price-sensitive and businesses are reeling from higher costs due to trade tensions. Why it matters: Diesel is a key cost throughout the supply chain, meaning soaring prices could eventually show up in what consumers pay for everything from groceries to household goods.Driving the news: The national average price of a gallon of diesel topped $6 for the first time ever, AAA said Friday, Axios' Ben Berkowitz reports.That's up 60% from a year earlier.Between the lines: Food prices could be among the first places consumers feel the ripple effects, executives said this week.At grocery chain Kroger, which has been trying to keep a lid on prices: "I would expect that the pressure is actually going to mount," CEO Greg Foran said Friday on an earnings call.At pork producer Smithfield Foods: "That impact is beginning to flow through in the second half of the year," CFO Mark Hall said Thursday.At Hormel Foods: "With the Iran war and the spike in diesel costs, that's been something we've had to confront," interim CEO Jeffrey Ettinger said Wednesday.But the effects extend well beyond food.For example, at Newell Brands — whose portfolio includes Rubbermaid, Sharpie and Coleman — the inflationary impacts of energy costs have far exceeded the company's initial estimates."It's either resin, which is obviously dependent on the price of oil, or it is direct transportation costs, i.e., diesel," CFO Mark Erceg said Tuesday.The big picture: Energy prices have spiked since President Trump launched the war with Iran, which prompted the closure of the Strait of Hormuz, a key shipping lane.The latest Energy Information Administration outlook expects retail diesel to average $4.40 a gallon in 2027, up 33 cents, or 8.2%, from its previous forecast of $4.07, Axios' Rebecca Falconer and Ben Geman reported.The average price of unleaded gasoline has also spiked, rising by $1.11 over the last year to $4.30 per gallon as of Friday, according to AAA.By the numbers: 47 of the 50 states have experienced an increase in average diesel prices of more than $2 per gallon over the last year, according to GasBuddy analyst Patrick De Haan.The economy is facing an extra $300 million in diesel costs every 24 hours.California is poised to become the first state with average diesel prices above $8 — with many stations already above $9, according to GasBuddy.The bottom line: Record diesel prices are turning the energy shock into a broader cost shock for businesses and consumers.
Ontario Premier Doug Ford said on Thursday that he hopes Republicans in the U.S. lose both the House and Senate in the upcoming midterm elections, according to reports.
The European Commission has sought the Council's approval to sign and conclude the landmark FTA, which would cut tariffs on 96% of EU goods exports to India
Central bank digital currencies can make cross-border faster and more efficient, said Herman Gref, CEO and chairman of the executive board of Sberbank.
Iranian President Masoud Pezeshkian and Russian President Vladimir Putin criticized Western sanctions and asked the BRICS bloc to deepen trade ties.
Why Patagonia might become a new data center hub
India and the EU are nearing a landmark free trade agreement, with the European Commission seeking approval.
First Thing | Commemoration ceremonies to be held around the world for the nearly 3,000 killed in 2001 terror attack on US. Plus, JD Vance sets out his stall as heir to Donald TrumpGood morning. It is a sombre day for the nation as people gather to mourn and remember the nearly 3,000 victims of the attacks on September 11 2001, when 19 al-Qaida hijackers seized control of four airliners, slamming two of the planes into the World Trade Center, one into the Pentagon in Arlington, Virginia, and the fourth into a field in western Pennsylvania.We have comprehensive coverage of the anniversary, which will be marked by ceremonies around the world. There are stories of the day from people who were there. Stanley Praimnath and Brian Clark were two of only four individuals known to have survived above the impact zone in the south tower, and they spoke to our Washington bureau chief David Smith. Anna Sweeney Rossman was five when her mother, Amy Sweeney, a flight attendant, was killed onboard American Airlines flight 11, and she spoke to Ramon Antonio Vargas about how the events of that day have cast a shadow on her life.Donald Trump’s promise of a $5,000 “Trump dividend” for every US citizen if Republicans retain control of the US Congress in November’s midterm elections has sparked incredulity and accusations of bribery.With his approval rating at a historic low, Trump brought down the curtain on the Republicans’ first ever midterm convention by pleading with supporters to do him “the biggest favor” and “pretend” they are voting for him in November’s US elections.JD Vance, meanwhile, made a clear pitch that he should be the heir to Trump with a blistering speech that featured exaggerated claims of success, criticism of the Democrats as “lunatics” and an aggressive dismissal of a protester waving a Mexican flag.A US appeals court has rejected Trump’s attempt to impose sweeping restrictions on mail-in voting before November’s high-stakes midterm elections, dealing a fresh blow to the president’s attempted crackdown.Anthropic has detailed efforts by bad actors to misuse its AI for the production of bioweapons. More researchers and staff members at the AI startup have posted their own dire warnings about the safety of the technology, but Elon Musk called the chorus of concerns a “setup” and a “psyop”.California has adopted what Gavin Newsom described as “nation-leading” legislation that bans addictive social media features for young users, regulates companion chatbots and implements new safeguards around AI.Sales of previously occupied US homes declined in August to their slowest annual pace in more than a year as home shoppers grappled with rising mortgage rates and home prices. Continue reading...
The two-day retreat comes as U.S. President Donald Trump ratchets up an ongoing trade war by moving to ban some Canadian imports, including alcohol and some dairy products.
Ontario Premier Doug Ford says he hopes Republicans lose the House and Senate in the midterms to hold President Donald Trump accountable for the trade war with Canada.
President Trump's tariff standoff with Canada is rankling some key voters ahead of this year's midterm elections.
India has sought deeper trade within the 11-member bloc, including greater access for goods, services and skilled professionals, as Brics looks to build more resilient supply chains and reduce barriers to commerce.
Brussels' suspension of Brazilian meat imports undermines key benefits of the EU-Mercosur trade deal which Brazil paid a high price to secure, the country’s ambassador to the EU has said.
Saudi Crown Prince Mohammed bin Salman (MBS) called President Trump twice Thursday, urging him to launch strikes against the Houthis as the Iran-backed group closed in on a vital Red Sea chokepoint, two U.S. officials told Axios.Trump declined, and U.S. officials stressed the administration has no plans to intervene directly against the Houthis for now.Why it matters: Oil prices surged Thursday as the Houthis seized a strategic coastal city in Yemen, pushing them closer to the Bab al-Mandab Strait — a vital artery for global trade and Saudi oil exports.With Iran already disrupting traffic through the Strait of Hormuz, Houthi control of Bab al-Mandab could give Tehran a powerful new point of leverage over the U.S. and its Gulf allies.Driving the news: The U.S. is concerned about the rapidly escalating fight in Yemen and is stepping up support for Saudi Arabia while trying to avoid direct military involvement.Adm. Brad Cooper, the commander of U.S. Central Command, traveled to Saudi Arabia on Thursday for urgent coordination meetings, two sources with knowledge of the matter said.The Saudi embassy in Washington and the White House declined to comment. Catch up quick: The Saudi-Houthi confrontation reignited in July after Riyadh prevented an Iranian plane carrying senior Houthi officials home from the funeral of former Iranian Supreme Leader Ali Khamenei from landing in Sanaa.MBS asked Trump for political backing to strike the Sanaa airport, but made clear Saudi Arabia did not need U.S. military assistance. Trump gave him his support.The Houthis retaliated by attacking Saudi tankers in the Red Sea, threatening a crucial route for the kingdom's oil exports, and later expanded their attacks to Saudi energy facilities.Saudi Arabia and its Yemeni allies responded with airstrikes and ground offensives against Houthi positions.Behind the scenes: Saudi Arabia's request for direct U.S. military action marks a sharp reversal from July, when Riyadh told Washington it could handle the Houthis on its own.As the fighting intensified, however, the Saudis began seeking increasing levels of U.S. support.U.S. military and civilian officials have told their Saudi counterparts in recent weeks that Trump's directive is to keep American forces focused on Iran and the Strait of Hormuz — and avoid opening another front, sources familiar with the discussions said.On Thursday, as Houthi forces advanced on the coastal city of Mokha and Saudi-backed Yemeni forces retreated, MBS called Trump to brief him on the deteriorating situation, U.S. officials said.Several hours later, MBS called again and urged Trump to order U.S. strikes against the Houthis.Trump declined, but a U.S. official said the administration will provide Saudi Arabia with intelligence on the Houthis and targeting data.Roughly 200 U.S. military personnel are already in Saudi Arabia providing non-kinetic support, the official said.What they're saying: A senior Trump administration official signaled that Washington's priority is keeping the Red Sea open while leaving the broader fight to its regional partners."The United States is focused on protecting our core national security interests — such as ensuring freedom of navigation in the Red Sea — while empowering our regional partners to take the lead in managing and resolving regional security challenges," the official said."We are in continuous dialogue with Saudi Arabia and the Republic of Yemen Government regarding regional stability."
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Days after the US announced new trade measures against Canada, Prime Minister Mark Carney on Thursday said that his government is not planning to retaliate and is instead focusing on strengthening domestic economy.
Korea's exports surged nearly 83 percent year-on-year in the first 10 days of September, customs data showed Friday, driven by robust semiconductor shipments amid the global artificial intelligence (AI) boom. Outbound shipments reached $35 billion in the Sept. 1-10 period, according to the numbers released by the Korea Customs Service. The customs agency said exports reached the highest level for the first 10 days of September on record. Imports rose 20.7 percent year-on-year to $24.6 billion over the cited period, resulting in a trade surplus of $10.4 billion. Semiconductors led the overall gains, soaring 270 percent to $16.5 billion, also setting a fresh high for the period. Outbound shipments of petroleum products jumped 57 percent to $1.87 billion, while automobile exports increased 10 percent to $1.7 billion. Exports of ships and steel products also shot up 66.8 percent and 10.3 percent, respectively, the report showed. By destination, exports to China doubled to $7.95 billion, while those to the United States increased 137.5 percent to $7 billion. The country's total exports from Jan.
President Trump’s levies on a long, eclectic list of products from Canada have companies scrambling to figure out if their supply chains are affected.
New Brunswick Premier Susan Holt announced new measures to "help mitigate" the latest rounds of U.S. tariffs.
Canadian pop rock group Barenaked Ladies were recruited for the Sept. 17 anthem performance
President Donald Trump on Wednesday proposed a $5,000 "Trump dividend" payment to U.S. adults if his Republicans retain control of the House of Representatives and the Senate in the November 3 midterm elections. Here is what we know about Trump's pledge: Who would get the money and where would it come from? Trump said the checks would go to all adult U.S. citizens -- about 240 million people, according to the U.S. Census. That would cost a total of $1.2 trillion. Vice President JD Vance suggested on Fox News after Trump's speech that the U.S. government could draw on tariff revenue, which has been juiced by Trump's trade wars. The Congressional Budget Office estimates the government has taken in $167 billion so far in the fiscal year that ends September 30 -- not nearly enough to cover the cost of Trump's proposed giveaway. The payments would instead widen the government's budget gap, which is already at a level that alarms budget watchdogs. CBO estimates the government will spend $2.1 trillion more than it collects in revenue in the current fiscal year and projects that figure will grow i