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Europe
The Guardian

Donald Trump to impose 50% tariff on most Canadian goods, White House says

Donald Trump at the White House in Washington DC on 14 July 2026. Photograph: Graeme Sloan/Pool/Graeme Sloan - Pool/CNP/ShutterstockView image in fullscreenDonald Trump at the White House in Washington DC on 14 July 2026. Photograph: Graeme Sloan/Pool/Graeme Sloan - Pool/CNP/ShutterstockTrump tariffsDonald Trump to impose 50% tariff on most Canadian goods, White House saysTurmoil likely as Trump officials say Canada unfairly discriminated against US autos, alcohol and dairy products Donald Trump is imposing 50% tariffs on most Canadian goods in response to the country retaliating against previous US tariffs, the White House announced Monday, declaring Canada has unfairly discriminated against American cars, alcohol and dairy products. The tariffs will hit a wide range of products, the White House said, including wine, hockey sticks and cement. They also include goods previously protected from import taxes under the United States-Mexico-Canada (USMCA) agreement. The new tariffs will exclude energy products, fish, critical minerals and potash. They also exclude products already subject to tariffs aimed at protecting national security, such as steel and aluminum. The steep tariffs will probably unleash a new wave of economic chaos, with risks of higher inflation and further fraying of relations between two nations that had been closely woven together before Trump’s return to the White House. The Canadian prime minister, Mark Carney, said in a statement that his government has made comprehensive proposals ‌to resolve trade disputes with Washington, asserting that Trump’s past tariffs violated ‌a trade pact between the two countries. “This trade dispute has raised costs for families, particularly in the US,” he said. “Canada stands ready to engage intensively to address outstanding issues with the US to the mutual benefit of our citizens.” The White House said the tariffs will go into effect in 30 days, leaving time for possible negotiations between the two countries. Trump signed three proclamations to launch the tariffs under Section 338 of the 1930 Trade Act. Several Democratic lawmakers last year proposed repealing the section because they said Trump could use it to destabilize the economy. A White House fact sheet claims Trump is “taking action to hold Canada accountable for its continued discrimination against and unreasonable and unequal treatment of U.S. commerce that has burdened and disadvantaged hardworking Americans”. Trump claims in the proclamations that Canada discriminates against American automobiles, alcohol and cheese relative to other nations, but his argument rests in large part on retaliatory actions taken by Canada after the US president imposed tariffs on Canada under the pretext that it should do more to stop fentanyl smuggling into the US. Trump noted in his autos proclamation that Canada maintained, starting in April 2025, a 25% tariff on the imports of US motor vehicles that did not qualify for preferential treatment under the USMCA.

Donald Trump to impose 50% tariff on most Canadian goods, White House says
Europe
BBC Business

UK complacent about war threat, warns defence boss

Image source, Getty ImagesBySimon JackBusiness editorPublished4 hours agoThe UK has been too complacent about the risk of foreign attack, the boss of Europe's biggest defence contractor BAE Systems has warned. Dr Charles Woodburn told the BBC in an exclusive interview that the level of threat was the highest he'd seen in his lifetime. He welcomed the recent boost to defence spending but said much more would be needed to hit the government's commitment to spend 3.5% of GDP on defence by 2035. He also warned we were not far from the use of autonomous lethal weapons by countries that may not follow the UK's policy of maintaining human control. In a rare interview, Woodburn told the BBC the reality of modern warfare had "changed quite profoundly" and that UK defence spending had to change with it. He said Russia and Ukraine had become "incredibly adept" at using autonomy in the form of drones and counter drones. "It's something that we now have to really understand and make sure that we're able to provide the capabilities that can counter that and deter aggression," he said. BAE Systems unveiled a life-size model of an unmanned fighter jet in front of the new Defence Secretary Wes Streeting at the Farnborough International Air Show. Four of these so-called Collaborative Combat Aircraft will accompany a manned fighter to massively increase firepower but at just 20% of the cost of a piloted aircraft. However, Woodburn said there was still a role for the traditional battleships and submarines that BAE has been manufacturing for decades. "If you look at what our adversaries are building, they're also building significantly large platforms - aircraft, ships, submarines. And they're supplemented by some of these unmanned capabilities." It is the combination of the two that has the "winning" formula, he said. It is hardly surprising that the boss of a defence company would like to see more defence spending. But Woodburn said the UK had been complacent for some time about the level of threat it faced - particularly from Russia.

UK complacent about war threat, warns defence boss
Europe
BBC Business

UK mortgage rates rise to highest level for a month

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoUK average mortgage rates have risen back to the level of a month ago as renewed tensions in the Middle East feed through to homeowners. Lenders' funding costs have increased as markets judge that a prolonged conflict reduces the possibility of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders which have increased their interest rates on new fixed deals in recent days. Recent projections by the Bank of England suggest just over five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028. Mortgage rates had been falling as a ceasefire between the US and Iran initially appeared to hold. But fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Oil prices hit $100 a barrel for the first time since May on Thursday after several days of increases, stoking fears of higher inflation and a lower likelihood of interest rate cuts. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. The average rate on a new two-year fixed deal is 5.58%, according to financial information service Moneyfacts. Although it has risen consistently in recent days, it remains below the Iran war peak in April of 5.9%. A modern browser with JavaScript and a stable internet connection is required to view this interactive. The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given. This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula dependent on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender.

UK mortgage rates rise to highest level for a month
North America
CNBC Finance

The FDA made a big reversal in its cyclosporiasis probe, but it still thinks iceberg lettuce is to blame

The Food and Drug Administration's reversal on a key piece of its cyclosporiasis investigation has sparked confusion in the U.S., but the agency said Monday that it has not changed its main conclusions about the outbreak. The agency said Sunday a test that indicated a sample of iceberg lettuce supplied by Taylor Farms de Mexico carried the cyclospora parasite was a false positive. However, that only applies to one specific shipment of lettuce supplied by the company, which the agency does not believe was the vehicle that sickened more than 1,600 people and potentially thousands of others. In a Monday clarification, the agency said its false positive does not change its prior conclusion that the outbreak is linked to shredded iceberg lettuce from central Mexico supplied by Taylor Farms, which was also served at some Taco Bell locations. The agency is still advising Americans not to eat recalled iceberg lettuce. "FDA's traceback investigation and outbreak data continue to converge on shredded iceberg lettuce from Taylor Farms locations in central Mexico," it said in a statement. "FDA will continue to work with federal and state partners to investigate this multistate outbreak and ensure products implicated in this outbreak have been removed from the market." Investigators are continuing to examine what exactly caused the outbreak, which can lead to symptoms similar to a bad stomach bug for days or even weeks. CNBC has reached out to the FDA for details on the next phase of the investigation, including whether additional ingredients or suppliers are under scrutiny and whether the agency expects to issue further guidance. The agency has not yet responded. The false positive test comes as the developing investigation creates uncertainty for both consumers and the food industry. While the FDA has said not to eat iceberg lettuce from Taylor Farms, some diners have stayed away from salads altogether as the number of cases rises. "Unfortunately, this latest development may add further confusion to what has already been a complex situation for consumers," said Frank Yiannas, former deputy commissioner of food policy and response at the FDA. Though industry analysts do not expect the outbreak to have a long-term impact on Taco Bell or other restaurant chains, it could at least temporarily hit sales, based on foot traffic data, and cause a one-to-two quarter hit for companies linked to it. Foot traffic at Taco Bell sank roughly 19% on Friday compared to the day-of-the-week average so far this year, according to data from research firm Placer.ai. In foodborne outbreak investigations, a false positive can happen when an initial screening signal isn't reproduced during confirmation testing. Some doctors have pointed out that cyclospora is particularly challenging to recreate in the lab. But it has not caused a shift in how public officials view the root of the outbreak. The Department of Health and Human Services in Michigan, where the outbreak has seen explosive growth, says it continues to recommend that people purchase whole heads of lettuce rather than pre-washed, bagged or pre-mixed salad kits. The agency added that based on interviews with more than 2,000 infected patients, many of them did not report eating lettuce at a restaurant, though they frequently said they ate the leafy green in some setting.

The FDA made a big reversal in its cyclosporiasis probe, but it still thinks iceberg lettuce is to blame
North America
Yahoo Finance

Nasdaq, Dow, S&P 500 Futures Edge Higher Ahead Of Key Earnings Week Even As Middle East Tensions Continue: DJT, NVDA, SLS, PANW Stocks In Focus

U.S. stock futures climbed higher in the overnight session late Sunday ahead of a key earnings week, even as the conflict between the U.S. and Iran escalated over the weekend. Nasdaq-100 futures climbed 0.45%, Dow futures were up 0.04%, and S&P 500 futures rose 0.14% at 9:11 PM EDT. All three benchmark indexes closed lower on Friday amid a selloff in chip stocks and growing concerns over AI spending. The Nasdaq Composite led the declines, shedding more than 360 points to close 1.40% lower. The S&P 500 was down 1.01%, while the Dow closed 0.77% lower. The Nasdaq, S&P 500 and Dow indexes also posted the worst week this quarter, tumbling nearly 3%, 1.55% and nearly 1%, respectively. Additionally, the VanEck Semiconductor ETF (SMH) tumbled nearly 9% last week as Taiwan Semiconductor’s capex hike weighed heavily on chipmakers. Chief market technician at BTIG, Jonathan Krinsky, said semiconductor companies could slip even further from here. “They could certainly bounce here in the short term, but we don’t see signs of (any) kind of that real big washout that you’re looking for,” Krinsky told CNBC on Friday. U.S. markets recovered overnight ahead of Monday, as investors watch for key earnings results this week. Two “Magnificent Seven” members, Alphabet Inc. (GOOG, GOOGL) and Tesla Inc. (TSLA), are slated to report their second-quarter (Q2) results on Wednesday. Meanwhile, chip giant Intel Corp. (INTC) will also report its Q2 results later this week, on Thursday. Meanwhile, tensions in the Middle East escalated over the weekend, with the U.S. launching its ninth consecutive strike on Iran late Sunday. “CENTCOM began conducting a new wave of strikes against Iran at 7 p.m. ET today for the ninth consecutive night. The strikes will continue degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz,” the U.S. Central Command said in a post on X. Over the weekend, a third U.S. service member died in the recent conflict in the Middle East. After initially reporting two deaths and one missing service member following an Iranian attack in Jordan on July 17, CENTCOM said that U.S. forces later confirmed the death of the third member. Iran’s Deputy Foreign Minister Kazem Gharibabadi said in a post on X, “The U.S. attack on the under-construction facilities of the Darquoin power plant is a dangerous assault on Iran's peaceful infrastructure and fully implicates the U.S. government in the consequences stemming from heightened insecurity and instability. Iran, while issuing a resolute condemnation of this aggression, will take appropriate measures to defend its national interests and security.” Meanwhile, oil prices soared amid the flare-up of conflict between the two nations, rising above $90 a barrel.

Nasdaq, Dow, S&P 500 Futures Edge Higher Ahead Of Key Earnings Week Even As Middle East Tensions Continue: DJT, NVDA, SLS, PANW Stocks In Focus
Europe
BBC Business

Gary Lineker among millionaires asking Andy Burnham to tax them more

Image source, Getty Images / ShutterstockImage caption, (left to right) Gary Lineker, Val McDermid and Gary Stevenson are some of the signatories asking to be taxed more. Millionaires including former footballer Gary Lineker and music producer Brian Eno have written to new prime minister Andy Burnham asking to be taxed more. In an open letter, 120 well-off Britons told Burnham: "We can afford it. We're not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold." Organised by Patriotic Millionaires, the letter said it would lead to a more equal society, and urged a "devolution of wealth and power from the very richest". People can already give money or stocks voluntarily to the Treasury using a donation facility. Conservative leader Kemi Badenoch said Lineker is "very welcome to pay more tax he can write a cheque to the Treasury, no one is stopping him." "Millionaires are a patriotic bunch," the letter states. "We love this country and we want it to succeed. "But success requires investment and a primary source of untouched capital investment is sitting with us, in untaxed potential." Other signatories include Richard Curtis, director of Notting Hill and Ian Gregg, the former managing director of Greggs and son of the bakery chain's founder. Scottish crime writer Val McDermid and former financial trader turned equality campaigner Gary Stevenson also signed the letter. Chief Secretary to the Treasury, Emma Reynolds, said she would welcome UK millionaires increasing the amount of tax they pay but said any major changes would be announced during a Budget. "I welcome the fact that people of good means are saying that they want to pay more. They can pay more," she said and pointed to the Treasury's donation link. The renewed call for higher tax on the wealthy follows a similar campaign in previous years.

Gary Lineker among millionaires asking Andy Burnham to tax them more
Europe
BBC Business

We split bills equally even when one of us earned a lot more

Hannah and Max have always split their money equally even when one has earned considerably more than the other. "We've always wanted to do things 50/50," Max, 31, says. "We made a commitment to each other that what's mine is yours, and vice versa." The couple got married after two years together, when Max was earning £70,000 a year working in tech, and Hannah, who works in the charity sector, was earning considerably less. Their salaries go into a joint account and their mortgage, bills, food, petrol and other household costs are paid out of this. If one of them wants to buy clothes, make-up or go to the pub they can do that without feeling watched and "it means we aren't accountable to each other for those things", says Max. They also divide money into different pots, including savings and smaller funds for predictable spending like haircuts. The pair came into the relationship with very different attitudes to money - Hannah's family discuss finances openly whereas for Max, "money was totally taboo". "We never spoke about money so as an adult I was left without any knowledge of things like what's a good salary or how to negotiate my pay," he says. When it came to buying a home together they had to be honest about how much they earned, how much they had for a deposit and what they could realistically afford. "As first-time buyers, there are costs you don't think about, like stamp duty and solicitor fees, so it was important we both knew exactly how much money we had," Hannah says. "Just this morning we were talking about what we can do to help improve our financial situation in the future," Hannah says. Research from wealth manager Quilter suggests almost half of couples do not share financial planning equally, with 46% acting alone in some way and more than one in 10 leaving one partner solely responsible.

We split bills equally even when one of us earned a lot more
Europe
BBC Business

Ryanair profits drop as Iran war puts off passengers and lifts fuel costs

Image source, Getty ImagesByEmer MoreauBusiness reporterPublished20 July 2026, 08:26 BSTUpdated 1 hour agoRyanair's profits have fallen sharply as war in the Middle East sent jet fuel prices soaring and customers reluctant to book flights. The Irish airline's pre-tax profits dropped 34% to €593m (£503m) between April and June while sales were flat as the company was forced to cut fares to stimulate demand. Ryanair also said it expects summer fares to be slightly lower than last year due to "consumer hesitancy" around air travel. The price of fuelling a plane has jumped since the US and Israel launched strikes against Iran in February and while Ryanair said it had "hedged" or struck deals for the most future fuel costs, those not included in these arrangements had more than doubled. Crude oil prices hit $90 (£67) a barrel for the first time in a month on Monday, before falling back slightly, after a weekend of intense exchanges of fire between the US and Iran. Traffic through the Strait of Hormuz — an essential route for global oil and gas supplies — has ground to a halt. An interim peace deal last month brought some respite to oil and energy prices, but they spiked again as negotiations broke down and fighting resumed. The airline warned that its results for the year will be "highly sensitive" to external factors such as conflict escalation in the Middle East and Ukraine as well as the price of unhedged jet fuel. Fares for for the key summer period between July and September are on track to be "modestly" lower than last year, with many passengers booking closer to departure than normal. The firm's finance chief, Neil Sorahan, said flights on its popular Mediterranean routes were still full. "People [are] as keen to get away as ever, albeit booking just a little bit later," he said. While passenger numbers rose 6% to 6.1 million- helped by the Easter holiday in April - fares fell by 6% as the airline reduced fares to entice flyers concerned about the Iran war. Russ Mould, investment director at AJ Bell, said Ryanair was in a better position than many of its rivals, but nonetheless "visibility is worse than San Francisco airport when the fog sets in".

Ryanair profits drop as Iran war puts off passengers and lifts fuel costs
Asia
The Hindu BusinessLine

Coal India’s profit may dip as Iran war lifts mining costs

State-run miner Coal India Ltd.’s first-quarter profit likely declined marginally from a year earlier, led by costlier raw materials, such as explosives and diesel following the Middle East war. Average of estimates point to a profit of ₹8,640 crore ($895 million), about 1 per cent lower than a year earlier, according to analyst views compiled by Bloomberg. Higher expenses may wipe out gains from stronger demand during the quarter. The company said in April that it was absorbing higher costs to avoid a “cascading effect” on the economy. The war resulted in an effective closure of the Strait of Hormuz, a key supply route for energy and commodities to India, causing shortages of fuels such as diesel, natural gas, and cooking gas and leading to a surge in prices. At the start of April, the cost of explosives used for blasting layers of soil sitting over mineral deposits had risen 26 per cent from pre-war levels, while price of diesel, used to fuel mining machinery, had risen by about half since the middle of March, according to Coal India. Operationally, the quarter was marked by sales growth as demand for electricity to run cooling appliances was stronger during summer. While shipments rose nearly 4 per cent from a year earlier, the miner also sold more coal in auctions that fetched a 44 per cent premium over base prices. Peak electricity demand posted new records during the period, pushing utilization at the country’s coal power plants upward and boosting generation by 8 per cent from a year earlier, power ministry data show. Still, the fuel’s contribution in India’s generation during the quarter remained flat at around 70 per cent, while renewables gained more ground with a record 19 per cent share. That kept Coal India’s unsold inventory at elevated levels, forcing the miner to cut output by about 8 per cent during the quarter. Rapid deployment of renewables as well as rising competition from other miners has challenged Coal India’s dominant position in India’s coal market. Even though coal is expected to remain an important part of the country’s energy mix for at least a decade, challenges on the horizon have pushed Coal India to diversify into renewables and mining critical minerals. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Coal India’s profit may dip as Iran war lifts mining costs