Washington Slaps 50% Canada Tariffs, Targets 60 Iran-Linked Entities
Updated
Updated · Saxo Bank · Aug 25
Washington Slaps 50% Canada Tariffs, Targets 60 Iran-Linked Entities
3 articles · Updated · Saxo Bank · Aug 25
Summary
A 50% US tariff on Canadian goods took effect after trade talks collapsed, and Ottawa immediately vowed equal retaliation.
Trump also said tariffs on autos, auto parts and steel will rise to 50% on Jan. 1, 2027, while Washington is preparing a 7.5% tariff on Chinese goods ahead of a Trump-Xi summit next month.
Treasury separately sanctioned nearly 60 Iran-linked entities, individuals and vessels tied to nuclear, missile, cyber and oil networks, with Secretary Scott Bessent signaling a major financial institution could be added this week.
Markets turned defensive around the policy moves: the Canadian dollar stayed under pressure, gold held near a three-month high after a roughly $350 four-day rally, and crude fell for a second day.
The broader backdrop was softer US momentum, with the Chicago Fed National Activity Index slipping to -0.08 in July from 0.06 in June as investors looked ahead to Jackson Hole and Nvidia earnings.