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Canada's counter-tariffs on US products took effect Tuesday as trade tensions escalate between the North American neighbors. The tariffs cover $20 billion of goods affecting 700 products across multiple industries, matching US tariffs dollar-for-dollar. The move follows the collapse of trade talks in late August, with US officials threatening further retaliation.China's exports rose 25% year-on-year in August, accelerating from July's 23.9% growth, the General Administration of Customs said on Tuesday. Imports swelled 28.2% year-on-year, faster than July's 27.5%, driven by global demand for technology products amid a worldwide AI buildout.Yemen's Houthis launched attacks on four southern Saudi cities, wounding 73 people including women and children, the Saudi-led coalition said on Tuesday. The coalition spokesperson vowed a firm response to what he called a dangerous escalation by the Iran-backed militia.Starting Tuesday, companies must post cash deposits equal to 99.2% of the value when importing the chemical from Japan, according to Beijing's Commerce Ministry. China said the Japanese imports were priced artificially low. Japan's chief cabinet secretary said the government would work to prevent unfair harm to Japanese companies.With the midterm elections two months away in November, President Donald Trump's low approval ratings are imperiling Republican chances of maintaining their narrow majorities in Congress. Midterm elections typically serve as a referendum on the sitting president, according to election experts.President Donald Trump threatened Monday to block US sales of Canadian aircraft maker Bombardier unless it shifts production to the country, citing "unjust and unfair" bilateral trade provisions. The threat comes as Canada prepares to impose retaliatory tariffs on US goods beginning Tuesday, and marks the second major action by Trump against the manufacturer this year.Ursula von der Leyen, the European Commission president, announced 200 million euros in Greenland investments during a visit to the Arctic territory. The EU has proposed doubling direct aid to Greenland under its next budget, with funds targeting critical minerals, satellite communications and renewable energy.Oil prices climbed on Tuesday as Iran threatened retaliation against U.S. attacks, raising concerns about prolonged disruption to shipments through the Strait of Hormuz. Brent crude futures rose to $97.34 a barrel and U.S. West Texas Intermediate to $92.63, with Goldman Sachs raising its price forecasts for late 2026 and 2027.Moscow's three-day ceasefire, which President Vladimir Putin had ordered, ended late Monday with fresh strikes against the capital. The pause had aligned with diplomatic visits to both countries by Trump administration envoys Steve Witkoff and Jared Kushner, who were seeking pathways to peace.Ruslan Kravchenko, Ukraine's prosecutor general, submitted his resignation Monday, citing political reasons and saying the position should not be used as an instrument of political confrontation. Anti-graft agencies NABU and SO uncovered a criminal organisation dealing with fraudulent call centres allegedly arranged by an official within the Prosecutor General's Office, though Kravchenko denied involvement.Canada's counter-tariffs on US products took effect Tuesday as trade tensions escalate between the North American neighbors. The tariffs cover $20 billion of goods affecting 700 products across multiple industries, matching US tariffs dollar-for-dollar. The move follows the collapse of trade talks in late August, with US officials threatening further retaliation.China's exports rose 25% year-on-year in August, accelerating from July's 23.9% growth, the General Administration of Customs said on Tuesday. Imports swelled 28.2% year-on-year, faster than July's 27.5%, driven by global demand for technology products amid a worldwide AI buildout.Yemen's Houthis launched attacks on four southern Saudi cities, wounding 73 people including women and children, the Saudi-led coalition said on Tuesday. The coalition spokesperson vowed a firm response to what he called a dangerous escalation by the Iran-backed militia.Starting Tuesday, companies must post cash deposits equal to 99.2% of the value when importing the chemical from Japan, according to Beijing's Commerce Ministry. China said the Japanese imports were priced artificially low. Japan's chief cabinet secretary said the government would work to prevent unfair harm to Japanese companies.With the midterm elections two months away in November, President Donald Trump's low approval ratings are imperiling Republican chances of maintaining their narrow majorities in Congress. Midterm elections typically serve as a referendum on the sitting president, according to election experts.President Donald Trump threatened Monday to block US sales of Canadian aircraft maker Bombardier unless it shifts production to the country, citing "unjust and unfair" bilateral trade provisions. The threat comes as Canada prepares to impose retaliatory tariffs on US goods beginning Tuesday, and marks the second major action by Trump against the manufacturer this year.Ursula von der Leyen, the European Commission president, announced 200 million euros in Greenland investments during a visit to the Arctic territory. The EU has proposed doubling direct aid to Greenland under its next budget, with funds targeting critical minerals, satellite communications and renewable energy.Oil prices climbed on Tuesday as Iran threatened retaliation against U.S. attacks, raising concerns about prolonged disruption to shipments through the Strait of Hormuz. Brent crude futures rose to $97.34 a barrel and U.S. West Texas Intermediate to $92.63, with Goldman Sachs raising its price forecasts for late 2026 and 2027.Moscow's three-day ceasefire, which President Vladimir Putin had ordered, ended late Monday with fresh strikes against the capital. The pause had aligned with diplomatic visits to both countries by Trump administration envoys Steve Witkoff and Jared Kushner, who were seeking pathways to peace.Ruslan Kravchenko, Ukraine's prosecutor general, submitted his resignation Monday, citing political reasons and saying the position should not be used as an instrument of political confrontation. Anti-graft agencies NABU and SO uncovered a criminal organisation dealing with fraudulent call centres allegedly arranged by an official within the Prosecutor General's Office, though Kravchenko denied involvement.
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2 stories from Sep 7, 2026 to Sep 8, 2026 · Economy desk

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