Trade Tensions Rise as US-Canada Talks Collapse and Iran Sanctions Loom

Trade talks between the US and Canada have broken down, leading to retaliatory tariffs on each other's goods. Canadian Prime Minister Mark Carney said his country will apply counter-tariffs on $20 billion of US products from September 8 after trade negotiations with the US fell apart last week.

The move is a result of the US imposing import levies of 50% on various Canadian products, including plywood, liquor, and electrical equipment. Carney acknowledged that this would raise costs for Canadians but said his nation was 'attacked' by the tariffs.

Meanwhile, the White House is preparing to unveil new sanctions against Iran this week, prompting a warning from Iran's security chief Mohsen Rezaei that his country will try to stop oil exports from neighboring Gulf States if they support any expanded sanction regime.