Canada Tariffs Escalate Tensions as Global Economy Faces Uncertainty

Canada imposed tariffs on hundreds of US products, including steel and consumer goods, in an effort to stand up to President Donald Trump. Prime Minister Mark Carney's government increased import taxes on some items from 25% to 50%, while applying new tariffs to motorcycles, cosmetics, cheese, and other goods.

The move comes as the global economy is already facing uncertainty due to tensions between Iran and Saudi Arabia, which has led to a slowdown in shipping traffic through the Strait of Hormuz. Brent oil prices approached $100 a barrel after Saudi Arabia said its energy facilities were halted by attacks.

In other news, Anthropic is preparing for its initial public offering (IPO), with Morgan Stanley and Goldman Sachs likely to take on key roles. Foxconn's third-quarter performance is expected to beat market expectations due to strong AI-related demand, while Huawei and Xiaomi launched new flagship foldable smartphones ahead of Apple's product launch.