Europe Unites Against Russia, as US-Canada Trade War Escalates and 'D-Day' Looms for Iran

European leaders gathered in Kyiv for the 'Coalition of the Willing' summit, which marks Ukraine's 35th anniversary of independence from the Soviet Union. The meeting brings together nearly three dozen European countries supporting Ukraine with financial and military aid against Russia.

The top agenda item is Kyiv's urgent request for more air defenses ahead of winter, as Russian airstrikes continue to pummel Ukrainian cities and energy infrastructure. However, Western backers are running low on missile interceptors due to previous allocations to Ukraine and the US's use of Patriots to fight Iran.

The US is considering a request from Ukraine to produce Patriot missiles domestically, but faces pushback from US arms manufacturers who don't want to send production elsewhere. Europe is now the main supplier of military and financial aid to Ukraine, with €90 billion (around $105 billion) in EU funds allocated through 2027, along with various bilateral commitments.

Canada and the US are at odds over trade, with Canadian PM Mark Carney describing their negotiations as 'at war' after they collapsed. The US imposed a 50% tariff on 5% of Canada's total exports, in addition to existing tariffs on Canadian metals. Both sides face risks: some US politicians and business leaders warn that the spat could boost inflation ahead of the midterms, while Carney is banking on his country's ability to withstand the trade war.

The US has threatened economic 'D-Day' for Iran, announcing plans to inflict severe pain through new measures starting today. The plan includes secondary sanctions on countries that continue to do business with Iran, but it remains unclear how China will respond as the largest buyer of Iranian oil.