US Tariff Refunds Top $100 Billion Amid Drought Crisis

The US government has been refunding tariffs to importers since the U.S. Supreme Court struck down President Donald Trump's tariff scheme in February. According to documents released on Tuesday, around $100 billion has been refunded, while $166 billion was collected under International Emergency Economic Powers Act after invoking it.

Trump criticized Canada and other countries for imposing tariffs, calling them 'nasty' with 'nasty leadership'. The US refused to renew the Canada-U.S.-Mexico Agreement on July 1. Analysts predict that the Canadian dollar will remain rangebound until next year, expecting a slight gain to around $0.73 in 12 months.

Meanwhile, the UK's Environment Agency has placed half of England and all of Wales under drought conditions due to low rainfall in July. This has led to restrictions on water usage for millions of people and wildfires in the region.