Days after a judge nixed Donald Trump’s “Liberation Day” tariffs, the US president signed an executive order doubling steel and aluminum duties to 50%. Trump hopes the tariffs will boost domestic steel and aluminum industries, but the higher duties are terrible news for Canada, which is the top exporter of both metals to the US. Canada’s US-bound exports of steel were already down before Trump doubled the tariffs. Now they’re set to drop further — and take jobs with them. Mark Carney must now decide if he’ll respond, and risk provoking Trump, or back down and betray the anti-Trump, “elbows up” rhetoric he ran on.
On Tuesday, Public Safety Minister Gary Anandasangareeintroduced the Strong Borders Act, which aims to strengthen border security, combat the trafficking of fentanyl and guns, and tackle money laundering. Anandasangaree said the bill was “not exclusively about the United States,” but admitted it aimed to remedy certain “irritants for the US.” The law would give the government sweeping discretionary powers — to open mail, for instance — so it is expected to meet a measure of resistance in Parliament.
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The US-Israeli war with Iran has badly damaged oil & gas producers in the Gulf and consumers in the Indo-Pacific. But not all countries within those regions will feel the pain equally.
700: The tons of fuel and liquefied natural gas aboard a Russian tanker that is currently floating around the Mediterranean Sea unmanned, after a drone attack earlier this month prompted the crew to abandon ship.