New U.S. Sanctions Aim to Isolate Iran

The Trump administration escalated its trade war with Canada on Monday, threatened new six-figure fees for high-skilled foreign workers, and launched a sweeping campaign to isolate Iran economically. Markets took the news in stride, with stocks mixed and oil prices steady, while Moderna’s cancer vaccine breakthrough continued to draw scrutiny over whether investors had gotten ahead of the science.

Trade War With Canada Intensifies

President Trump announced the U.S. will impose 50% tariffs on Canadian cars, trucks, auto parts, and steel starting in January, a sharp escalation after Canadian Prime Minister Mark Carney said his government would retaliate against a separate set of Trump tariffs imposed over the weekend. Those new tariffs, effective immediately, cover about 5% of Canadian exports to the U.S. and were enacted after last-minute deal talks collapsed.

Carney said Canada would only return to negotiations if the U.S. dropped what he described as an attitude that “Canada is a subsidiary of the United States.” He warned the U.S. approach would “set up terms so that over time Canadian industry is going to face constant headwinds,” adding, “That’s not something we’re going to accept.” U.S. tariffs on Canadian autos currently stand at 25%, with discounts for American content in vehicles.

“Operation Economic Outcast” Targets Iran