Canada hits back at the U.S. with tariffs as the countries' trade fight escalates

Tariffs on Canada, threats against Iran’s partners and bond market intervention show a president weaponising US power while making Americans poorer at home Three moves in the last week have exposed the limits of Donald Trump’s economic bullying. The US slapped 50% tariffs on another $20bn of Canadian goods – then threatened the same rate on the cars, trucks, parts and steel that America Inc depends on. On Monday, the Treasury secretary, Scott Bessent, menaced Iran’s trading partners with exclusion from the US financial network, hoping that coercion can deliver what months of war have not. And as the costs of war, tariffs and pro-billionaire tax cuts helped send US bond yields higher, the Treasury stepped in to tame long-term rates. These are not contradictory policies but a gamble: that US economic power can be repeatedly weaponised without reducing others’ willingness to depend on it. The Trump administration’s “D-day” sanctions are potentially the most consequential because they expose the scaffolding of American financial power. While markets shrugged off the immediate threat, that calculation might change were the US to target a major Chinese refinery or bank. Such an escalation could spark a trade war with Beijing. The US has leverage. But China has pressure points – especially farmers in Republican states – that make using it costly. In the long run, there is a price to pay. Nations hold one another’s currencies partly because they trust the political relationship. Mr Trump is testing what happens when they don’t...

Iran is no stranger to US sanctions and has developed deep economic ties with several countries.

Listening to debate, you’d think bringing English water companies into public ownership was a radical socialist idea. Here, we call it common sense Prof Devi Sridhar is chair of global public health at the University of Edinburgh Every few months, there are more shocking headlines about the behaviour of England’s water companies. The latest are about the ever-increasing pay of the chief executives and chief financial officers, which rose to a total of £25.3m across 14 companies over the past year. Meanwhile, people living in England struggle with rising water bills and untreated sewage being discharged (often illegally) on to beaches and in to lakes, and companies such as Thames Water are on the brink of insolvency and want government backing. It’s not surprising that we’re in this situation: England’s water companies have long been accused of putting the interests of shareholders above those of customers. From their perspective, the privatisation of water has been an astounding success. Between 1991 and 2019, dividends to the shareholders of the parent companies totalled £57bn, which averages out to more than £2bn every year. The majority of these private parent companies are foreign-owned, so the profits aren’t even kept in Britain. Prof Devi Sridhar is chair of global public health at the University of Edinburgh..