Treasury Secretary Scott Bessent said Monday that new U.S. secondary sanctions in the pipeline aim to block all potential sources of revenue for Iran, telling nations to cut economic ties to Tehran or face U.S. retaliation. Tehran has withstood nearly five decades of punishing American sanctions. Ahead of the announcement, Iran’s currency hit a record low, dropping to 2.02 million to the U.S. dollar as trading opened on currency markets.
President Donald Trump threatened on Monday to impose a 50% tariff on Canadian automobiles, car parts and steel starting next year as the trade rift with Ottawa continued to deepen. The announcement comes after trade talks between the otherwise reliable trading partners collapsed last week. Long-planned U.S. tariffs on various Canadian goods went into effect after the talks broke off, and Canada has vowed to retaliate.
