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July data shows total public debt was £2.98tn, or 94% of GDP – up £96bn on a year earlier
The prime minister spoke hours after the US imposed 50 percent tariffs on nearly $20bn worth of Canadian goods
Trade talks between the U.S. and Canada fell apart late Friday night, and both sides said steep new tariffs will go into effect. Why it matters: It's an unprecedented breakdown in relations with the second-largest U.S. trading partner. Catch up quick: Trump last month threatened to invoke Section 338 of the Tariff Act of 1930 to hit a slew of Canadian goods with additional 50% duties, including alcohol, hockey equipment, cement and dairy products. No president has ever used Section 338 to impose tariffs since it became law in 1930.The tariffs were scheduled to take effect at 12:01 a.m. ET Wednesday. The administration carved out key Canadian exports, including energy, potash and critical minerals, from the new tariffs.On Tuesday, Trump postponed the tariffs for three days, saying the two sides had a deal. Driving the news: They did not. U.S. Trade Representative Jamieson Greer said late Friday that Canada had made last-minute demands that upset the pact, Bloomberg reported. Canadian Prime Minister Mark Carney, in a statement posted to X, alleged it was the U.S. that had made late changes to the terms, and said he had decided to suspend the negotiations. Friction point: "Canada will match those tariffs dollar for dollar to protect our workers and businesses," Carney wrote. The exact shape of that retaliation was not immediately clear. By the numbers: Trade between the two countries totaled $376 billion in the first half of the year, per Census data — double China and trailing only Mexico. The bottom line: After more than a year of threatening various stronger tariffs against Canada, the U.S. is making its most aggressive move yet to actually impose them
The US bond buyback pledge that whipsawed markets this week is prompting comparisons with policies in Japan, where efforts to contain borrowing costs resulted in prolonged currency weakness
Treasury Secretary Scott Bessent is reinventing the government’s role in the world’s most important bond market
DUBAI, Aug 21 (Reuters) - Iranian parliament speaker Mohammed Baqer Qalibaf said on Friday that Iran must plan to overcome "unjust sanctions", a day after U.S. Treasury Secretary Scott Bessent announced what he described as the toughest sanctions ever imposed on Iran. Bessent said on Thursday the measures would be detailed on Monday, suggesting they could lessen the need for further major military operations
Dominic LeBlanc, Canada’s minister in charge of U.S. trade, said Ottawa and Washington are “very close” to finalizing an agreement
The national debt exceeded $40 trillion for the first time in history, leading economists to warn that the United States is staring down a fiscal reckoning. The Treasury Department reported on Wednesday that the debt crossed the $40 trillion mark the day before. The government has been running budget deficits for years, and for the […]
Canadian Prime Minister Mark Carney issued a statement on Tuesday night about President Donald Trump’s decision to postpone 50% tariffs on Canada. He explained that both countries have made significant progress toward an agreement, but there was still work to be done. He also vowed to build a stronger and more competitive Canadian economy. “Over […]
Longer-maturity bonds are at the epicenter of investor angst about everything from inflation to the debt-laden artificial-intelligence boom — and governments are paying the price