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Int'l Business Times
2 days ago
- Business
- Int'l Business Times
Trump Imposes 35% Tariff On Canadian Goods, Citing Border Security And Trade Imbalances
In a move that escalates trade tensions across North America, President Donald Trump announced a new 35% tariff on Canadian imports set to take effect on Aug. 1, citing long-standing grievances over drug trafficking and trade imbalances. The surprise announcement, made via formal letters to Canadian officials late Thursday, significantly raises existing duties—many of which stood at 25%—and casts a shadow over one of the United States' closest economic partnerships. Goods covered under the U.S.–Mexico–Canada Agreement (USMCA) are currently exempt, though analysts warn that exemption could be short-lived. As reported by Reuters, the White House framed the move as a "corrective action" against what it described as Canada's lax efforts to curb fentanyl trafficking and persistent protectionism in key industries such as dairy and lumber. The tariff is also viewed as part of a broader offensive aimed at rebalancing U.S. trade relationships ahead of the 2026 general election. Market Reaction: Cautious but Measured Markets initially responded with concern. S&P 500 futures fell by nearly 1% in pre-market trading before partially recovering. The Dow Jones Industrial Average dropped over 250 points, while the Nasdaq retreated by approximately 0.4%, amid fears of retaliatory tariffs and disrupted supply chains. Currency markets also reacted, with the U.S. dollar strengthening modestly against the Canadian dollar, reflecting investor uncertainty over the economic fallout from a potential trade dispute between the two neighbors. As reported by MarketWatch, Canadian exporters in sectors like auto parts, processed foods, and metals may be hardest hit, especially if exemptions under USMCA are revised or revoked. Meanwhile, consumer brands that source materials from Canada are evaluating supply chain risks and potential price hikes. A New Front in Trade Wars The Canada tariff is part of a larger trade agenda that includes proposed hikes on imports from Brazil, South Korea, and parts of Europe and Asia. According to Reuters, additional duties—ranging from 15% to 50%—are in the works for commodities like copper, pharmaceuticals, and steel products. The Trump campaign has positioned these tariffs as necessary tools to restore U.S. manufacturing and reduce reliance on foreign inputs. Critics argue that they risk reigniting inflation and straining diplomatic ties at a critical moment for global markets. 3 Weeks to Negotiate With the effective date set for Aug. 1, Canada and other targeted trade partners now face a narrow window to negotiate tariff rollbacks or exemptions. Canadian officials have yet to issue a formal response but are reportedly exploring WTO options and regional discussions.
Time of India
2 days ago
- Business
- Time of India
ET Market Watch: TCS earnings, Sebi crackdown among 4 reasons why markets tanked
Transcript Hi, you're listening to ET Markets Radio. I'm your host, Neha V to a fresh episode of ET Market Watch, where we bring you the latest news from the world of stock markets every single get to ended deep in the red this Friday, and there wasn't just one reason. There were four. Let's break them up: TCS largest IT company posted its Q1 numbers, and they didn't net profit was up 6% year-on-year to ₹12,760 revenue in constant currency terms actually fell 3.1%.The result? TCS shares closed 3.5% weakness bled into the entire IT pack, Wipro, HCL Tech, LTIMindtree, Persistent Systems, Infosys, all IT fell 1.8%.Factor two: Trump's tariff US President announced a 35% tariff on imports from hinted at 15 to 20% blanket tariffs on other major trade rekindled fears of a global trade war, and global markets responded with and Eurozone futures slipped around 0.4%.Third, oil prices are climbed after Trump teased an announcement on Russia, sparking fears of new touched $68.83 a barrel. WTI rose to $ adding to inflation fears — and markets don't like fourth — SEBI's market regulator is investigating over 200 companies for alleged pump-and-dump were conducted at over 80 locations. Data was seized from 150 mobile devices and 100 companies in question are said to have manipulated share prices through coordinated social media made investors extra cautious, especially in smallcaps and it all together, and here's the picture:The Sensex ended 690 points fell 205 sectors bled, IT, Auto, Realty, Consumer Durables, down up to 1.8%.That's your quick wrap on today's market be back tomorrow with then, stay informed, stay sharp.
USA Today
2 days ago
- Automotive
- USA Today
Does car insurance cover floods, water damage? This type of coverage is worth considering if you're in a flood-prone area
Your insurance provider may not cover your flood-damaged car unless you have this type of policy. Floods can cause major property damage in towns and cities across the country. The Mid-Atlantic floods in May and Texas floods in July have caused fatalities and wreaked havoc. Over 160 people are still missing in Texas following the recent flood. Folks living in areas affected by flooding are grappling with the aftermath of water damage to their homes and vehicles, among their most expensive and valued possessions. Does auto insurance cover floods and water damage? What type of insurance do you need to protect your vehicle in case of a flood? Does car insurance cover flooding and water damage? There are five types of common auto insurance policies according to A comprehensive coverage policy is typically the only type of auto insurance policy that covers flood and water damage. This policy is often the most expensive of all auto insurance options, but paying a premium has its perks. Comprehensive auto insurance can cover vandalism, theft, and natural disasters depending on your insurance provider. A comprehensive (or full coverage) plan may not seem like a necessity, especially when ensuring older vehicles, but these plans provide the maximum amount of coverage for your vehicle. If you live in an area that is regularly exposed to flooding due to its geographic location, a comprehensive coverage policy may be worth considering. The most affordable full coverage auto insurance provider is Travelers Auto Insurance, according to MarketWatch. Drivers can pay as little as $161 a month for a full coverage policy depending on their specific driving profile. What does water damage do to a car? A flood-damaged car can cause several major mechanical issues and may even make the vehicle dangerous to drive. According to Kelley Blue Book, water can destroy electrical and mechanical systems, and contaminated lubricants can lead to mold, rust, and corrosion over time. Many flood damaged vehicles will be completely written off by auto insurance companies that find them to be unrepairable, which is where comprehensive coverage policies come in handy. Though not all flood damaged vehicles are immediate write offs, the part and labor costs of repairing a flood damage vehicle could be extremely high depending on the severity of the water damage. How to inspect your vehicle for water damage Water can cause a range of issues from cosmetic damage to engine failure. So, what should you do in the event that your vehicle gets flooded? Steps to take after your car gets flooded If your vehicle is flooded, attempting to operate it immediately could cause more mechanical damage. Starting your vehicle after a flood could damage your engine rendering one of your car's most expensive components unrepairable, according to AutoZone. Steps to take to protect vehicle before assessing damage Some lucky car owners may be able to walk away from a major flood with very little damage to their vehicle. That said, it's always best to check with a professional before operating a water-damaged car because of potential engine and electrical system failures.
Time of India
3 days ago
- Business
- Time of India
ET Markets Watch: Market cautious ahead of earnings; Rs 2.29 lakh crore investor wealth wiped out!
Transcript Hi, you're listening to ET Markets Radio. I'm your host, Neha V to a fresh episode of ET Market Watch, where we bring you the latest news from the world of stock markets every single get to markets ended in the red on Thursday, dragged down by losses in IT and financial stocks, as investors turned cautious ahead of TCS earnings and amid persistent uncertainty over a potential US-India trade BSE Sensex fell 346 points to close at 83,190, while the NSE Nifty slipped 121 points, settling below the 25,400 mark at 25, drags on the market included Bharti Airtel, Asian Paints, BEL, Tech Mahindra, Infosys, LTIMindtree, and HCL Tech, with losses ranging from 0.7% to 2.6%.The Nifty IT index was down 0.8%, reflecting investor caution ahead of TCS' Q1 results, which were due after market hours. Interestingly, TCS shares bucked the trend, closing 0.4% stocks also remained under pressure — the Nifty Bank and Nifty PSU Bank indices slipped 0.5% and 0.8%, respectively. HDFC Bank and ICICI Bank were among the top laggards in the Reliance Industries, a heavyweight on both indices, ended slightly lower, down 0.1%.In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 both declined 0.3%.On the technical front, Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty has broken below its recent congestion zone and is trading below the 21-hour exponential moving average, a sign of prevailing bearish noted the RSI (14) has also turned negative, suggesting further downside is possible. The key support zone is now at 25,250–25,200, with resistance at 25,400–25, markets, however, painted a mixed equities edged higher on optimism around AI and hopes of rate cuts, despite pressure from U.S. President Donald Trump's trade DAX gained 0.1%, and the UK's FTSE 100 surged 1%, hitting a new all-time high. In Asia, the MSCI Asia-Pacific Index outside Japan rose 0.5%.Meanwhile, Nasdaq futures were slightly lower after the index hit a record close on commodities, Brent crude slipped 0.3% to trade below $70 per barrel, and WTI crude dropped 0.5% to $68.06, as traders weighed the possible economic fallout of Trump's in currency markets, the Indian rupee closed almost flat at 85.63 against the dollar, while the dollar index weakened slightly, slipping 0.19% to all for now on ET Market you for tuning in. This is Neha Vashishth, signing off until tomorrow.
Express Tribune
3 days ago
- Business
- Express Tribune
Bitcoin all-time high is here: Experts suggesting a $120,000-$130,000 rally, here's why
Bitcoin (BTC) achieved a significant milestone on Wednesday afternoon, reaching an all-time high (ATH) of $112,022. It surged past its previous consolidation phase, overcoming resistance levels and paving way for potential gains ahead. John Glover, Chief Investment Officer at crypto lending platform Ledn, pointed out to MarketWatch that this recent rally mirrors a retest of Bitcoin's previous ATH, set earlier this year on May 22. This earlier peak faced selling pressure, but Glover noted that institutional interest in Bitcoin is now on the rise. Companies such as Trump Media & Technology Group and GameStop have publicly revealed their intentions to purchase Bitcoin to strengthen their treasuries, as reported by MarketWatch. Despite this momentum, experts caution that the sustainability of Bitcoin's surge depends largely on macroeconomic factors, including ongoing trade negotiations. A study published in the International Review of Economics and Finance revealed that macroeconomic factors significantly influence any cryptocurrency's demand. Market expert Doctor Profit posted on social media, affirming his confidence that Bitcoin's surge is far from over. He predicted that the cryptocurrency could soon hit new highs, with a target range of $120,000 to $130,000. BITCOIN HIT ATH AT $112,000 THE PARTY IS NOT OVER YET A NEW ATH IS COMING SOON — Doctor Profit 🇨🇭 (@DrProfitCrypto) July 9, 2025 Profit outlined two potential scenarios for this breakout. The first suggests Bitcoin could temporarily dip to a range of $92,000 to $93,000 before bouncing back and quickly moving towards the $120,000 mark. The second, more aggressive scenario, anticipates Bitcoin surging past the $113,000 to $114,000 range without revisiting lower levels. As of the latest update, Bitcoin has retraced slightly to $111,276, attempting to establish this level as its new support floor. How the market reacts to this range will likely play a key role in determining the cryptocurrency's next steps.
