Canada Back in Tariff Crosshairs

Although markets are trying to shrug off the week's U.S. tariff threats as yet another negotiation tactic, there's growing unease at the daily barrage, the latest being a 35% tariff on Canadian goods and higher levies on other countries, Reuters reported. U.S. President Donald Trump ramped up his tariff assault on Canada on Thursday, saying the U.S. would impose a 35% tariff on imports next month and planned to impose blanket tariffs of 15% or 20% on most other trading partners.
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Brazilian President Luiz Inácio Lula da Silva said Thursday that he would impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country's criminal trial against his predecessor, Jair Bolsonaro, the Associated Press reported. Lula said he would trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail. "If there's no negotiation, the reciprocity law will be put to work.
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The U.S. Bankruptcy Court for the District of Delaware has issued an order holding Byju’s founder, Byju Raveendran, in civil contempt for failing to comply with earlier court orders related to limited expedited discovery, The Economic Times reported. “This court has personal jurisdiction over Raveendran,” it said in an order on Monday. The court has further directed Raveendran to comply with the discovery orders. “Raveendran shall remit to the clerk of court the sum of $10,000 for each day he remains in contempt of the orders,” it said.

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Walk down the aisles of a Trader Joe’s or Whole Foods Market in the U.S., and chances are many of the piles of oranges, lemons, limes and grapefruit will be labeled “Produce of South Africa,” Bloomberg reported. They have become a staple in the U.S. — the world’s largest citrus importer — especially during the off-season summer months when in the southern hemisphere the South African winter harvest is at its peak. But now, those supplies are threatened by a potential 31% tariff President Donald Trump has slapped on the country.

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The Trump administration said on Tuesday that it would seek to limit Chinese and foreign purchases of American farmland, citing a threat to national security, the New York Times reported. In a seven-point national security plan, the Agriculture Department said it would enhance public disclosures of foreign ownership of farmland, enact steeper penalties for false filings and work with Congress and states to ban purchases from foreign adversaries.

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U.S. President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on Aug. 1, the Associated Press reported. Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs.

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A court-appointed special master recommended a nearly $7.4 billion bid from Venezuela creditor Gold Reserve for the country’s state-owned oil refiner Citgo Petroleum, roughly double the prior leading offer, WSJ Pro Bankruptcy reported. Robert Pincus, the special master overseeing the forced sale of Venezuela’s stake in Citgo, said in court papers filed Wednesday that the bid from Gold Reserve’s Dalinar Energy is the highest and best offer.
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Indonesia will sign a pact worth $34 billion with business partners next week to boost purchases from the U.S., as part of efforts to strike a trade deal with Washington ahead of the July 9 deadline, Indonesia's chief economic minister said on Thursday, Reuters reported. The deal would include increasing imports of fuels and investment by Indonesian companies in energy and agriculture sectors in the U.S. Separately, flag carrier Garuda Indonesia (GIAA.JK), opens new tab also said it is in talks to buy up to 75 jets from Boeing BA.N. Jakarta is facing a 32% tariff in U.S.
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Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the U.S. imposes tariffs of 10% on all European products, the head of the main Italian business lobby said on Wednesday, Reuters reported. "Italy does not just export luxury products - with a demand that isn't very sensitive to prices - but mainly machinery, means of transport, and leather goods," Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview.
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President Donald Trump said on Wednesday he has reached a trade deal with Vietnam, just ahead of the 90-day pause on “reciprocal” tariffs ending for more than 90 countries that barter with the U.S., Freight Waves reported. Goods from Vietnam to the U.S. will now face a 20% import tax, instead of the 46% duty rate Trump said he would impose on merchandise from the country during his “Liberation Day” announcement on April 2. Trump paused the reciprocal tariffs on imports from most countries for 90 days on April 9, but kept a 10% baseline import tax in place for almost all U.S.
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