The US will impose a 35pc tariff on all imports from Canada effective on 1 August, President Donald Trump said in a 10 July letter to Canadian prime minister Mark Carney. The letter, which Trump posted on social media, noted that Canada previously planned retaliatory tariffs in response to the US' first tariff threats in the spring. He repeated his earliest justification for the tariffs — the illegal smuggling of fentanyl into the US from Canada — and said he would consider "an adjustment" to the tariffs if Canada worked with him to stop that flow.
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Trump threatens Iran's Kharg oil terminal
Trump threatens Iran's Kharg oil terminal
Washington, 13 March (Argus) — President Donald Trump on Friday threatened to order the destruction of Iran's main oil loading facility on Kharg island to force Tehran to reopen the strait of Hormuz. Trump said in a social media post that the US military "totally obliterated every MILITARY target" on Kharg but "for reasons of decency, I have chosen NOT to wipe out the Oil Infrastructure on the Island." Should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision," Trump posted. "Iran has NO ability to defend anything that we want to attack — There is nothing they can do about it!" Trump's statement — as other US official statements — fall short of explicitly acknowledging that Iran has effectively enforced a near halt on oil and LNG shipments from the Mideast Gulf through Hormuz since the US-Israel attacks began on 28 February. The Kharg terminal is in fact the only oil loading terminal in the Mideast Gulf from which some tankers continued to sail through Hormuz, most recently on 10 March. About 25pc of globally traded crude volumes and 20pc of LNG supply is unable to leave the Mideast Gulf. Trump in remarks to reporters on Friday evening said again that the US naval escorts for commercial ships transiting Hormuz will begin "very soon". But senior US military officials on Friday declined to provide a timeline for reopening the strait of Hormuz or explain how the Pentagon will accomplish the task. It remains unclear if and how Tehran will respond to Trump's threat. The extent of destruction at Kharg following the US raid cannot be independently verified. Iran's military has targeted some production facilities and oil fields across the Mideast Gulf, but Tehran so far has directed most attacks at ports and ships across the Mideast Gulf. The Trump administration is under pressure to respond to higher oil prices as a result of the war. April Nymex WTI rose by $2.98/bl to $98.71/bl on Friday, its highest level in more than three years. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Iran war: Latest news
US-Iran war: Latest news
Houston, 13 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES European majors face Gulf headache despite profit boost US-Iran war options point to no easy way out Hormuz halt forces Opec+ producers to curb crude output Permian WTI premiums continue to rise LATEST NEWS Crude West African crude Djeno gains on China interest Jones Act waiver may limit European distillate buying US cracks: Gulf coast margins fall as oil jumps USGC raffinate at highest since mid-2022 US Gulf coast ULSD, jet fuel prices hit 3-year highs US midcontinent diesel prices keep rising NYH distillates hit new 3-year highs Venezuelan investment prospects may be looking up Petrobras diesel price hike to be short-term: CEO Polymers US polymer export prices move higher NWE rPE, rPP sales start to rise as virgin PE, PP surge Agriculture and fertilizers US ag secretary seeking ways to curb fertilizer costs Metals Freight turmoil stalls global bulk metals trade Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US picks 60 trade partners for tariff action
US picks 60 trade partners for tariff action
Washington, 13 March (Argus) — President Donald Trump's administration has selected 60 of the US' largest trading partners to target with new import taxes that will replicate the tariffs invalidated by the Supreme Court last month. The US Trade Representative's office (USTR) late on Thursday announced an investigation into 59 countries and the EU, alleging that these jurisdictions have not been diligent in banning imports of products produced by forced labor in third countries. "Despite the international consensus against forced labor, governments have failed to impose and effectively enforce measures banning goods produced with forced labor from entering their markets," USTR chief Jamieson Greer said. USTR is citing its legal authority under Section 301 of the Trade Expansion Act of 1974, which allows targeting a foreign trade partner for unfair practices. USTR already has launched a separate investigation into 12 of those 60 foreign jurisdictions. Collectively, all major US trading partners would be liable for high tariffs once the USTR completes these investigations in May. The list includes Canada, Mexico, Brazil, the EU, Norway, Japan, South Korea, Indonesia and Malaysia. All those jurisdictions have been subject to emergency tariffs of 15pc and higher since last April. The US Supreme Court struck down those tariffs on 20 February. The US administration on the same day, citing separate authority under Section 122, imposed a 10pc tariff on all US imports. But those tariffs will only be in effect until 24 July. USTR is aiming to have the new Section 301 tariffs in place by that deadline. The Section 301 process does not affect existing tariffs on steel, aluminum, cars and auto parts. Trump and previous presidents routinely used Section 301 authority to address specific trade complaints, so the legal authority has not been challenged in court before. But a mass trade action simultaneously targeting dozens of countries in an effort to reverse-engineer invalidated tariffs may invite legal challenges. "It won't surprise anyone that once again Trump is refusing to accept the reality of his loss and is desperately back at the drawing board trying to find any pretext he can to reclaim power the Supreme Court rightfully said he doesn't have," House of Representatives Ways and Means Committee ranking member Richard Neal (D-Massachusetts) said on Thursday. On Friday, a coalition of dozens of states, including Oregon, asked a federal court to suspend collection of the Section 122 tariffs while a lawsuit against those temporary tariffs proceeds. Those states point to lengthy delays in obtaining refunds to the tariffs the Supreme Court struck down. "It is likely impossible for plaintiff states to be made fully whole for the economic harm suffered each day that the unlawful Section 122 tariffs are in place," the states wrote in their legal filing. By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Iran war: Latest news
US-Iran war: Latest news
Houston, 13 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES Pentagon not close to reopening Hormuz US oil sector warns against export restrictions Supply shock fears revive China crude buying India snaps up Russian crude as sanctions paused Asian spot naphtha hits 20-year-high premiums LATEST NEWS Crude and oil products Saudi Aramco offers spot March crude loading at Yanbu IEA stock release faces challenge of geography Asian buyers undeterred by firm African values European interest in April-loading Saudi crude firm Iran war sees first Forties cargo sail east this year UAE's Adnoc raises April crude official selling prices EU says Russia oil curbs unaffected by US waiver Iraq-Turkey crude pipeline reopens again Permian WTI premiums continue to rise Petrobras hikes diesel prices by 11.5pc Diesel prices at four-year highs in the Baltic states LSFO hits multi-year highs as Brent breaks $100/bl Natural gas and power Eurogas urges EU to activate flexibility in storage law Dutch Energystock to hold gas storage auction next week War spotlights Brazil reinjections, LNG reliance German Mar spot power could deliver above expectations Petrochemicals Dow revision triples April PE price increase Ineos Styrolution halts new ABS, PS delivery for March Biofuels Shipowners eye bio-blends on bunker rally India unlikely to raise ethanol blend despite oil rally China biofuels rise but HVO discount to ARA widens Coal Coal futures slip as market eyes impact of US-Iran war S Korea coal prices up at 17-month high on firm demand Indonesian supply, war may reshape Vietnam coal imports Atlantic coal prices remain elevated Fertilizers and agriculture Iran-US war freezes ags market activity US senator presses CF on soaring nitrogen prices Australian amsul demand surges on short urea supply India seeks Mercosur vegoil to offset war risks Metals Uncertainty surges but demand does not: Irepas Freight No clear path to pre-war Hormuz return: D'Amico Asia specialist tanker cargoes drop as trade slows Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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